Europe ends lower as Brexit turmoil continues

Thursday, 22. August 2019 17:30

European stocks ended in the red on Thursday as the likelihood of the United Kingdom's disorderly departure from the European Union continued to grow. British Prime Minister Boris Johnson insisted that there would not be any hard border on the island of Ireland while French President Emmanuel Macron stated that the Irish backstop took into account Ireland's geography and historical political situation regarding the Good Friday Agreement. German Chancellor Angela Merkel denied that she had set October 31 as a deadline to find a solution for the Brexit deadlock, with one German official stating that she was merely being "polite" and that it was almost impossible to avoid a no-deal Brexit.

In other news, market watchers digested the latest economic data for the European Union released earlier in the day.

The CAC 40 closed 0.87% lower on the back of Dassault Systemes' losses of 3.59% while the DAX was down 0.47% with SAP SE the biggest loser. The FTSE 100 fell 1.22% at the end of the day as Burberry Group Plc dropped 3.72%.

The euro was flat against the dollar to go for 1.1086 at 5:29 pm CET while the pound continued its rise versus the greenback, gaining 1.02% to go for 1.2246 at the same time.

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Breaking the News / DZ