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FTSE 100 pulls back

FOREX_ftse-100-pulls-back1206_FXPIG

U.K. stocks fell Tuesday after a historic meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un resulted in an agreement that critics said was too broad in nature when it comes to denuclearization in the Korean Peninsula.

The pound declined as attention to the Brexit debate among British lawmakers. Meanwhile, British wage-growth figures fell slightly short of expectations.

How markets are performing

The FTSE 100 index UKX, -0.22% pulled back 0.3% to 7,714.24, with the basic materials and oil and gas groups leading the sectors losing ground. But the utility and consumer goods sectors were among those moving higher. On Monday, the London benchmark rose 0.7%.

The pound GBPUSD, -0.1644% declined to $1.3368 from $1.3280 late Monday in New York. Against the euro GBPEUR, -0.1761% sterling fetched €1.1338, down from €1.1354 in the prior session.

What’s driving markets

U.K. stocks turned lower and the broader European equity market SXXP, -0.03% pared gains as the summit between U.S. and North Korea was wrapping up in Singapore. The meeting was unprecedented as it was the first between a U.S. sitting president and a North Korean leader.

The Trump and Kim signed a joint document pledging to work toward the complete denuclearization of the Korean Peninsula, but the statement was criticized as lacking detail on the verification of the process. The document does not use the words “irreversible” and “verifiable” to describe the denuclearization process, two things the U.S. has long pursued.

Brexit debate

Meanwhile, the pound moved lower as the Brexit issue returned to the fore. Lawmakers in the House of Commons were debating amendments from the House of Lords to the bill that takes the U.K. out of the European Union. The 15 amendments include a measure to keep the country in the EU’s customs union.

Prime Minister Theresa May’s Conservative government runs the risk of losing its bid to overturn some of the amendments if enough Conservative lawmakers decide to vote alongside opposition parties. The government’s Justice minister Phillip Lee resigned Tuesday, citing the government’s handling of the U.K.’s pending exit from the EU.

Economic data in focus

Basic wages in the U.K. rose 2.8% in the three months to April, the Office of National Statistics said Tuesday. Analysts polled by FactSet were looking for a 2.9% rise in wages excluding bonuses. The unemployment rate remained at 4.2%, meeting expectations.

Central banks in motion

The Federal Reserve begins its two-day meeting on Tuesday and markets expect an interest-rate hike on Wednesday. On Thursday, European Central Bank policy makers are expected to announce the timing for unwinding its bond buying. The Bank of Japan will release a policy update Friday.

Stock movers

Shares of home builders fell as Crest Nicholson Holdings PLC said its margins were hurt in the first half of the year by house prices that were flat and rising building-cost inflation. Crest Nicholson shares CRST, -4.30%  fell 3.4% on the FTSE 250 mid-cap index. Leading FTSE 100 decliners, shares of Barratt Developments PLC BDEV, -2.87%  lost 2.7%, while rival home builders Persimmon PLC PSN, -2.13%   and Taylor Wimpey PLC TW., -1.77%  declined 1.9% and 1.6%, respectively.

U.K. stocks fell Tuesday after a historic meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un resulted in an agreement that critics said was too broad in nature when it comes to denuclearization in the Korean Peninsula.

The pound declined as attention to the Brexit debate among British lawmakers. Meanwhile, British wage-growth figures fell slightly short of expectations.

How markets are performing

The FTSE 100 index UKX, -0.22% pulled back 0.3% to 7,714.24, with the basic materials and oil and gas groups leading the sectors losing ground. But the utility and consumer goods sectors were among those moving higher. On Monday, the London benchmark rose 0.7%.

The pound GBPUSD, -0.1644% declined to $1.3368 from $1.3280 late Monday in New York. Against the euro GBPEUR, -0.1761% sterling fetched €1.1338, down from €1.1354 in the prior session.

What’s driving markets

U.K. stocks turned lower and the broader European equity market SXXP, -0.03% pared gains as the summit between U.S. and North Korea was wrapping up in Singapore. The meeting was unprecedented as it was the first between a U.S. sitting president and a North Korean leader.

The Trump and Kim signed a joint document pledging to work toward the complete denuclearization of the Korean Peninsula, but the statement was criticized as lacking detail on the verification of the process. The document does not use the words “irreversible” and “verifiable” to describe the denuclearization process, two things the U.S. has long pursued.

Brexit debate

Meanwhile, the pound moved lower as the Brexit issue returned to the fore. Lawmakers in the House of Commons were debating amendments from the House of Lords to the bill that takes the U.K. out of the European Union. The 15 amendments include a measure to keep the country in the EU’s customs union.

Prime Minister Theresa May’s Conservative government runs the risk of losing its bid to overturn some of the amendments if enough Conservative lawmakers decide to vote alongside opposition parties. The government’s Justice minister Phillip Lee resigned Tuesday, citing the government’s handling of the U.K.’s pending exit from the EU.

Economic data in focus

Basic wages in the U.K. rose 2.8% in the three months to April, the Office of National Statistics said Tuesday. Analysts polled by FactSet were looking for a 2.9% rise in wages excluding bonuses. The unemployment rate remained at 4.2%, meeting expectations.

Central banks in motion

The Federal Reserve begins its two-day meeting on Tuesday and markets expect an interest-rate hike on Wednesday. On Thursday, European Central Bank policy makers are expected to announce the timing for unwinding its bond buying. The Bank of Japan will release a policy update Friday.

Stock movers

Shares of home builders fell as Crest Nicholson Holdings PLC said its margins were hurt in the first half of the year by house prices that were flat and rising building-cost inflation. Crest Nicholson shares CRST, -4.30%  fell 3.4% on the FTSE 250 mid-cap index. Leading FTSE 100 decliners, shares of Barratt Developments PLC BDEV, -2.87%  lost 2.7%, while rival home builders Persimmon PLC PSN, -2.13%   and Taylor Wimpey PLC TW., -1.77%  declined 1.9% and 1.6%, respectively.

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