Today's top story: Brexit secretary David Davis and minister Steve Baker resign
Today's leader: Taxes are too high and too complicated
Theresa Mays government was thrown into chaos late last night as Brexit secretary David Davis resigned, pushing the pound back down from an initial jump to $1.3319 at the start of trading. The Prime Ministers future hangs in the balance, and with it investors confidence in the strength of the pound, with this latest shock blow likely to cast doubt on whether the government can survive such a high-profile resignation.
Meanwhile, the FTSE is expected to open up 41 points higher at 7,658 this morning, while Germanys Dax is expected to rise 67 points to 12,563 and the French Cac up 33 points at 5,400, according to London Capital Group.
Asian shares kicked off the week on a rebound with the news of higher-than-expected job growth in the US, with Japans Nikkei returning to one-week highs with a one per cent rise.
A looming tit-for-tat trade war took the back seat as investors saw promise in a healthy US jobs market.
Corporate news
- Xiaomi – the world's fourth-largest smartphone maker fell six per cent on its Hong Kong trading debut
- Mothercare – has provided an update on its restructuring with plans to close more stores
- Purplebricks – this morning confirmed it had completed the acquisition of Duproprio in Canada
Data
- 08:50 – MPC member Broadbent speech
- 16:00 – ECB President Draghi's speech
