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(Alliance News) - Stocks in London ended mixed on Wednesday as the pound continues to be hurt by Brexit uncertainty while some hope of a US stimulus deal still remain before the presidential election.
The large cap index closed down 3.69 points, or 0.1%, at 5,946.25. The FTSE 250 ended up 4.31 points at 17,801.75, and the AIM All-Share closed up 0.1% at 973.62.
The Cboe UK 100 ended up 0.1% at 591.99, the Cboe UK 250 closed down 0.1% at 15,107.66, and the Cboe Small Companies ended up 0.5% at 9,470.38.
In European equities on Tuesday, the CAC 40 in Paris and the DAX 30 in Frankfurt ended down 0.3% and 0.2% higher, respectively.
"Dealers in this part of the world are a little downbeat on the back of yesterday's news that President Trump announced an end to the negotiations in relation to the coronavirus relief package," said CMC Markets UK analyst David Madden.
US President Donald Trump said Tuesday he was calling off talks on a new stimulus plan until after the election, accusing Democrats of not negotiating in good faith.
"I have instructed my representatives to stop negotiating until after the election," he wrote in a tweet.
Trump would back piecemeal fiscal relief measures to boost hard-hit industries, but does not think a broad-based package is achievable, a top White House aide said Wednesday.
In an interview with CNBC, White House economic advisor Larry Kudlow highlighted what he called the need for support for airline workers and small businesses that have suffered during the coronavirus pandemic.
"The overall stimulus discussions will recommence after the presidential election but there was talk that Republicans and Democrats might work together on individual areas that they agree upon, so it is possible we could see a mini-version of stimulus programme," added Madden.
Stocks in New York were in the green at the London equities close, with the Dow Jones Industrial Average and the S&P 500 index up 1.6% and 1.4%, respectively, and the Nasdaq Composite up 1.5%.
The pound was quoted at USD1.2919 at the London equities close Wednesday, compared to USD1.2956 at the close on Tuesday.
The euro stood at USD1.1766 at the European equities close Wednesday, lower from USD1.1787 at the same time on Tuesday. Against the yen, the dollar was trading at JPY105.96 compared to JPY105.60 late Tuesday.
The president of the European Council Charles Michel spoke to UK Prime Minister Boris Johnson on Wednesday and urged him to clarify Britain's position in post-Brexit trade talks.
"Just talked to Boris Johnson," Michel tweeted after the call, which an EU source said had been requested by Johnson. "The EU prefers a deal, but not at any cost. Time for the UK to put its cards on the table."
Negotiations between the EU and Britain on their post-Brexit relationship resume in London on Wednesday in the hope of reaching an agreement by the end of October, European sources said.
The talks are due to last until Friday when a meeting is scheduled between chief negotiators Michel Barnier and David Frost.
European Commission President Ursula von der Leyen and Johnson agreed Saturday to speed up talks in an attempt to reach a deal while negotiations are stalled and time is running out.
The Europeans want to reach an agreement by the end of October, but there has been little narrowing of differences on the three thorniest issues: fishing rights, public aid and the governance of the agreement since talks began in March.
On the London Stock Exchange, Glencore closed up 2.8% after JPMorgan raised the oil producer to Neutral from Underweight.
Taylor Wimpey ended 2.0% higher, benefitting from a rating increase from Credit Suisse, which upped the housebuilder to Outperform from Neutral.
In contrast, peer Persimmon lost 1.9% after Credit Suisse cut the stock to Neutral from Outperform.
Turning to FTSE 250s, Go-Ahead closed down 5.0% after Citigroup cut the bus operator to Neutral from Buy.
Liontrust closed 3.7% lower despite reporting a rise in its assets under management in the first half of financial 2021 amid an increase in net inflows.
The fund manager said assets under management and advice were GBP20.6 billion at the end of September, up 28% since the start of the current financial year. It posted net inflows of GBP777 million in the three months to September 30, and GBP1.75 billion for the six months to September-end.
FirstGroup and National Express, meanwhile, finished up 11% and 4.2%, respectively, after Citigroup upped both transport firms to Buy from Neutral.
In Thursday's corporate calendar, there are third-quarter results from cruise operator Carnival and a trading statement from tobacco firm Imperial Brands.
Brent oil was quoted at USD41.62 a barrel at the London equities close Wednesday, down from USD42.58 late Tuesday.
Elsewhere in the commodity space, gold was quoted at USD1,887.20 an ounce at the London equities close Wednesday, lower against USD1,909.10 at the close on Tuesday.
In the economic calendar on Thursday, there is Irish CPI at 1100 BST and US unemployment insurance weekly claims report at 1330 BST.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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