Taylor Wimpey Share News (TW.)

LONDON (Alliance News) - Stocks in London ended broadly lower on Wednesday with housebuilders weighing on the FTSE 100, while the Bank of England revealed the results of its latest stress tests. The FTSE 100 index closed down 12.33 points, or 0.2%, at 7,004.52. The FTSE 250 ended down 21.16, or 0.1%, at 18,639.73, and the AIM All-Share closed up 4.88 points, or 0.5%, at 930.08.The Cboe UK 100 ended down 0.2% at 11,889.34, the Cboe UK 250 closed down 0.1% at 16,771.79, but the Cboe Small Companies ended up 0.1% at 11,423.48."The positive open in London was not strong enough to sustain the FTSE for the rest of the day and stocks started getting battered over Brexit concerns. A stark warning from the UK government about a no-deal Brexit delivered a blow to a number of industries with home builders, the travel industry and airlines the hardest hit," said City Index analyst Fiona Cincotta. In the FTSE 100, Just Eat ended up 1.7% after the Financial Times reported that a potential tie-up between the online takeaway platform's biggest rivals - which would threaten its dominant market position - has run into a stumbling block. On Wednesday, the Financial Times reported that Uber's attempt to buy Deliveroo had stalled because the two companies are "miles apart" on a valuation for Deliveroo, citing people briefed on the discussions.At the other end of the large cap index, easyJet ended as the worst performer down 4.9% after Keppler Cheuvreux cut the low cost carrier to Hold from Buy. Housebuilders were also among the blue chip fallers amid Brexit related concerns with Persimmon down 4.6%, Taylor Wimpey down 4.0%, Berkeley Group down 3.2% and Barratt Developments down 2.5%. "While Prime Minster Theresa May continues to put up a good fight to defend her Brexit deal, she still seems to have an uphill task in getting the deal through parliament. As a result, pure UK economy plays such as housebuilders will remain firmly out of favour," said IG chief market analyst Chris Beauchamp.The pound was flat quoted at USD1.2750 at the London equities close, compared to USD1.2747 at the close on Tuesday, after the UK government released scenarios outlining the effects on the economy post-Brexit. Withdrawal from the EU under current Brexit plans could cut the UK's GDP by up to 3.9% over the next 15 years, according to new official figures.However, leaving without a deal could deliver a 9.3% hit to GDP over the same period, said the analysis produced by departments across Whitehall. In addition, the UK will be poorer in economic terms under any version of Brexit, compared with staying in the EU.Explaining the lack of sterling's movement, Forex.com analyst Fawad Razaqzada said investors had already discounted the impact of Brexit on the economy pointing to the pound's step drop post the outcome of the referendum in 2016."Assuming the government's analysis is correct - it is a relief that output would 'only' drop 3.9% in the long term, as some economists had predicted much severe economic damage from leaving the EU," Razaqzada added. Earlier, Chancellor Philip Hammond acknowledged that all possible Brexit options will make Britain economically poorer, compared with remaining in the EU.But he insisted that the May's plan - agreed by EU leaders at a Brussels summit last Sunday - will "minimise" the economic damage.In the House of Commons, May said the analysis did not mean the country would be "poorer in the future than we are today".She told MPs at Prime Minister's Questions: "What we have seen behind the analysis this morning is that our deal is the best deal available for jobs and our economy."After the market close, the Bank of England revealed the results of the latest bank stress tests which showed UK banks would be able to continue lending in a scenario more severe than the financial crisis. The BoE said UK banks are prepared and strong enough to withstand the impact of a disorderly Brexit, should such an event occur. In addition, the major banks in the UK have sufficient liquidity to withstand major disruptions.The central bank also said that the UK financial system is resilient to a wide range of risks including Brexit and none of the participating banks revealed capital inadequacies. On the continent, the CAC 40 in Paris ended flat while the DAX 30 in Frankfurt ended down 0.1%.The euro was lower against the dollar at USD1.1275 at the European equities close, against USD1.1340 late Tuesday.Stocks in New York were higher at the London equities close amid optimism over a potential US-China trade deal after a report from the New York Times said President Donald Trump has signaled a new willingness to reach an agreement with Chinese President Xi Jinping.While Trump has publicly continued to talk tough on trade with China, several US officials told the newspaper that the president is increasingly worried about the costs of a prolonged trade war on the financial markets and the broader economy.Investors are also looking ahead to a speech by US Federal Reserve Chairman Jerome Powell, who is due to speak at a luncheon at the Economic Club of New York on Wednesday at 1700 GMT.Powell is expected to discuss "The Federal Reserve's Framework for Monitoring Financial Stability," although traders will be on the lookout for any comments about the economy or interest rates.The US central bank head has drawn the ire of the president over the rapid pace of interest rate hikes. Trump told the Washington Post on Tuesday that he is "not even a little bit happy" with Powell, blaming the Fed for recent stock market weakness and General Motors' announcement of plant closures and layoffs."So far, I'm not even a little bit happy with my selection of Jay. Not even a little bit," Trump said. "I think that the Fed is way off-base with what they're doing."The DJIA was up 0.7%, the S&P 500 index up 0.3% and the Nasdaq Composite up 0.4%.Meanwhile, economic growth in the US was unrevised in the third quarter, according to the second reading released by the Commerce Department.The report said real gross domestic product jumped by 3.5% in the third quarter, unrevised from the initial estimate and in line with economist estimates.Brent oil was lower quoted at USD59.25 a barrel at the London equities close from USD60.77 at the same time on Tuesday. The North Sea benchmark fell to an intraday low of USD59.02 a barrel after data showed US crude stockpiles rose by 3.6 million barrels in the week to November 23, the US Energy Information Administration said. Analysts' expectations were for an increase of 769,000 barrelsGold was down quoted at USD1,212.89 an ounce at the London equities close against USD1,222.97 late on Tuesday.The economic events calendar on Thursday has eurozone consumer confidence data at 1000 GMT and Germany unemployment figures at 0855 GMT and inflation readings at 1300 GMT. In addition, US core personal consumption expenditure, which is the US Federal Reserve's preferred inflation gauge, is due at 1330 GMT. The minutes of the US Federal Open Market Committee will be released at 1900 GMT.The UK corporate calendar on Thursday has full year results from travel agent Thomas Cook Group and soft drinks maker Britvic. There are also half year results from car auction operator BCA Marketplace, brewer Greene King and a trading statement from transport company Go-ahead Group.