Reports of Brexit breakthrough cause British bank shares to bounce
LONDON (UK) – In early trading on Thursday, shares in Britain’s largest banks registered a rise buoyed by reports that the UK and the European Union were on the cusp of striking a post-Brexit trade deal.
Lloyds Banking Group saw its stock climb by 5.1% by 0827 GMT, while taxpayer-backed NatWest Group jumped by 2.7%. Barclays gained 3.4%.
Hopes of a Brexit breakthrough rebounded on Wednesday, after signs of compromise on intensely-guarded fishing rights and competition rules emerged after weeks of fraught talks between the estranged allies.
Financial services are not part of the trade deal talks, with EU access for the City of London from January being dealt with separately by Brussels.