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FTSE rises above 7,000 as pound falls again FTSE rises above 7,000 as pound falls again
(35 minutes later)
The FTSE 100 share index has risen above 7,000 for the first time since May 2015 as sterling fell to a 31-year low against the dollar.The FTSE 100 share index has risen above 7,000 for the first time since May 2015 as sterling fell to a 31-year low against the dollar.
The pound dipped to $1.2766 in early trading on Tuesday - its lowest level against the US dollar since 1985.The pound dipped to $1.2766 in early trading on Tuesday - its lowest level against the US dollar since 1985.
Sterling has fallen sharply for the past two days as traders look to the Conservative Party conference for Brexit details. Sterling has fallen for the past two days as traders study the Conservative Party conference for Brexit details.
The pound was down 0.3% at €1.1431, while the FTSE 100 was up 1% at 7,031. The pound fell 0.3% against the euro to €1.1431, while the FTSE 100 index was up 1% at 7,031.
On Sunday, Prime Minister Theresa May said she would trigger Article 50 by the end of March 2017.On Sunday, Prime Minister Theresa May said she would trigger Article 50 by the end of March 2017.
The continuing lack of detail over what leaving the European Union will mean in practice is unsettling currency dealers. Analysts say the pound has been hit by the prospect of the UK leaving the EU single market as part of the Brexit process.
'Spooked''Spooked'
The FTSE 100 is higher because the many international companies whose shares are traded in the UK tend to benefit from a lower pound.The FTSE 100 is higher because the many international companies whose shares are traded in the UK tend to benefit from a lower pound.
Profits earned abroad by multinationals such as drugs giant GlaxoSmithKline and major mining companies are worth more when converted back into sterling.
That makes the price of a company's shares look low in comparison with the new, higher share of profits they will earn, prompting a revaluation of the share price.
Kathleen Brooks, research director at Forex.com and City Index, said: "The Tory Party conference is turning into a sell for the pound, as foreign exchange traders get spooked by May's apparent sanguine attitude to leaving the single market, preferring to focus on immigration and UK sovereignty rather than the economic fallout of Brexit."Kathleen Brooks, research director at Forex.com and City Index, said: "The Tory Party conference is turning into a sell for the pound, as foreign exchange traders get spooked by May's apparent sanguine attitude to leaving the single market, preferring to focus on immigration and UK sovereignty rather than the economic fallout of Brexit."
She said comments by the Chancellor, Philip Hammond, in which he warned that the UK economy was heading for a "rollercoaster" ride over the coming years, had not helped.She said comments by the Chancellor, Philip Hammond, in which he warned that the UK economy was heading for a "rollercoaster" ride over the coming years, had not helped.