European stocks cautious as investors eye Brexit battle and stimulus hopes
European stocks traded mixed Monday afternoon as investors monitor ongoing political chaos in the U.K. and cautious hopes for policy stimulus from the world’s major economies after a series of weak data releases.
The pan-European Stoxx 600 hovered just below the flatline, auto stocks adding 1.6% to lead gains while the food and beverage sector slid 1%.
British newspaper the Daily Telegraph reported late on Sunday that Prime Minister Boris Johnson has prepared a legal strategy to counter opposition lawmakers’ attempts to enforce a three month extension to the U.K.’s Brexit deadline if no deal is agreed by October 31.
Meanwhile opposition parliamentarians are due to request an emergency debate on Monday in a bid to force the government to publish a no-deal Brexit planning document and make Johnson adhere to the new law blocking a no-deal departure, ITV news has reported.
The five-week suspension of parliament will begin later on Monday, after lawmakers are again expected to reject the government’s efforts to trigger a snap election on October 15, instead insisting that the law blocking no-deal be implemented first.
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