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The pan-European Stoxx 600 was down 0.6 percent, with major indexes in the red, except for FTSE 100 that held on to a slight positive amid the plunge for the pound.
Raab, in a letter to the U.K leader, said he could not reconcile with the terms of her proposed Brexit deal, after the promises the ruling Conservative Party made to the country in an election manifesto last year. Sterling plunged more than 1 percent on the news to trade at $1.28 levels. However this helped some heavily-capitalized FTSE stocks which collect revenues in dollars.
But U.K. financial stocks slumped on the news of Raab’s resignation. Capita was down nearly 8 percent, followed by RBS down 7 percent and Barclays down more than 6 percent. U.K. housebuilder stocks extended losses with Barratt Developments down 7.8 percent, Taylor Wimpey down 6.8 percent and Persimmon down 6.7 percent.
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