Extended of Brexit Talks Pushes European Stocks

European stocks rose Monday, December 14th, as the decision to extend trade talks between Britain and the European Union kept hopes for an agreement, but the leading stocks in London were negatively affected by the rise of the British pound and AstraZeneca down by 6.3%.

The European Stoxx600 index rose 0.9% after breaking a five-week winning streak, dropping 1% last week.

The leaders of Britain and the European Union decided to extend the talks in an effort to conclude an agreement governing their joint trade of about one trillion dollars, which is not currently subject to any fees or quotas.

The pound rose more than 1%, after recent declines in fear of a mess in Britain’s exit from the European Union. And the rise of the currency negatively affected the London Stock Exchange, which has many export-dependent companies.

The FTSE100 index settled amid gains in most sectors and a sharp decline in AstraZeneca. The pharmaceutical company said over the weekend that it would buy Alexion, the US drug, for $ 39 billion, in its largest-ever deal.