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Market Extra: Brace for more ‘poor’ action by U.K. stocks, says world’s largest asset manager

BlackRock
The U.K. stock market has had a poor start to 2018

British stocks are likely to keep underperforming after stumbling so far this year, according to BlackRock Inc.’s global chief investment strategist, Richard Turnill.

The country’s equity market has endured “a poor start to 2018” and “underperformed global markets for much of this decade,” and investors shouldn’t count on an improvement, Turnill wrote in a note dated Monday that features the chart above.

“The new transition deal between the U.K. and European Union removes some uncertainty around Brexit, but provides no relief for U.K. stocks,” he said.

The EU and U.K. agreed last week on broad terms for a two-year transition deal that’s expected to take effect in March 2019, when Britons are due to leave to the trade bloc.

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