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London markets edge higher on Brexit defeat for government

London markets were somewhat higher as the U.K. parliament wrested control of Brexit away from the government, setting up a showdown Wednesday.

How did markets perform?

The U.K.’s FTSE 100 index UKX, +0.19% rose 0.2% to 7,194.1, nearly reversing Monday’s loss of 0.4% (closing at 7,177.6) as investors digested the latest humbling Brexit moment for the government. The pound GBPUSD, +0.3486% was up slightly at $1.3238, a 0.3% increase erasing Monday’s 0.15% fall where it closed at $1.3201.

What’s driving the markets?

Another defeat for U.K. Prime Minister Theresa May’s government came courtesy of an amendment that would allow Parliament to express its view on how Brexit should now unfold, in a late night vote that was passed by a surprisingly large 27 vote margin and saw several ministers resign.

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