Brexit roadblocks provide drag on pound

Weakness across the commodity sector has led to further downside for miners, with the FTSE suffering yet another morning of losses. This comes despite the significant weakness seen in sterling in the wake of increased Brexit complexity

• FTSE falls back, with markets looking towards ADP payrolls

• Irish border issue drags sterling lower

• Australian growth stalls, while copper weakness points towards Chinese worries

The FTSE is trading in the red once more again, with the deterioration in the pound doing little to help the headline index. Bitcoin has shown little signs of letting up, with the $10,000 hurdle seemingly a distant memory, as the price glides past $12,500. The fear of missing out seems to be a key driver here, with global interest peaking in a seemingly unstoppable market. Markets look towards the US ADP payrolls figure as a core driver of volatility this afternoon, with markets looking for further improvement in the jobs market to bolster expectations of a December rate rise.

Sterling is suffering once yet another bout of selling this morning, as fading positivity is replaced by a market malaise over just how Theresa May can put together a deal which will satisfy both the EU, and devolved sections of the UK. While the UK-EU friction over divorce payments seemed to be the number one hurdle to overcome, we are now realising that the Irish border may be an arguably more complex bone of contention, with no obvious resolution. The failure to gain a majority at the polls has truly come back to bite Theresa May, with the DUP proving yet another key roadblock to progression.

Australian growth hit yet another bump in the road, with a fall in Q3 GDP dragging the Australian dollar sharply lower overnight. With growth stalling and Copper tumbling, the question over Chinese economic strength is back in focus, with the mining sector coming under pressure.

Ahead of the open we expect the Dow Jones to open 73 points lower, at 24,108.