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FTSE seen boosted by weaker sterling after Brexit vote

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FTSE seen boosted by weaker sterling after Brexit vote
People walk past the London Stock Exchange Group offices in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville   -   Copyright  TOBY MELVILLE(Reuters)
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LONDON (Reuters) – Britain’s blue-chip index is expected to open higher on Wednesday following a sharp fall in sterling overnight after British lawmakers voted down a proposal in parliament that aimed to prevent a potentially chaotic “no-deal” Brexit.

The exporter-focused FTSE 100, which makes 70 percent of its income abroad, is seen up 35 points at 6,869, according to financial spreadbetter IG.

The index is often boosted by a weaker domestic currency because its multinational companies earn a big portion of their revenue abroad in foreign currency.

The CAC 40 and Germany’s DAX 30 are see lower.

(Reporting by Josephine Mason; editing by Helen Reid)

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