The pound dropped on Monday after Prime Minister Theresa May said that 95% of the Brexit deal had been agreed, but that issues including the Irish border were still not settled.
The weaker pound was not enough to boost blue-chip stocks in London, which typically benefit from a decline in sterling’s value due to the high level of profits which are made in dollars.
The FTSE 100 closed almost flat at 7,047.22 after shedding seven points, or 0.1%, during trading.
The French Cac was 0.62% lower, while the German Dax fell 0.26%.
Gambling firms took a hit from reports that Chancellor Philip Hammond is looking to crack down on offshore betting companies. Paddy Power Betfair was down 270p to 6,485p, and GVC Holdings fell by 22.5p to 937.5p.
The Treasury’s decision will offset the black hole left on its books by a limit on the maximum stakes for fixed odds betting terminals (FOBTs), due to come into force in 2020.
Meanwhile, shares in NMC Health led the FTSE 100 risers, climbing 170p to 3,200p after the company upgraded its expectations for the year.
It now expects revenue to grow by 24%, which is 2% higher than a previous estimate – and earnings are forecast to be 480 million US dollars.
In Dublin, Ryanair shares were flying higher after there was no further downgrade to earnings expectations in Monday’s half-year report.
The Irish carrier booked a 9% decline in pre-tax profits to 1.3 billion euros (£1.1 billion) in the six months to September 30.
The company had already warned the market of higher fuel and staff and compensation costs, which offset strong revenue growth.
A barrel of Brent oil was trading 0.5% lower at 79.59 US dollars.