Brexit - On and on and on and on we go

Posted by: Paul Donovan

28 Oct 2019
  • In the interminably tedious EU-UK divorce process, the EU is expected to extend everything to 31 January 2020. Because why not? Two UK opposition parties, the Liberal Democrats and the Scottish Nationalists, are proposing an election on 9 December. This would then allow a new Parliament longer to debate the withdrawal agreement. Labour, another opposition party, is opposed but may not be able to block this.
  • Argentina's President Macri has conceded defeat in the presidential election. The victory by Peronist candidate Fernandez was expected by markets (though the margin of victory was smaller than expected). The central bank has cut the amount of US dollars that citizens can purchase from USD 10,000 per month to USD 200 per month.
  • US President Trump has suspended some preferential trade treatment for Thailand. Markets have focused more on media reports that a "phase one" trade deal with China is close to being agreed.
  • The Euro area offers German import price data. Outgoing ECB President Draghi is speaking, but everyone is eager to hear what incoming ECB President Lagarde is going to say next. No one is following Draghi's comments or tie color choice anymore. There is some regional sentiment data from the US.

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