Our President’s Comments

11/14/18

Internal Markets Commentary

Brexit

  • We look like we now have a draft Brexit withdrawal deal. Now this easy part is out of the way along comes the hard part of selling it to a divided Parliament full of vested interests and factions. Theresa May briefed cabinet members one by one last night and will hold a full special cabinet meeting today to approve (or not) the deal. The agreement document will then be published over the next two days and the next 10 days will be spent on selling the deal to MPs and to the wider public. November 24/25th could then mark an EU summit to agree the deal, followed by the UK Parliamentary vote, with some press reports suggesting December 10th is earmarked but it could be earlier.

 

11/13/18

Internal Markets Commentary

Geopolitical News

  • Today is the day the Italians will resubmit their budget after the EC requested a new fiscal plan. We expect no material changes looking at the next steps and concluding that as contagion has been limited for now the commission will continue to adopt a tough stance on Italy. It seems inevitable they will recommend an Excessive Deficit Procedure (EDP) in the next few weeks.
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