With no major data releases from the UK yesterday, focus was on the beginning of the Brexit negotiations. The main thing is to agree to reach a deal of some kind before the U.K. officially leaves the EU on March 29, 2019. If this doesn’t happen, the result will be a chaotic exit that would be terribly damaging for the U.K. and pretty bad for the EU as well. It’s a needless risk. The way to avoid this so-called cliff-edge scenario it is to aim for a transitional accord that allows as much time as necessary to design a longer-term relationship.
Granted, achieving even this limited short-term deal won’t be easy. But it’s possible, and in some ways recent events may help. May’s immediate problem is she has no majority in Parliament. To get the necessary legislation passed, she will need either to unite her bitterly divided party or gather cross-party support for her Brexit proposal.
There will be no data releases both from the UK and USA tomorrow so we can expect a steadier session.
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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