UK Economic Viewpoint: No deal risks up again
BoAML | The risks of a no deal Brexit have risen in our view. No deal is not our base case, but that is now a close call.
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Ibex 35 profits (-13,6%), marked by banking sector, macro slowdown and emerging markets
Santander Corporate & Investment | The publication of results is nearing its end, and European company profits have shown resilience in face of a global environment dominated by uncertainty: the trade war, volatility in emerging markets and weakness in their currencies, Brexit, the growth of populism etc. Spanish companies are very exposed to international markets, given that only a third of their benefits come from the domestic market.
EU Elections: UK remains divided on Brexit
Shaun Riordan | The elections to the European Parliament in the UK were always something of a farce. Because of the inability of the British political class to decide what kind of Brexit it wanted, if indeed it wanted Brexit at all, British voters were forced to elect members to the parliament of a Union which, in theory at least, they will leave in five months. But they were also something of an anti-climax.
‘Brexitology’: We Could Get To October Without Clarifying Anything
Ofelia Marín-Lozano (1962 Capital SICAV) | 12 April was the deadline for the UK to decide of it was going to leave the EU without an agreement or, on the other hand, seek a new delay. The worst scenario for markets, a no deal Brexit, has been ruled out. The EU have granted the UK a new delay, which ends at the end of October 2019, to see if they can finally come to some kind of conclusion.
Brexit extension: how much will it actually cost the UK to leave the EU?
Jonathan Perraton via The Conversation UK | EU leaders have agreed a short extension to Brexit until October 31 at the latest, in order to give the British parliament time to agree a deal. This date avoids the UK still being a member when the next EU budget cycle starts – but what does it mean for the “divorce bill”, the money the UK will pay the EU after its departure?
Uncertainty? Volatility index 20% below its historical average
After a period of gloomy macro data, market watchers are starting to see the light. According to Allianz research, the share of “bulls” has increasedfrom around 30% at the start of the year to currently 54% net. At the same time, the volatility index is some 20% below its historical average, in spite of the much greater uncertainty facing the world economy.
The European Non-Union And Brexit – Plus Ça Change …
Shaun Riordan | This week is billed as, yet another, crucial week in the Brexit process. Prime Minister May will yet again bring her withdrawal deal back to parliament. Little has changed since she last presented it, and it looks like being rejected again.
Brexit uncertainty hurt UK economy – extending Article 50 could hurt it even more
Three years on from its vote on EU membership and the UK still has little idea what its future relationship with the EU might turn out to be. Under pressure from europhile members of her cabinet, Theresa May has finally decided that running the Brexit clock down is in nobody’s interest. Instead, she has now taken the perhaps equally disappointing decision to kick the Brexit can further down the road, if politically necessary.
Companies Press The Panic Button In the UK
Tristan de Bourbon (London) | The uncertainty of the Brexit is prolonged and a solution before day D does not seem possible. The risk is already too intense for many companies, which have begun to accelerate their contingency plans. In November Carolyn Fairbairn, the Director General of the Confederation of British Industry, the main platform of leading managers, warned that companies were stockpiling their products, investing in warehouses, cutting jobs.
“We all know that unanimity is the thorn in the side of the European Union”
Ana Fuentes (Strasbourg) | Where should the EU look in the future? What are the priorities? At a time of rapid change, protectionism and nationalist populism, the European Parliament has approved a document of minimums called The Future of Europe. As inevitably happens in such plural institutions, it is neither binding nor completely satisfies anyone, but sets out the challenges the still 28 members have to confront together if the European project is not to diluted. We discuss it with Ramón Jáuregui, socialist MEP and rapporteur of the text.