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Daily Forecast: 22nd Sep 2017
Tensions with North Korea increased again over night, seeing a slight risk-off reaction from markets. Over the weekend we get the German election. While Angela Merkel is expected to win another term, it will be the coalition she develops that will be the key interest and whether factions of this are pro Europe or not.
UK PM Theresa May will deliver her long-awaited speech in Florence today around 14:15BST. The event is seen as a bid to break the impasse and to bring the Brexit negotiations back on track, ahead of the next round of EU-UK negotiations that are scheduled to take place next week. The speech is expected to reach out to the leaders of the other 27 European countries, with the PM likely to pledge that no member state will lose out from the EU budget (at least until 2020 initially) as a result of the UK leaving the union. Recent reports suggest that the Prime Minister is ready to offer a contribution of around €10bn a year for a further two years after March 2019 during a ‘transition’ phase. Cabinet members including Philip Hammond and Boris Johnson are expected to be in attendance in Florence, although so far, no European Commission officials are scheduled to be there.
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