Daily Market Report 16th
Good afternoon everyone,
At last evening’s press conference, UK PM May reiterated her determination to fight for her Brexit deal following a tense day when several ministers resigning from government.
For today and while no more resignations are expected markets are now focusing on reports from Brexiters who are expecting a no confidence vote threshold in PM May will be reached today with the vote to take place on Tuesday.
Brexit developments aside, it looks like a fairly quiet end to the week. There are no big economic data releases in the UK and those in the Euro zone and the US are unlikely to have a significant impact on markets.
Sterling movements for the rest of the day should be limited for now following yesterday’s sharp fall. Markets await further developments which could come by Tuesday.
The Euro has also rebounded modestly from recent lows against the US dollar. The response of the European Commission to the Italian government’s refusal to significantly change its budget submission remains a key area of uncertainty and could yet come back to haunt the Euro.
Friday 16th November, 2018
14:15 USD Industrial Production (MoM) (OCT)
14:15 USD Manufacturing (SIC) Production (OCT)
18:00 USD Baker Hughes U.S. Rig Count (NOV 16)
21:00 USD Net Long-term TIC Flows (SEP)