Daily Report 31/08/2018

Good morning everyone,

 

Sterling remained close to one-month highs against the US dollar after Wednesday’s comments from EU chief negotiator Michel Barnier promising the UK a ‘unique deal’. However, he warned yesterday that a no-deal Brexit was still a possibility, noting that that “our responsibility is to be prepared for any and all the options”. UK Brexit Secretary Raab is reported to be meeting Barnier for six hours of talks today.

A report in the Times says French President Emmanuel Macron "is preparing to throw Theresa May a lifeline by pushing other EU leaders to agree a close relationship with Britain after Brexit as part of his vision for a united Europe."

Macron is reportedly set to use a summit in Austria next month to spell out a new structure for European alliances. It would be based on “concentric circles”, with the EU and the Euro at its core and Britain in a second ring.

It is otherwise a quiet day for economic data, with nothing of note in the UK and only ‘second-tier’ releases in the US. The second reading for the August University of Michigan consumer sentiment measure is expected to be revised up modestly to 95.5 from 95.3. That would be below July’s 97.9 but still relatively high by historic standards.

Otherwise the focus in markets may be on international trade talks, including whether the US can agree a deal with Canada today. 

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