• Key votes on Brexit

    Brexit will take centre stage again this week as the U.K. Prime Minister Theresa May will reveal her latest EU divorce bill. So how will it play out this week? On Tuesday 12th March, MPs will vote again on the PM’s deal; if MPs vote in favour of May’s deal, the U.K. will Brexit with a deal on 29th March.  If however MPs reject the PM’s proposal, there will be another vote on 13th March whether to leave without a deal; if MPs vote in favour of this, the U.K. will Brexit without a deal. Again if MPs vote against a No-deal Brexit there will be another vote on 14th March on whether to extend article 50; if MPs favour this then the U.K. will ask for a short extension. It is a vital week for the Pound as investors look forward to news circulating around Brexit. Rumours amongst onlookers suggest article 50 will be extended with MPs voting against the Prime Minister’s plan. We have already seen GBPUSD fall this morning to 1.2961 at 09:24 GMT.

    European markets traded higher this morning. CAC 40, DAX 30, EU STOXX 600 and FTSE 100 were all higher. This came as Deutsche Bank has agreed to informal merger talks with Commerzbank to detract any takeover bids of the latter by other European banks. If successful it will become Europe’s second largest bank.

    In other news, Dow futures were lower on the back of Boeing’s share price falling 10% after the crash of Ethiopian Airlines 737 Max 8 jet. This was the second crash within five months involving a new type of Boeing aircraft as in October last year a Lion Air Boeing 737 Max went down after taking off from Indonesia.

    On data front, we have the monthly US Core Retail Sales and Retail Sales at 12:30 GMT.

    Spread Co is an execution only service provider. The material on this page is for general information purposes only and nothing contained herein constitutes (or should be taken to constitute) financial or other advice which should be relied upon. It has not been prepared with your personal circumstances, financial situation, needs or objectives in mind, therefore any actions taken or not taken by any person on the basis of this material is done entirely at their own risk. Spread Co accepts no responsibility whatsoever for any such actions, inactions or resulting consequences. No opinion expressed in the material shall amount to (or be taken to amount to) an endorsement, recommendation or other such affirmation of the suitability or unsuitability of any particular investment, transaction, strategy or approach for any specific person. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. As such, this communication is not subject to any prohibition on dealing ahead of the dissemination of investment research. Nonetheless, Spread Co operates a conflict of interest policy to prevent the risk of material damage to our clients.