• May set to ask for a delay in Brexit

    The U.K. Prime Minister Theresa May has reportedly written to EU leaders asking for an extension to article 50. It is believed the PM has asked for a short extension up until June 30, in which time she will try and gain support for her withdrawal agreement from MPs. The pound dipped lower this morning, GBPUSD traded at the lower end of 1.3200s as markets preferred a longer extension which could potentially lead to second referendum or possible cancellation of Brexit.

    Major indices were subdued this morning as all await the Fed rate decision; another contributing factor being the impasse between China and the US.

    Looking at individual stocks, the U.K. satellite operator Inmarsat’s (LON: ISAT) share price rose over 16% as it announced it had opened talks about a $3.3 billion cash takeover from a private consortium.

    On data front, the U.K. Consumer Price Index was better than expected at 1.9%. Later this evening at 18:00 GMT we look forward to the FOMC Statement. The Federal Funds Rate is forecasted to be unchanged.

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