Europe Higher As EU27 Backs Brexit Deal

 | Nov 26, 2018 07:45

  • Brexit
  • Oil
  • Bitcoin
    • h2 May gets backing from EU27 but does she have it at home?/h2

    European stock markets look set to get the week off to a more positive start on Monday, a day after leaders of the EU27 gave their backing for the UK Brexit deal.

    Jean-Claude Juncker backed Theresa May claiming this is the best deal possible for the UK, who now has the much tougher task of convinced more than half of parliamentarians to vote for it in a couple of weeks. The deal has been heavily criticised at home, with a number of MPs from all parties be they remainers or leavers vowing to vote against it.

    Whether they do so in parliament when faced with the alternative of a no deal Brexit is another matter but I think there is a long way to go until we get there and there’s likely to be considerable turbulence in the pound during that time. There are a wide number of scenarios for how this could play out in the coming weeks or months and it’s very difficult to say with any confidence which way it will go. The only thing I remain convinced won’t happen is a cliff-edge no deal Brexit due to the considerable damage it would cause for all involved but as long as it remains an option it will weigh on the currency.

    h2 Oil pares Black Friday plunge/h2

    Brent and WTI prices are paring gains at the start of the week after another plunge on what is being dubbed “Black Friday” for oil ahead of the OPEC+ meeting next week. It will be interesting to see how traders respond this week and whether the thinner than normal trade around the US Thanksgiving holiday exacerbated what would have otherwise been a more modest decline.