Brexit: May wants UK to leave EU by end of May

The UK Prime Minister Theresa May is seeking the Brexit-deal before the end of May. This would avoid the country arranging the EU elections.

She spoke today in the Parliament and asked the MPs to reflect the Brexit during their Easter holiday, which will be a week long breake. According to the Goverment, the talks with Labour party also continued today.

Yesterday the EU leaders decided to delay the deal until 31st October.

Business Finance

Brexit delay until end of October- Asia stocks mixed

The EU leaders agreed late last night that the extension to the Brexit deal is until end of October, the 31st October. And signalled that more extension could follow if needed.

According to EU Council President Donald Tusk this also gives the UK the possibility to cancel the Brexit altogether. The UK Prime Minister Theresa May said that the country is leaving the EU as soon as possible to avoid the May EU elections on 23-26 May. The UK Goverment was the Labour party are exptected to continue their discussions today in London.

The Asian stock markets were mixed and the Hang Seng in Hong Kong was down 0,58 % to 29944 point and the Nikkei was down 0,28 % to 21 627 points. Singapore with STI Straits index was up 0,37 % to 3339 points and the Kosdaq-index was up 0,82 % to 766 points.

The UK Sterling was trading up slightly 0,05 % to 1,3098 dollars and the euro also 0,01 % to 1,127 dollars.


Business Finance

Stock markets up in Wall Street – focus on economic growth

The stock markets ended up in Wall Street on Wednesday. The Federal Reserve published its minutes of the meeting, but there were no surprises for the markets. Actually, the markets expect the Fed rather to cut the rates than to rise. The same situation was also today in Europe, when the ECB had its press conference after the Council meeting.

The ECB decided to hold the rates unchanged and the same outlook is for the year end 2019. The ECB also announced it will be watching the economic development ir order to make further decisions. The trade talks between US, China and Europe have lowered the economic growth forecasts.

Dow Jones ended up 0,04 % to 26160 points and S&P 500 -index ended up 0,36 % to 2888 points. Nasdaq closed up 0,69 % to 7964 points.

The earnings season is starting on Friday and it is also the day the UK will be leving the EU if no-deal is reached. The EU leaders meeting in Brussels is still going on, but it is expected that the EU will grant UK more time to solve the Brexit. The lenght of the delay is now the big question.

In Europe the FTSE 100 -index closed down 0,05 % to 7421 points, while the Paris CAC 40 -index ended up 0, 25 % to 5449 points and the German DAX-index ended up 0,47 % to 11905 points.

The UK sterling was up 0,29 % to 1,3090 dollars and the euro was up 0,07 % to 1,127 dollars.


Business Finance

Mnuchin: Hard-Brexit a realistic outcome

The US Treasury Secretary Steve Mnuchin told yesterday  that the US financial institutions need to be prepared for a hard Brexit as a very realistic outcome. He also commented that if this is the case it would mean global disruptions.

– We need to be prepared for a hard Brexit as a very realistic outcome, he said during the hearing before the House Financial Services Committee. According to Bloomberg, the US has encouraged the parties to find a suitable solution.


Business Finance

Brexit: Delay to the year end?

The European Council President Donald Tusk has said today that the short extension of the deal would not be enough. He is then favour of  a longer Brexit, maybe up to a year or beyond.

The UK Prime Minister Theresa May has today met several EU leaders. She was in Germany and met the German Chancellor Angela Merkel, which pointed that the extension might be long enough, but also so that the option of leaving earlier is possible if the deal is reached. PM May is having a meeting with French President Emmanuel Macron tonight.

The EU leaders are having their summit tomorrow on Wednesday in Brussels and for example the Belgium has invited the country leaders, which border the North Sea, according to Bloomberg News. The fishering polices and the use of the natural resources in the future if no-deal is agreed means that more work is ahead.

The UK Parliament is also discussing tonight how long the delay would be for Theresa May to put forward. On Monday the Parliament decided that extension is ok. This was backed by the UK Parliament by votes 420-110.

PM Theresa May sent last week a letter to Mr Tusk and asked for the extension until June 30.  The UK is leaving the EU on next Friday the 12th April, if no deal is reached.

The UK Goverment has said that it will continue the talks with Labour Party after the summit on Thursday. The talks were halted because the parties said that there were not enough compromise.

Business Finance

LSE Turquoise: Euro-trading to Amsterdam in no-deal Brexit

The London Stock Exchange has today published its plans in the possible situation of no-deal Brexit. This would mean that the LSE Groups´s pan-European platform Turquoise  would sift its euro-denominated trading to its Amsterdam hub. The stock exchange revealed its plans today if the UK leaves the EU without a deal at the end of the week on Friday 12th April.

According to Reuters, British, Swiss and U.S. shares would remain on its existing platform in London.


Business Finance

Brexit: May to continue talks with Labour- stocks mixed

The UK Prime Minister Theresa May said on Sunday evening that the Goverment will continue the talks with the Labour party during this week.  She also commented that compromise is needed on both sides in order to proceed with the talks and Brexit agreement.

During Monday the House of Lords will also discuss about the bill to stop the non-deal spilt with the European Union.

The EU leaders are having their meeting on Wednesday in Brussels and last week PM Theresa May send a letter to Mr Donald Tusk in order to ask for the delay of the Brexit-deal until June 30 if needed.

The stock markets were on mixed on Mondy. In Asia the Hang Seng index in Hong Kong ended up 0,31 % to 30 029 points, but the Nikkei-index ended down 0,21 % to 21 761 points in Japan.

In Europe the early trading was in negative territory while the CAC 40-index was down 0,12 % to 5469 points, the German DAX-index was down 0,29 % to 11 974 points and the London FTSE was down 0,28 % to 6692 points.

The sterling was up 0,17 % to 1,3060 dollars and the euro was up 0,06 % to 1,1223 dollars.

Business Finance