Ireland

Theresa May Humiliated As Tory Rebellion Leads To Key Brexit Vote Loss

Prime Minister Theresa May suffered a humiliating defeat for her key Brexit law on Wednesday after pro-European members of her own party openly defied her orders in a vote in Parliament. The result was open mutiny, one which granted parliament the final decision in the Brexit provess.

Frontrunning: December 13

  • Democrat wins Senate seat in Alabama in blow to Trump (Reuters)
  • Capital Journal: With Alabama Loss, Trump and GOP Face Political Reckoning (WSJ)
  • Democratic Victory Stirs GOP Anxiety Over Midterm Elections (WSJ)
  • Fed Expected to Raise Rates (WSJ)

Trader: UK Does Brexit Best When It Does Nothing At All

An eventual divorce agreement is looking less likely even despite negotiations taking a significant step forward recently. And, as it becomes clear that all outcomes lead to a no-deal Brexit, back-tracking entirely becomes relatively more enticing.

Frontrunning: December 12

  • Parties Make Final Push Ahead of Dramatic Alabama Senate Race (WSJ)
  • Oil hits two-and-a-half year high on pipeline shutdown, stocks take breather (Reuters)
  • Alabama drama nears an explosive end (The Hill)
  • Moore, Jones Expose Rural-Urban Divide That Defines Alabama Race (BBG)
  • The Force Behind Bitcoin’s Meteoric Rise: Millions of Asian Investors (WSJ)

US Futures, Global Shares, Dollar All Jump On Brexit, Basel News, Averted US Shutdown; Payrolls Loom

U.S. equity index futures have bounced on the last day of the week, along with European and Asian shares, oil and the dollar following overnight news that the UK and EU have reached a successful conclusion on Phase 1 of Brexit negotiations, that Congress has punted on the government shutdown for another 2 weeks until December 22, and ahead of the November nonfarm payrolls data.

Pound Tumbles Amid Brexit Chaos, "Headline Havoc"

Cable traders are suffering through a news overload this morning, with the optimism and euphoria which sent the pound to two month highs as recently as 2 days ago fading fast on speculation whether UK PM Theresa May will be able to engineer a Brexit breakthrough in time.

Asian Market Rout Goes Global On Tech, Tax And Government Shutdown Tremors

A selloff which started in Asia, driven by renewed liquidation of Chinese and Hong Kong tech stocks and accelerated by weaker metal prices which pushed the Shanghai Composite below a key support and to 4 month lows, spread to Europe and the rest of the world as investors continued to lock in year-end gains among the best performing assets amid a broad risk-off mood.