Intra-day Market Moving News and Views
18 Dec 2015 00:44GMT
GBP/USD -....... Cable staged a short-covering rebound to 1.4930 ahead of Asian open after conciliatory comments by U.K. PM Cameron, and continued its recent decline on renewed market jitter of a 'Brexit'.
David Cameron wants Britain to stay in the EU, but has hinted he could campaign for an exit if he fails to win an agreement that can reduce the influx of EU migrants, improve business competitiveness, give more sovereignty back to Britain and protect London's banks from discrimination by the euro zone.
His proposal to make European immigrants to Britain wait four years before claiming "in-work" benefits - income supplements to people in lower paid jobs - has been roundly criticised for breaking EU law banning discrimination.
An EU aide said Tusk wanted to give everyone a chance to speak their mind on Thursday night with a view to seeking a deal at the next summit in mid-February. Poland, Hungary, Slovakia and the Czech Republic, known as the Visegrad Group, said in a statement they would reject any British demand to change EU laws that would mean discrimination against their citizens or limit their freedom of movement.
Cameron presented his four-year proposal, but made clear that he was open to other ways to better control immigration to Britain. An EU diplomat said Cameron had earlier sat in silence for more than three hours while other EU leaders debated how to deal with a wave of migrants that has divided European governments. Britain has refused to take in any from Europe.
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