Joshua Mahony MSTA
Scope Markets
All eyes are on Theresa May, as the hope of a convincing Brexit proposal helped bolster sterling. Meanwhile Boeing remains on shaky ground as the prospect of legal claims hold back gains after reports of role of birds in Ethiopia crash.
- Theresa May to lay out her final Brexit proposal
- Brexit plan needs to gather support across both Labour and Tory MPs
- Boeing shares in focus as Chinese claim ruffles feathers so soon after talk of fowl play in Ethiopia crash
The pound has finally started to find buyers today, as the doom and gloom of the past fortnight is overlooked away ahead of Theresa May’s appearance. May knows that this is likely to be her final attempt to get a deal across the line, and with Brexiteers jostling for her position, there will be many who know that the Brexit process could well shift radically towards a harder form of Brexit if she loses. All eyes are on the Northern Irish backstop given the fact that it formed the main roadblock in prior votes. However, with the Tory Brexiteers clearly happy to vote her down with a view to installing a leader in their own image, the PM will know very well that she needs votes from across the
board. Thus the reaction of the pound in the wake of todays speech will likely reflect the perception of whether the deal could possibly grab enough Labour votes as much as the Tories.
It has been a turbulent time for Boeing shareholders, with the global grounding of 737 Max 8 airplanes hurting the company’s share price for almost three-months now. However, we finally saw some light at the end of that tunnel for shareholders, with reports emerging that the crash in Ethiopia may have been caused by birds rather than the engine itself. This could be crucial for the firm, because we are starting to see demands for compensation such as that from the Chinese Eastern Airlines today. Boeing are sure to fight it all the way, for if they are made to pay out one customer, there is a distinct possibility that they will have all the other affected airlines queuing up for their piece
of the pie.
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