Brexit

Boris Johnson accepted a Brexit extension offer to January 31 but the extension is now officially meaningless. On Monday, I commented Brexit Extension to January 31 is Meaningless. "The January 31 extension is moot if there are elections in December as now seems likely." That prognosis has been confirmed as MPs Vote for General Election on December 12. The UK was gearing up for a December 12 general election after Boris Johnson’s plan to go to the country received the backing of the Commons. MPs voted through the prime minister’s proposal for a pre-Christmas ballot and rejected an opposition move to hold it three days earlier. Proposed amendments that would have enfranchised 16 and 17-year-olds, as well as EU nationals, were not taken forward. No 10 had said it would pull the bill altogether if the amendments were passed.

Risk-on sentiment spurred Asian markets, as China-US trade deal optimism prevails and the earnings season is delivering encouraging results, while a Fed rate cut tomorrow remains broadly priced in.

The struggle for the United Kingdom's withdrawal from the EU is going into extra innings. The package negotiated with the EU has yet to be approved by the British Parliament, with new elections scheduled for December 12. Whether government formation and majority voting for the package will run out by the new deadline of January 31 is more than questionable, from our point of view.

Ahem, Swing low, sweet Chari-o-ot, coming for to carry me hoooome…. Just one word… ‘Awesome’! I make no apologies for having a croaky voice this morning after one of the most complete England performances most of us have ever seen.