Brexit

Markets Could See Heartbreak If Brexit Is Hard To Do

... like [Washington] is getting something done. People are pushing for [Trump] to get off taxes and do infrastructure," said Cashin. He said an infrastructure spending plan could be a quick pop for the economy, and find bipartisan support. Cashin said the concern is Congress and the White House will get bogged down in tax reform , and there may not be easy agreement. "It looks like everybody's got an opinion on taxes.". Brenner said he now thinks the Fed will have a hard time driving through two more rate hikes this year, due to uncertainty brought on by Washington. "I think there's only going to be one rate hike," he said. "One, can they get the deficit approved so they don't have to shut down the government? And two, will they get a tax plan that will be meaningful? There's a lot of people that don't believe Trump can get it ...

What A Once-prosperous Seaside Town Thinks About The Brexit Divorce

... labor. But it has also led to complaints from many Britons about competition for jobs, housing, doctor appointments and school places. In towns such as Margate, with relatively high poverty and unemployment rates, the resentment is especially acute. The Britannia Pub in Margate, England. Mo Abbas / NBC News. "It's making it harder for English people to get jobs. They come here and they get money left, right and center," said Chris Boxall, 35, who is waiting to be accommodated in public housing some two months after leaving prison. Boxall was sitting with friends drinking before noon in a shopping district in the town center, where many shops are boarded up and a high proportion of the remaining businesses are charity shops and pound stores — the equivalent of dollar stores. "You've got homeless English people, and they help the foreigners, but not the English. We need to look after our own country," Boxall said. A former Woolworths outlet in Margate, England. Woolworths was one of Britain's biggest department store chains before going out of business. Mo Abbas / NBC News. Kierra Watkins, a 25-year-old ...

Today’s Brexit Barometer

... results in our new weighted values: inflation 0.30, activity 0.05, employment 0.08 and uncertainty –0.53. The sum of these four values is then multiplied by 100 to arrive at that day’s Brexit Barometer reading of a rainy –10.0. The current day’s barometer value is calculated twice, once in the morning (London time) to incorporate the latest available readings for most series contained in the four sub-components, and again in the afternoon to update with any intraday market moves. While some inputs update daily, such as the financial market indicators contained in the uncertainty gauge, the majority are updated monthly. The lags in the data mean that the barometer reading on any given day isn’t a real-time gauge of economic well-being, but rather a reflection of the most up-to-date data portrait available as of that time. All previous days on the barometer show only the end-of-day value. These values will be revised when final data for the relevant month becomes available to reflect that information. For example, when the CPI inflation reading for March 2017 is released in mid-April, the barometer will be revised all ...

Brexit Sovereignty Plan Set Out In Great Repeal Bill

... thousands of pieces of EU law into UK legislation. The publication comes the day after the UK started two years of talks using Article 50 of the Lisbon Treaty. BBC editors: The key issues for negotiation. Prime Minister Theresa May described the invoking of Article 50 as a "historic moment from which there can be no turning back", saying Britain would now make its own decisions and its own laws. Key to this pledge is the Great Repeal Bill, which ministers say is essential to avoid a "black hole" in the law when the UK leaves the EU. The UK Parliament can then "amend, repeal and improve" the laws as necessary, the government says. However, it could prove controversial with plans to give ministers the power to make changes to some laws without full Parliamentary scrutiny. The government says this will only be for "mechanical changes" to ensure laws function properly. 'A unique challenge'. The Great Repeal Bill, which Theresa May has said will make the UK an "independent, ...

Goldman Sachs Reassures Staff Over Brexit In Voicemail

... "All of this work leads us to conclude that although Brexit may well bring some changes to our footprint, a lot will continue to operate as it does today.". Gnodde said that the Wall Street firm would only be able to make long-term decisions on its future footprint once negotiations between Britain and the EU were complete. "We also understand that you will have many questions regarding the implications of Brexit," Gnodde said in the voicemail. "We are sensitive to those concerns, and want you to know that we will share any information on changes that will impact our European footprint as quickly as we can.". Banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff as they work out how many jobs will have to move to continental Europe as Britain exits the European Union. This first phase involves relatively small numbers to make sure the requisite licenses, technology and infrastructure are in place, while the next requires longer-term thinking on what their European business will look like in the future, which ...

Brexit, Stage One

... and branches outside the UK — will be less viable post-Brexit. [ Wall Street Journal / Max Colchester ]. And the bigger economic questions loom: Will the UK be able to negotiate the free trade agreement May has said she wants, or will it end up negotiating from a weaker position, with more to lose than the rest of the EU in these negotiations? [ Wall Street Journal / Wiktor Szary, Colleen Mc Enaney, Jovi Juan ]. In an immediate blow to May’s ambitions, Germany’s Angela Merkel said that the future of the UK-EU relationship cannot be determined simultaneously with the terms of Brexit. Leave must happen, and “only when this question is dealt with can we — hopefully soon after — begin talking about our future relationship.” [ Guardian / Daniel Boffey, Jon Henley ]. May’s letter also met sharp criticism because it hinted at the possibility that the UK would decrease security cooperation with Europe if it was unsatisfied with the trade deal reached in negotiations. [ Washington Post / Karla Adam ]. On the bright side: ...

Oil Up After Data, Dollar Gains As Brexit Materializes

... 0.35 percent, while MSCI's gauge of stocks across the globe. MIWD 00000 PUS fell 0.19 percent. Emerging market stocks rose 0.09 percent. Overnight, MSCI's broadest index of Asia-Pacific shares outside Japan. MIAPJ 0000 PUS rose 0.42 percent while Japan's Nikkei. N 225 closed up less than 0.1 percent. GREENBACK GAINS FURTHER. The dollar index. DXY gained 0.37 percent with the euro down 0.55 percent to $1.0752. Sterling hit a one-week low of 1.2378 GBP= earlier, and was last trading at $1.2407, down 0.33 percent. "Sterling will be incredibly sensitive to (Brexit) negotiations and will offer a clear gauge of how things are panning out. We could see it move lower still if negotiations take a sour turn - $1.10 is feasible," said Neil Wilson, senior markets analyst at ETX Capital. Benchmark U. S. Treasury yields fell. The 10-year U. S. Treasury yield hit a session high at 2.427 percent, higher than Tuesday's. Benchmark 10-year notes US 10 ...

Brexit Will Bring Four Types Of Market Distress

... Investments had $7 billion in assets under management at the end of February. The U. K. will formally kick start its divorce proceedings with the EU on March 29, representatives of the government led by Prime Minister Theresa May said earlier this month. Gallo pointed to four market stresses ahead for the U. K. The first will come from the depreciation of the pound , he said, although he noted that while it could fall further, that's largely played out already. The pound has dropped from as high as $1.50 just before the vote to exit the European Union to as low as $1.1979. On Tuesday, it was trading around $1.2560. That will spur the second market stress, higher inflation, he said. "That hurts people. It hurts in particular the middle-and-low wage families that are exactly the ones that voted Brexit," he said. "Populism is bad for the same people it's advocated for. These are people that have not seen their wages go up in the last decade and now they're going to see the prices of food and other goods going up.". He noted that the U. K. imports around 50 percent of its food and 70 percent of its fruits and vegetables, adding that higher ...

Brexit Formally Begins

... of Parliament. Former U. K Shadow Former Secretary. Senior fellow at the Harvard University Future of Diplomacy Project. ( @d_g_alexander ). Ryan Heath , senior correspondent for POLITICO Europe. ( @Politico Ryan ). Rory Broomfield , director of the Freedom Association, a center-right think tank in the United Kingdom. Director of the Better Off Out Campaign. Author of “ Membership of the EU: There Are Alternatives.” ( @rorybroomfield ). From Tom’s Reading List. Boston Globe: The EU-UK divorce begins — "This week, the campaign slogans of the Leave campaign will give way to the realities of negotiation in Brussels, just as they already have for President Trump on Pennsylvania Avenue. After all, divorce can be an expensive, as well as a messy and painful, business.". POLITICO: British love affair with Belgium kicks off  - ...

Despite Its Brexit Victory, The Hate-addicted Right Rages On

... away their voters’ rights to health care have been facing impassioned town-hall meetings. There is exhilarating satire on television. But over here, the 48 per cent of people who feared a loveless future of cringing isolation, austerity and social backwardness have been largely content to take defeat on the chin, as though cowed by the fact that so many of the poorest among us don’t agree. In Britain, the silence is eerie. We know from experience that it takes time for artists and film-makers to respond to sudden changes of temperature. Margaret Thatcher was first elected in 1979, but it wasn’t until 1982 that we were enlightened by Alan Bleasdale’s Boys from the Blackstuff; My Beautiful Laundrette didn’t ­arrive until 1985; and it was 1987 before Caryl Churchill gave us Serious Money – a full eight years after Thatcher’s election. All three works may enjoy an enduring power and authority denied to the collected speeches of Norman Tebbit. They define the era. ...