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Theresa May spoke yesterday in an attempt to calm fears over Brexit. She acknowledged that the process will be bumpy and time consuming, but stated she was keen to avoid a ‘cliff edge’ of uncertainty for Britain. The new PM has recently stated she is still aiming for March 2017 to activate Article 50, even with the pending High Court situation with Parliament having to agree on leaving the EU.
IBM has become the latest global corporation to ‘back the UK’ after announcing it will be making major investment into the UK, following Facebook & Google who have recently invested multi million dollars into the economy, showing signs Brexit hasn’t deterred overseas super companies.
Draghi attempts to boost inflation
Mario Draghi, president of the European Central Bank, has indicated that he will continue to be dovish with regards to interest rates, as they will be kept close to zero in a bid to boost inflation. With inflation sitting at 0.5% and a target of 2% being far away, there are rumours that the ECB could further boost their QE programme from its current €80bn in monthly bond purchasing.
Trump declared the US will quit the TPP
President elect Donald Trump has outlined his first day in the office to quit the Trans-Pacific Partnership only signed in February 2015. The 12 countries, which originally agreed to the deal, now have to deal with Trump’s first big call as he looks to make his mark. Without quoting the colourful language used to describe his opinion on the trade deal, Donald Trump has previously stated he believes the deal has ‘job killing restrictions’ for US residents.
Data to come
Today we have Public Sector Net Borrowing in the UK to digest, with Eurozone Consumer Confidence to follow and USD Existing Home Sales numbers to cap today’s data. With Thanksgiving on Thursday & Black Friday commencing at the end of this week, expect markets to slow down for the weekend.
