Spreadex Market Update

FTSE and pound stoic in face of Brexit shenanigans



Settling in for another long, nervy week of Brexit drama, the pound managed to start trading in a relatively composed fashion.

‘Super Saturday’ was anything but. MPs voted to withhold support for Boris Johnson’s deal until the full legislation on the withdrawal agreement has been poured over tooth and comb, forcing Johnson to ask the EU for an extension (which the PM did in a manner befitting his approach to everything). The Prime Minister is expected to try and have another go at a ‘yes/no’ meaningful vote on Monday, one that could potentially be blocked by either Speaker John Bercow, or MPs themselves. Beyond that you get into a sinkhole of hypotheticals, including custom union amendments, second referendums and the still present, if less likely, spectre of no deal.

Sterling would have been forgiven for a nasty open. Instead its losses were firmly on the mild side; against the dollar it dipped 0.2%, keeping above $1.292, while against the euro a 0.1% fall barely moved the needle.

This stoic optimism also applied to the UK banking sector, which continued to signal its belief that no deal will be avoided. RBS led the way with a 3% climb, with Lloyds up 2%, Barclays rising 1.5% and Standard Chartered jumping 1%. This in turn send the FTSE half a percent higher, leaving the index within striking distance of 7200 if the mood remains steady as the day goes on.

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