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Morning comment: Tankan, China, French PMIs & Brexit

Chris Scicluna
Emily Nicol
  • The market mood is negative after some weak Chinese economic data, a plunge in the French PMIs and another poor showing from Theresa May in Brussels. The latest BoJ Tankan survey was, at least, broadly upbeat. 

Morning comment: ECB, EU summit & Japan spending

Chris Scicluna
  • The positive market mood has been maintained today ahead of the ECB's policy announcements and EU summit discussions on Brexit. Japan's October spending data complemented the more upbeat tone.  

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May win fails to reduce Brexit uncertainty

Chris Scicluna
  • Theresa May won the Tory Party confidence vote, but received the backing of fewer than two-thirds of her MPs.
  • So, the result highlights significant divisions within her party and fails to reduce Brexit uncertainty.
  • Nevertheless, her victory implies that there is still less support in the House of Commons for a ‘no deal’ Brexit than other Brexit scenarios.

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May confidence vote: Update

Chris Scicluna
  • Victory for May this evening won't represent a ringing endorsement for the PM, but will likely highlight the lack of support for a no-deal Brexit.

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Morning comment: May vote & Japan orders

Chris Scicluna
  • While the Conservative Party will hold a confidence vote in Theresa May's leadership this evening, a risk-on mood has returned to markets on the back of US-China trade optimism.

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