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Another Westminster showdown

Chris Scicluna
  • Ahead of further key Brexit votes in Westminster this evening, the mood in Asian stock markets was positive although major Government bonds firmed this morning while sterling eased back a touch.

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Article 50 extension ahead

Emily Nicol
Chris Scicluna
  • Gilts, USTs and euro area govvies are weaker this morning after the weekend’s vote in the House of Commons that forced Johnson to request an Article 50 extension. And following further votes in Parliament this week, we expect an extension to be granted by the EU, paving the way for an election by Christmas.

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Chinese GDP miss

Chris Scicluna
  • China’s Q3 GDP data missed expectations with a new series low, but September’s IP and retail numbers softened the blow. Meanwhile, Japan’s CPI report provided no surprises whatsoever, but next month’s will be far more difficult to predict.

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DUP says No

Chris Scicluna
  • While JGB yields continued to trend higher, the market mood in Asia remained subdued in the wake of yesterday’s  soft US retail sales report even as an Australian jobs report beat expectations. A morning statement from the DUP saying that it still could not back the proposed Brexit deal injected new uncertainty ahead of today’s Summit.

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White smoke from Brussels?

Chris Scicluna
  • Renewed US-China noise over Hong Kong weighed somewhat on risk appetite in Asian time, while all eyes will be on Brussels today as Brexit negotiations resume in search of a breakthrough in time for tomorrow’s Summit.  

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