Brexit News Archive: 27 Sep 2016

Brexit vote puts Britain's rising competitiveness at risk, says WEF

World Economic Forum report gives UK highest ranking in a decade, but suggests leaving EU will have negative impact Britain's sharp rise up the league table for global competitiveness to its highest place in a decade risks being reversed by the vote for Brexit, according to the World Economic Forum. ...
Larry Elliott Economics editor / Guardian   |   Tue, 27 Sep 2016 22:01:47

Sarkozy vows to offer UK exit from Brexit

Former president plans revised EU treaty that could persuade Britain to remain in bloc
FT   |   Tue, 27 Sep 2016 18:31:54

GBP/USD: 1.3060 is key resistance - UOB

Analysts at UOB Group explained that GBP/USD has been soft even though the dollar has come off generally on the back of Brexit-related worries. Key Q
Ross J Burland / FX Street   |   Tue, 27 Sep 2016 16:56:51

John McDonnell: small firms are suffering due to Brexit uncertainty

Claims that big businesses engage in corporate bullying by refusing to pay suppliers were discussed at an event at the Labour party conference Shadow chancellor John McDonnell has called on the government to end uncertainty over Brexit, amid claims it is causing some big businesses to engage in "corporate bullying" ...
Mark Smith / Guardian   |   Tue, 27 Sep 2016 16:37:56

Hard Brexit is not inevitable

There is room for compromise on both sides, writes Peter Mandelson
FT   |   Tue, 27 Sep 2016 14:55:22

Verhofstadt warns of Brexit veto power

Assembly's chief negotiator says relationship must avoid 'love-hate' of past 40 years
FT   |   Tue, 27 Sep 2016 14:40:43

High street sales appear to be losing their post-Brexit vote shine

CBI's health check of retailers and wholesale businesses found most firms reporting a fall in sales The strength of Britain's high street sales appears to be waning after shops reported a weaker than expected September. The CBI's health check of retailers and wholesale businesses found that the balance of firms ...
Phillip Inman / Guardian   |   Tue, 27 Sep 2016 14:25:05

House of Fraser profits plunge 46% in first half of 2016

Department store says it faced challenges including unseasonable weather and consumer uncertainty over Brexit House of Fraser profits dived nearly 50% in the first half of the year as the department store said it faced a "very challenging retail environment" in the light of unseasonable weather and Brexit uncertainty. Underlying ...
Sarah Butler / Guardian   |   Tue, 27 Sep 2016 13:02:11

UK: Brexit negotiations still expected to begin early next year - MUFG

Lee Hardman, Currency Analyst at MUFG, suggests that the UK government is likely to be reluctant to give away too many details of their desired exit s
Sandeep Kanihama / FX Street   |   Tue, 27 Sep 2016 12:27:52

GBP: Brexit uncertainty remains a weight on the pound - MUFG

Lee Hardman, Currency Analyst at MUFG, suggests that the hard Brexit fears could trigger fresh pound selling. Key Quotes "It is also very difficult
Sandeep Kanihama / FX Street   |   Tue, 27 Sep 2016 11:59:44

Milan challenges London for patent court

Italians press Brexit case to host body to rule on disputes under unitary system
FT   |   Tue, 27 Sep 2016 11:46:23

Scotland says wants clarity on Brexit, warns of "hard Brexit" risks

LONDON, Sept 27 (Reuters) - Scottish First Minister Nicola Sturgeon said on Tuesday she wanted more clarity about the British government's position on leaving the EU and cautioned that a so called...
Reuters   |   Tue, 27 Sep 2016 11:16:31

Labour's new economic vision offers a chance to win votes. It must be seized | Owen Jones

Labour must now build on the lessons of the Brexit referendum: voters can be inspired by a vision that overcomes their worries about the economy The left has often been accused of having a far clearer idea of what it is against rather than what it is for. It would ...
Owen Jones / Guardian   |   Tue, 27 Sep 2016 10:47:19

Brexit, not the EU, will be to blame for Britain's economic problems

Britain's economy is sluggish and unproductive, and will worsen with Brexit, according to a report from the Centre for European Reform (CER). The report, authored by Simon Tilford, disputes claims made by those campaigning to leave the European Union that Britain's economy was "dynamic and flexible," and had "little to ...
Business Insider   |   Tue, 27 Sep 2016 09:11:06

Brexit Britain 'highly attractive' to investors, says publisher

A post-Brexit Britain could become "highly attractive" to foreign investors put off by conditions inside the European Union, according to the head of Europe's largest newspaper publisher.
Here Is The City   |   Tue, 27 Sep 2016 06:51:59

Brexit could make Britain highly attractive, says Axel Springer chief

LONDON, Sept 27 (Reuters) - Brexit will be more painful for the rest of Europe than for Britain which could emerge stronger and better off than its European neighbours, Mathias Doepfner, chief...
Reuters   |   Tue, 27 Sep 2016 06:14:26

Germany: Bouncing ifo expectations is easing immediate Brexit-fears - Deutsche Bank

Research Team at Deutsche Bank, suggests that the fourth largest rise in Germany's ifo expectations since re-unification particularly in the manufactu
Sandeep Kanihama / FX Street   |   Tue, 27 Sep 2016 04:26:55

Sturgeon to link Brexit to austerity in London speech

Scottish First Minister Nicola Sturgeon is to tell business leaders that UK austerity policies were partly behind the Brexit vote.
BBC   |   Mon, 26 Sep 2016 23:20:00

Could Brexit bring back the royal yacht?

Conservative MP Jake Berry has called for the Royal Yacht Britannia to be brought back into service to help the UK strike trade deals.
BBC   |   Mon, 26 Sep 2016 23:01:21

How to forge ties with post-Brexit Europe?

Former European Commissioner Frits Bolkestein once said Turkey was too big, too poor and too different to become a full member of the European Union.
Hurriyet   |   Mon, 26 Sep 2016 22:01:00

Stock markets drop ahead of US presidential debate - as it happened

Shares are down, volatility is up, and the Mexican peso is under pressure ahead of presidential debate between Hillary Clinton and Donald Trump (at 9pm New York/2am BST) Latest: Dow Jones closes down 166 points Volatility jumps as investors brace for drama London stock market suffers biggest fall since Brexit ...
now / Guardian   |   Mon, 26 Sep 2016 20:16:31

Stocks Wipe Out Post-Fed Gains As Deutsche Dread Batters US Banks

VIX spiked to 14.5, its 100-day moving average, ahead of tonight's debate... As Deutsche Bank contagion concerns... Spark spike in European bank counterparty risk... and Germany CDS is starting to show signs of concern... Sent US bank stocks tumbling... (among the worst days for Financials since Brexit... But financials have ...
Zero Hedge   |   Mon, 26 Sep 2016 20:03:17

Draghi urges EU to talk tough on Brexit

Britain should have no access to single market unless it accepts freedom of movement, says ECB chief
FT   |   Mon, 26 Sep 2016 18:14:25

GBP/USD: Brexit back in play ahead of US Q2 GDP - Scotiabank

Analysts at Scotiabank explained that this week's domestic risks are limited ahead of Friday's final Q2 GDP release, and sentiment is set to remain ...
Ross J Burland / FX Street   |   Mon, 26 Sep 2016 17:20:54

EUR/GBP: bears take back control despite Brexit w/e press

EUR/GBP is offered from highs of 0.8716 to lows of 0.8646 so far. EUR/GBP has turned since the opening bid in Europe as the pound remained under pres
Ross J Burland / FX Street   |   Mon, 26 Sep 2016 17:10:28

ECB: eurozone resilient despite Brexit vote

European Central Bank head Mario Draghi says the eurozone economy is coping well with global uncertainty, including Britain's vote to leave the EU.
euronews   |   Mon, 26 Sep 2016 16:09:01

FTSE 100 and pound end Monday's session lower

London's stock market falls more than 1% in a widespread sell-off, while the pound flirts with its lowest level against the euro since the Brexit vote.
BBC   |   Mon, 26 Sep 2016 16:04:17

Brexodus? Most U.K. CEOs consider relocating

Two new surveys show business leaders are deeply concerned about how Brexit will affect their organizations, and so they're considering relocation plans.
CNN   |   Mon, 26 Sep 2016 15:44:04

76% of UK CEOs would consider leaving UK after Brexit: KPMG

CNBC's Seema Mody reports on all the market moving events in Europe today, including Deutsche Bank sliding to record low on capital worries and how Moody's downgrades Turkey to junk status.
CNBC   |   Mon, 26 Sep 2016 15:28:00

Euro zone economy 'resilient' despite Brexit vote: Draghi

ECB central bank chief says euro zone has been coping well with global uncertainty following Britain's vote to leave the EU
Globe and Mail   |   Mon, 26 Sep 2016 14:49:54

Europeans want 'tangible benefits' from EU institutions: ECB's Draghi

The European Union must show that it benefits people's lives, ECB President Mario Draghi said, with the bloc in limbo after the U.K.'s Brexit vote.
CNBC   |   Mon, 26 Sep 2016 14:46:00

Brexit is an ultra-delicate manoeuvre that needs a measured approach | Mohamed El-Erian

The May government will need to show a level of resilience and agility far beyond what has been required of its predecessors The aftermath of the UK's unexpected vote in June to leave the EU is being monitored closely. People all over the world - and particularly in Europe - ...
Mohamed El-Erian / Guardian   |   Mon, 26 Sep 2016 14:28:08

Brexit exodus? Companies consider relocating

Two new surveys show business leaders are deeply concerned about how Brexit will affect their organizations, and so they're considering relocation plans.
CNN   |   Mon, 26 Sep 2016 14:14:50

UK Minister Says Britain Will Suffer Economic Shock With No Trade Deal

Britain will suffer an "economic shock" if the European Union refuses to sign a free trade deal after Brexit, a Government minister has admitted for the first time. Lord Price, a minister in the International Trade department and the former managing director of Waitrose, admitted that the Government must "ensure" ...
OANDA   |   Mon, 26 Sep 2016 13:57:20

Brexodus? Most U.K. CEOs consider relocating

Two new surveys show business leaders are deeply concerned about how Brexit will affect their organizations, and so they're considering relocation plans.
CNN   |   Mon, 26 Sep 2016 13:52:26

Brexit exodus? Most big companies have thought about relocating

Two new surveys show business leaders are deeply concerned about how Brexit will affect their organizations, and so they're considering relocation plans.
CNN   |   Mon, 26 Sep 2016 13:37:59

What does a hard Brexit or a soft Brexit actually mean?

As discussion over what happens next following the UK's vote to leave the EU intensifies, people have increasingly used the terms 'hard Brexit' or 'soft Brexit'. However, these terms are rarely defined and can mean different things to different people. Open Europe's Raoul Ruparel lays out his attempt at defining ...
Open Europe   |   Mon, 26 Sep 2016 13:35:39

Will Deutsche Bank's Collapse Be Worse Than Lehman Brothers?

Few analysts noted it, but the $USD actually staged its second strongest day of the year the Friday before last. The only other day in which the $USD rallied more was on the day of BREXIT, a black swan event that featured EXTREME currency volatility. This move tells us something ...
Gains Pains & Capital   |   Mon, 26 Sep 2016 13:04:06

Stock markets drop ahead of US presidental debate - business live

All the day's economic and financial news, as the City braces for the first presidential debate between Hillary Clinton and Donald Trump (at 9pm New York/2am BST) FTSE 100 falls 1% Latest: Deutsche Bank denies needing fresh capital Introduction: City frets about Trump, oil and Brexit 1.16pm BST It's been ...
Graeme Wearden / Guardian   |   Mon, 26 Sep 2016 12:20:05

Brexit doesn't mean Britain can wash its hands of Calais migrants, warns Hollande

Henry Samuel / Telegraph   |   Mon, 26 Sep 2016 12:05:31

FTSE 100 slides and pound weakens

London's stock market falls more than 1% in a widespread sell-off, while the pound flirts with its lowest level against the euro since the Brexit vote.
BBC   |   Mon, 26 Sep 2016 11:49:08

FTSE 100 closes lower as pound flirts with lowest post-Brexit levels

The FTSE 100 index closed lower in a widespread sell-off while the pound flirted with its lowest level against the euro since the Brexit vote. The blue-chip ticker was 1.3% down at 6,818 alongside European bourses and never once saw any upside this session. Meanwhile, against the euro, sterling traded ...
Proactive Investors   |   Mon, 26 Sep 2016 11:32:00

Europe bank head calls markets 'resilient' after Brexit vote

FRANKFURT, Germany (AP) - The president of the European Central Bank says both markets and the economy have been in the wake of Britain's vote to leave the European Union.
Associated Press   |   Mon, 26 Sep 2016 11:22:00

UK to gain from Brexit says German chief

Axel Springer chief executive breaks with German consensus, saying a free-market UK will prosper
FT   |   Mon, 26 Sep 2016 10:41:11

Iris Dorbian wrote a new post, PE HUB First Read, on the site PE Hub

Three-quarters of CEOs in Britain said they would consider moving their companies out of the U.K. because of Brexit. Snapchat has rebranded as Snap Inc. It's also going to sell Spectacles that record 10- [...]
peHUB   |   Mon, 26 Sep 2016 10:34:24

Majority of U.K. CEOs considering moving operations abroad post-Brexit: survey

Seventy-six per cent said they were considering moving either their headquarters or their operations outside Britain
Globe and Mail   |   Mon, 26 Sep 2016 10:25:48

UPDATE 1-UK mortgage approvals hit 19-month low, more weakness seen

LONDON, Sept 26- Britain's housing market showed signs of slowing in August with the number of mortgages approved by banks falling to its lowest level since January 2015 and analysts said they expected further weakness ahead as Brexit uncertainty dampens demand next year. The figures extended a slowdown which began ...
CNBC   |   Mon, 26 Sep 2016 10:08:00

UK CEOs consider pulling up stakes because of Brexit

Business leaders in Britain are reacting with unease in the months following Britain's decision to leave the European Union
U.S. News   |   Mon, 26 Sep 2016 09:43:33

FTSE falls ahead of US debate and Opec, while downgrade hits InterContinental

Hotels group drops on concerns about outlook for US business Leading shares are falling back on a cocktail of concerns. Investors are nervous ahead of the debate later between US presidential candidates Hillary Clinton and Donald Trump, as well as uncertain over the state of play of Brexit. On top ...
Nick Fletcher / Guardian   |   Mon, 26 Sep 2016 09:05:55

Poll: UK CEOs considering moving after Brexit

LONDON - The UK's vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain, according to a survey of 100 business leaders by the accountancy firm KPMG.
Bangkok Post   |   Mon, 26 Sep 2016 08:38:00

BREXIT FALLOUT: 76% of UK CEOs said they would consider moving operations abroad

Around three-quarters of chief executive officers said they would consider moving operations from the UK to Europe in the wake of Brexit. According to a survey of 100 CEOs from accountancy firm KPMG, 76% are considering relocation, while 72% said they voted to Remain in the European Union in the ...
Business Insider   |   Mon, 26 Sep 2016 08:11:53

FT Opening Quote: City fears for a "hard" Brexit

City fears for a "hard" Brexit, Aldi to revamp stores, investment boost at MonarchFT Opening Quote, with commentary by City Editor Jonathan Guthrie , is your early Square Mile briefing. You can sign up for the full newsletter here. Continue reading: FT Opening Quote: City fears for a "hard" Brexit
FT Alphaville   |   Mon, 26 Sep 2016 07:04:42

Britain will suffer 'economic shock' if there is no free trade deal with the EU after Brexit, minister suggests

Peter Dominiczak / Telegraph   |   Mon, 26 Sep 2016 06:19:33

Paper review: Brexit row, Labour 'truce' and 'Canada Kate'

Splits at the top of government and fears in the City of London - both over Brexit - make headlines, along with the latest from William, Kate and their "cuties" on tour.
BBC   |   Mon, 26 Sep 2016 06:06:04

Is "hard Brexit" becoming more or less likely?

You can argue it either way. On one hand, the forward march of the UK economy, and the inability to develop a coherent negotiating position, militate in favor of a relatively quick and condition-less Brexit. The European Union is not offering any very flexible intermediate deals, perhaps to punish future ...
Marginal Revolution   |   Mon, 26 Sep 2016 04:49:16