Brexit News Archive: 17 Oct 2016

RBA's Lowe: Possible election of Donald Trump as President unlikely to be as benign an event as Brexit

RBA's Governor Philip Lowe stated that a possible election of Donald Trump as U.S. president unlikely to be as benign an event as Brexit, Reuters reports...
Felipe Erazo / FX Street   |   Mon, 17 Oct 2016 22:00:59

Stock Prices Under Threat as Global Trade Becomes a Pariah

Slowing world trade growth and unruly politics from Brexit to the U.S. presidential election have some worried that a slowdown in globalization could be the next big drag on stocks.
WSJ   |   Mon, 17 Oct 2016 21:59:53

Gilts face biggest monthly loss since 1992

Yields surge as 'hard Brexit' fears sap international demand
FT   |   Mon, 17 Oct 2016 21:08:15

UK government bond sell-off continues, keeping pressure on pound

Ten-year gilt yields at highest since vote to leave European Union amid investor nervousness A sell-off in the British government bond market continued on Monday amid political instability jitters, pushing 10-year gilt yields to their highest since June's Brexit vote and further pressuring the battered pound. Sterling's near 20% plunge ...
Reuters / Guardian   |   Mon, 17 Oct 2016 18:47:40

A recovery underway? Awaiting court ruling on Article 50 - BBH

Analysts at Brown Brother Harrimans noted that a hard Brexit is one that denies the UK access to the single market on the same terms as is the case cu
Ross J Burland / FX Street   |   Mon, 17 Oct 2016 18:24:52

Hop over to Paris campaign launched to take advantage of Brexit bank moves

Paris, Frankfurt, Luxembourg and Dublin are stepping up a charm offensive to lure London's financial institutions following the Brexit vote.
euronews   |   Mon, 17 Oct 2016 16:24:54

GBP/USD rises toward 1.2200, but lacks momentum

GBP/USD has risen toward the upper-side of today's range but overall remains little changed on the day, with concerns over a hard Brexit keeping the
Ani Salama / FX Street   |   Mon, 17 Oct 2016 15:36:47

Brexit: trade versus immigration rows reported in British cabinet

UK finance minister Philip Hammond has had to deny that he is close to quiting over the government's Brexit policy.
euronews   |   Mon, 17 Oct 2016 15:25:42

Economic lessons from the great Marmite freakout of 2016

The U.K.'s Marmite crisis may be a sign of things to come for the country as it deals with the fallout from Brexit and the low pound
Claire Brownell / Financial Post   |   Mon, 17 Oct 2016 15:12:38

Brexiters turn their sights on Philip Hammond

Chancellor attacked after questioning economic cost of clean break with EU
FT   |   Mon, 17 Oct 2016 15:05:41

Legal challenge 'seeks to invalidate' Brexit vote

Victory would mean parliament could block Britain's departure from the EU
FT   |   Mon, 17 Oct 2016 14:14:46

Dublin Recruiting Firms Wishing to Leave London After Brexit

Ireland is mounting a vigorous charm offensive to lure thousands of financial jobs from London to Dublin, exploiting the growing uncertainty about Brexit and what it might mean for banking operations in Britain. Irish officials say US banks and other non-EU financial firms worried about the future possibility of using ...
OANDA   |   Mon, 17 Oct 2016 14:12:29

MPs' consent 'not needed for Article 50 to trigger Brexit'

Parliament's consent is "not required" for Theresa May to get Brexit under way by triggering Article 50 of the Lisbon Treaty, the High Court hears.
BBC   |   Mon, 17 Oct 2016 14:02:52

Why Britain cannot bank on India for post-Brexit business

We used to run the biggest empire the world has ever seen, and with a much smaller domestic population and a relatively tiny civil service. Are we really unable to do trade deals? We will have at least two years in which the existing treaties will be in force. So ...
Nikita Sud, Associate Professor of Development Studies, University of Oxford / The Conversation   |   Mon, 17 Oct 2016 12:47:44

GBP plunge since end-Sep builds in Brexit risk - AmpGFX

Greg Gibbs, Director at Amplifying Global FX Capital, suggests that the big currency move since end-Sep has been a further sharp fall in the GBP relat
Sandeep Kanihama / FX Street   |   Mon, 17 Oct 2016 12:33:14

UK consumers says 'Brexit vote - so what?'

A new survey finds British consumers were at their most confident in five years in September, though not in London which mostly voted against Brexit.
euronews   |   Mon, 17 Oct 2016 11:38:30

Dublin exploits Brexit uncertainty to lure firms from London

Irish officials say financial companies are already looking into moving some operations there after Britain leaves EU Ireland is mounting a vigorous charm offensive to lure thousands of financial jobs from London to Dublin, exploiting the growing uncertainty about Brexit and what it might mean for banking operations in Britain. ...
Lisa O'Carroll in London and Dublin / Guardian   |   Mon, 17 Oct 2016 11:26:37

Gilt yields surge over 'hard Brexit' fears

Pound's fall sparks inflation fears, sending UK government debt to levels not seen since poll
FT   |   Mon, 17 Oct 2016 09:58:22

Nick Clegg: 'Marmite was just the tip of the iceberg'

Nick Clegg, the Liberal Democrats' EU spokesman, has warned that the UK will face average tariffs of 22% on food imports from the EU after Brexit. Clegg, who has worked as an EU trade negotiator, told the Financial Times that the levies are likely unless the UK remains in the ...
Business Insider   |   Mon, 17 Oct 2016 09:38:31

FTSE falters on renewed Brexit fears but Drax jumps on EU approval hopes

Analysts say state aid ruling for power plant group could be key Leading shares have fallen back at the start of the trading week with the usual worries to blame: the outlook for the UK after Brexit, uncertainties around the US election and the prospect of the Federal Reserve raising ...
Nick Fletcher / Guardian   |   Mon, 17 Oct 2016 09:15:06

Pearson shares tumble 10% as sales slide

Challenging trading conditions continue to knock world's largest educational publisher Pearson's share price fell almost 10% after the publisher reported worse than expected sales, but the company said it was receiving an earnings boost because of the fall in the pound since the Brexit vote. The world's largest educational publisher ...
Mark Sweney / Guardian   |   Mon, 17 Oct 2016 08:52:22

Waste disposal firm Biffa cuts flotation price amid Brexit jitters

Britain's second biggest recyler of waste relaunches IPO at reduced price after failing to drum up sufficient investor interest Biffa, the waste management company, has cut the price of its flotation due to market nerves caused by worries over the economic impact of Brexit. Britain's second biggest disposer and recycler ...
Sean Farrell / Guardian   |   Mon, 17 Oct 2016 08:24:46

Britain looks at paying into EU budget after Brexit to get market access

Britain might continue to pay billions of pounds into the European Union's budget after Brexit to maintain single-market access for the City of London and other sectors under plans being discussed by government, the Financial Times reported. Prime Minister Theresa May's recent rhetoric has perturbed some investors who fear Britain ...
Times of Malta   |   Mon, 17 Oct 2016 07:53:00

Pound under pressure amid reports of Brexit split in cabinet - Business live

Reports of cabinet split over Brexit strategy, and tensions with the Bank of England, alarm investors Reports: Philip Hammond in cabinet Brexit row Introduction: Brexit fears loom over the City again 8.28am BST British government debt is weakening in value this morning, in another sign that investors are worrying about ...
Graeme Wearden / Guardian   |   Mon, 17 Oct 2016 07:28:03

UK to enter 'prolonged period of weaker growth': Survey

Britain to see deeper impacts from the Brexit vote over the next six months with rising inflation and falling business investment.
CNBC   |   Mon, 17 Oct 2016 07:23:00

Links for 10-17-16

Why distrust data? - macromom Will Brexit cause a sterling crisis? - Gavyn Davies Independence at the CFPB and the Fed - Carola Binder Machine Learning vs. Econometrics, III - No Hesitations Reclaiming ''Neoliberal'' - Stumbling and Mumbling Toxic Politics...
Economist's View   |   Mon, 17 Oct 2016 07:06:00

Britain looks at paying into EU budget after Brexit to get market access - FT

LONDON, Oct 17 (Reuters) - Britain might continue to pay billions of pounds into the European Union's budget after Brexit to maintain single-market access for the City of London and other sectors...
Reuters   |   Mon, 17 Oct 2016 06:51:25

GBP/USD extending the bearish note to 1.2150

The Sterling has started the weak on a soft note, now dragging GBP/USD to test lows in the 1.2150 area. GBP/USD focus on 'Brexit' headlines, US data
Pablo Piovano / FX Street   |   Mon, 17 Oct 2016 06:24:36

GBP: Break of $1.2080 would be significant - BBH

Research Team at BBH, suggests that the UK Prime Minister May may not be able to sell a hard Brexit to the House of Commons or a soft Brexit to other
Sandeep Kanihama / FX Street   |   Mon, 17 Oct 2016 06:12:58

Trump's anger, Brexit bill, BoJo's yo-yo

Observers fear damage to democracy as Republican candidate suggests US election process is 'rigged'
FT   |   Mon, 17 Oct 2016 05:23:26

RPT-Booming property auctions lift Brexit gloom in British real estate

LONDON, Oct 16 (Reuters) - Commercial property auctions are proving an unlikely bright spot in Britain's real estate market where a steep drop in sterling has attracted overseas buyers and local...
Reuters   |   Mon, 17 Oct 2016 05:00:01

A Small Business Taskforce for Post-Brexit Britain

The Small Business Taskforce aims to ensure that the needs of entrepreneurs and small business owners are fairly represented in Brexit negotiations.
Philip Salter, Contributor / Forbes   |   Mon, 17 Oct 2016 05:00:00

Clegg warns of 22% EU food price tariffs

'A hard Brexit will lead us off a cliff edge towards higher food prices', said the former deputy PM
FT   |   Mon, 17 Oct 2016 04:30:48

Philip Hammond: Chancellor Brexit delay claims denied

Newspaper reports that the chancellor is attempting to slow down progress towards Brexit are Treasury sources tell the BBC.
BBC   |   Mon, 17 Oct 2016 03:34:34

Ontario pension fund: UK assets attractive despite Brexit

Brexit hurt Ontario Teachers' Pension's short-term returns, but U.K. assets remain attractive, said a senior vice president at the fund.
CNBC   |   Mon, 17 Oct 2016 02:31:00

EUR/JPY recovers from 38.2% Fibo support

Offered tone around EUR/JPY cross ran out of steam around 114.09 (38.2% of Brexit day high-low), thus opening doors for an ongoing correction. The cro
Omkar Godbole / FX Street   |   Mon, 17 Oct 2016 01:02:38

New Scottish independence vote 'highly likely' before 2020: Sturgeon

Scots rejected independence two years ago but Scottish First Minister Nicola Sturgeon says a new post-Brexit poll is likely.
CNBC   |   Mon, 17 Oct 2016 00:33:00

Plan now to avoid post-Brexit languages crisis, say MPs

The government must plan now to avoid a post-Brexit languages crisis, say a cross-party group of MPs and peers.
BBC   |   Mon, 17 Oct 2016 00:12:00

Leak of 'secret' pro-EU article leaves Brexit leader red-faced

Buenos Aires Herald   |   Mon, 17 Oct 2016 00:00:00

Newspaper headlines: Brexit fall-out and 'millions in inadequate homes'

The papers carry a range of stories about the EU, including claims that Chancellor Philip Hammond is "undermining Brexit", and about millions reportedly living in inadequate housing".
BBC   |   Sun, 16 Oct 2016 23:07:00

Rising inflation to hit consumers until 2018, forecasters say

Economists believe CPI will have jumped to 0.9% when data is published this week after slide of sterling since Brexit vote The role of the weak pound in pushing up prices for UK shoppers and motorists will become clearer this week, with official figures expected to show a sharp rise ...
Katie Allen / Guardian   |   Sun, 16 Oct 2016 23:01:47

Invest in housing and broadband, business lobby tells chancellor

Autumn statement is Philip Hammond's opportunity to show he is serious about supporting business after Brexit, says British Chambers of Commerce The government should include a multibillion-pound package of measures in the autumn statement to support UK companies in the wake of the EU referendum, a business lobby group has ...
Staff and agencies / Guardian   |   Sun, 16 Oct 2016 22:49:40

Wells Fargo: This is why the pound will stay weak

With Brexit talks hitting speed bumps and a large U.K. current account deficit, the pound will stay under pressure, says Wells Fargo Securities' John Silvia.
CNBC   |   Sun, 16 Oct 2016 22:19:00

GBP/USD bearish opening gap on weekend's 'hard-Brexit' talk from European leaders

GBP/USD has opened with a bearish gap, tracing the same themes around Brexit concerns while the greenback remains mixed. GBP/USD has been as high as
Ross J Burland / FX Street   |   Sun, 16 Oct 2016 22:00:11

Boris Johnson penned anti-Brexit article

Turns out Boris Johnson, the former London mayor who campaigned prominently for the UK's departure from the European Union, may have had his doubts.
CNN   |   Sun, 16 Oct 2016 18:29:47

UK's May to target trade post-Brexit on India visit

Taipei Times   |   Sun, 16 Oct 2016 17:35:14

Top Trade Ideas for the Week of October 17, 2016: The Rest

Here are the Rest of the Top 10: CME Group, Ticker: $ CME CME Group, $ CME , started higher after the Brexit vote and ran until mid-September. [...]
Gregory Harmon   |   Sun, 16 Oct 2016 17:14:56

Top Trade Ideas for the Week of October 17, 2016: The Rest Premium

Here are the Rest of the Top 10 with premium Content in Bold: CME Group, Ticker: $ CME CME Group, $ CME , started higher after the Brexit [...]
Gregory Harmon   |   Sun, 16 Oct 2016 17:12:28

Irish leaders fear Brexit will bring economic disaster

Enda Kenny prepares for unprecedented cross-border talks amid fears over future of Ireland's borders, exports, security and economy Irish leaders have warned of an economic on both sides of the border without decisive action to confront the effects of Britain's impending departure from the EU. Amid warnings of "incalculable consequences" ...
Lisa O'Carroll and Stephen Collins in Dublin / Guardian   |   Sun, 16 Oct 2016 17:00:40

Boris Johnson makes light of 'semi-parodic' pro-EU column

Boris Johnson defends his writing of a pro-EU article days before he publicly backed Brexit - saying the article was and the UK's decision to leave was right.
BBC   |   Sun, 16 Oct 2016 16:35:42

UK looks at paying EU billions after Brexit

Plan would let finance sector keep single-market access
FT   |   Sun, 16 Oct 2016 16:23:36

Theresa May to visit India in signal of trading priorities post-Brexit

Minister denies a future free trade agreement with Delhi would entail UK leaving single market and customs union Theresa May is to fly to India next month for her first bilateral trip outside the EU since becoming prime minister, with her reception there seen as a key test of her ...
Jessica Elgot / Guardian   |   Sun, 16 Oct 2016 15:37:55

Nicola Sturgeon's Second Scottish Referendum - And Delusions About EU Membership

Nicola Sturgeon, Scotland's First Minister, has suggested that if the UK goes through with a hard Brexit, as it seems likely it will do, then she will call for a second Scottish referendum on independence from the UK. Which is just fine and dandy of course, if the Scots don't ...
Tim Worstall, Contributor / Forbes   |   Sun, 16 Oct 2016 13:22:00

Boris Johnson says it was 'blindingly obvious' that he would back Brexit despite emergence of pro-EU article

Peter Dominiczak / Telegraph   |   Sun, 16 Oct 2016 12:48:29

Brexit debate in parliament would give game away to Brussels, says minister

International development secretary Priti Patel likens revealing UK's negotiating position before EU talks to showing poker hand Priti Patel has said revealing Britain's negotiation position during talks with European Union leaders over the country's departure from the bloc would be akin to revealing her hand in a high-stakes game of ...
Jessica Elgot Political reporter / Guardian   |   Sun, 16 Oct 2016 12:04:44

Let the pound fall and the economy rise

The Brexit trade off of weaker currency, cheaper exports will make the economy less dependent on consumers and more reliant on producers It has been just like old times. The pound has been falling on the foreign exchanges and, like a patient in intensive care, there are daily bulletins about ...
Larry Elliott / Guardian   |   Sun, 16 Oct 2016 11:35:43

'Did you gamble UK's future for your own end, Boris?'

Boris Johnson is challenged over his previously unpublished article warning about Brexit's possible consequences.
BBC   |   Sun, 16 Oct 2016 11:31:39

Booming property auctions lift Brexit gloom in British real estate

LONDON, Oct 16 (Reuters) - Commercial property auctions are proving an unlikely bright spot in Britain's real estate market where a steep drop in sterling has attracted overseas buyers and local...
Reuters   |   Sun, 16 Oct 2016 11:00:01

Brexit debate in parliament would give game away to Brussels, says minister

International development secretary Priti Patel speaks out against revealing UK's negotiating position before EU talks Priti Patel has said revealing Britain's negotiation position during talks with European Union leaders over the country's departure from the bloc would be akin to revealing her hand in a high-stakes game of poker. The ...
Guardian Staff / Guardian   |   Sun, 16 Oct 2016 10:45:59

UK warned 'hard Brexit' will hit car sector

German industry chief Matthias Wissmann says single market exit would see output shift east
FT   |   Sun, 16 Oct 2016 09:44:36

What's the deal with a Brexit deal vote?

A group of MPs wants a Commons vote on any deal the government would push for in its Brexit talks. Nick Clegg explains.
BBC   |   Sun, 16 Oct 2016 09:14:09

Boris Johnson wrote article backing Remain days before joining Exit campaign

Boris Johnson said Britain remaining in the European Union would be a "boon for the world and for Europe" in a previously-unseen newspaper column. The Foreign Secretary wrote the unpublished Remain-backing article only two days before shocking David Cameron by revealing he would be campaigning for Brexit. Mr Johnson is ...
Times of Malta   |   Sun, 16 Oct 2016 07:42:00

The kindness of baffled strangers won't save us from Brexit

Mark Carney warned months ago about the difficulty of financing Britain's deficit when confidence in us is collapsing. He was right We Remainers must not give up. The future of this country, and indeed of Europe, is far too important to accept the argument that we are bad losers and ...
William Keegan / Guardian   |   Sun, 16 Oct 2016 06:00:26