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Today's Market Fundamentals
The day started with the news that the Tories had triggered a no confidence in PM May and that there would be a ballot election late yesterday evening. Throughout the course of the day numerous ministers came out and publically backed May, but there were enough that didn’t and you just wondered if there were enough that would get the 158 votes needed to push her out the door.
In the end PM May survived the vote by a margin of 200 – 117, she did admit before the vote that she had lost the confidence as party leader and would not run for party leadership at the next generation. The good news is that she can’t face another no confidence vote for a further 12 months, the bad news is that we are back to where we were on Sunday with PM May trying to negotiate a good Brexit deal – knowing that 117 of her own party do not back her – something that she had promised MP’s.
I am not sure we have seen the end of this and would not be surprised if we see the Labour Party use the help of those 117 dissenters and the DUP to trigger a general election. There are mixed messages coming out of the EU with some saying that they will give assurances on the Irish backstop, whilst are others are suggesting that they will not budge on the current deal. This will surely push the UK towards a possible “no deal” scenario – I am not sure that although it will not be great for the UK, it would also not be great for the EU.
Today's Market Trading Levels
- Gold SELL 1246 – 1250
- Brent Crude BUY 20 – 60.00
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