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UBS – ‘More Brexit pain is needed before markets can price a true bull case for UK assets’

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UBS – ‘More Brexit pain is needed before markets can price a true bull case for UK assets’




















Responses to the Brexit voting Tuesday continue

UBS with a dour outlook:

  • UK politics will have to get worse before it gets better
  • Either the House of Commons will need to be jolted into supporting a UKEU negotiated deal through the risk of ‘no deal’ or the EU will have to blur its red lines, or a combination of the two. 
  • the UK’s position has drifted again from the EU-27’s again
  • There will be a lull now as the EU27 agrees a response, but it will surely still include some form of backstop and pressure will be back on UK politicians to accept a Withdrawal Agreement. 

ForexLive


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