Never gonna give EU up, never gonna let EU down

By Alex Moffat. Published at Jan 30, 2019, in Market Wrap

US indices are mixed going into the close, the Dow is slightly ahead, and the other two are slightly weaker.

We've just watched the British Parliament vote again on the Brexit dilemma. For your entertainment, we've provided the immediate headlines from Reuters news service...

At 07:31 AEST, Reuters reported:

"UK parliament backs amendment urging government to rule out no-deal Brexit."

Then, almost immediately, the same news service reported:

"British lawmakers vote down bid to prevent no-deal Brexit."

The seemingly more factual version arrived 20 minutes later, courtesy of the Financial Times:

"The British parliament voted 317-301 to back Theresa May's effort to renegotiate a Brexit deal with Brussels."

So, there we have it. Nothing has changed in the UK and the Prime Minister has Parliament’s backing to try to haggle a deal to exit the EU in an orderly manner.

To paraphrase Rick Astley, Brexit is no longer a case of "Never gonna give EU up, never gonna let EU down". It's now more a case of "Goodnight, farewell, auf Wiedersehen, goodbye."

Roll on March 29 — the scheduled exit date.

Meanwhile, index futures are 23 points higher, the Australian dollar is steady, as are bonds.

Alex Moffat is a director at Joseph Palmer & Sons.

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