{"id":157299,"date":"2019-10-10T13:13:08","date_gmt":"2019-10-10T17:13:08","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=157299"},"modified":"2019-10-10T12:26:39","modified_gmt":"2019-10-10T16:26:39","slug":"stock-markets-and-pound-relief-over-last-ditch-bid-for-brexit-deal","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/stock-markets-and-pound-relief-over-last-ditch-bid-for-brexit-deal\/","title":{"rendered":"Stock markets and pound relief over last-ditch bid for Brexit deal"},"content":{"rendered":"
October 10, 2019<\/div>
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By George Prior<\/strong><\/p>\n

Global stock markets and the British pound are set to experience a short-term boost following last-ditch talks in the Brexit negotiations on Thursday between the UK Prime Minister and his Irish counterpart.<\/p>\n

This is the optimistic forecast from the CEO of deVere Group, the world\u2019s largest independent financial advisory organisation.<\/p>\n

Nigel Green\u2019s comments follow a meeting between Boris Johnson and Leo Varadkar in which they agreed that there was a \u201cpathway to a possible deal\u201d as they discussed the issues of customs and consent.<\/p>\n

The UK government believed that they had gone some way to meet EU demands in their new proposals, by offering to keep Northern Ireland in the single market. They were disappointed that there appeared to be no reciprocity coming from the EU side.<\/p>\n

Any sign of Dublin meeting that offer with a similar concession could be the start of serious negotiations towards a deal with the EU.<\/p>

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The deVere CEO says: \u201cGlobal stock markets would almost inevitably experience a significant shock to the downside in the event of a no-deal Brexit.<\/p>\n

\u201cThe UK would experience the worst fallout, but U.S., European and Asian equity markets would also take a considerable hit.<\/p>\n

\u201cIn addition, while some of the impact of a no-deal Brexit has been priced-in, the value of the British pound \u2013 which is already down 17%\u00a0than before the 2016 referendum \u2013 would also likely be weighed down further.\u201d<\/p>\n

He continues: \u201cThis is why, following the positive tone coming from Johnson and Varadkar on the main point of contention in an orderly exit from the EU \u2013 the Irish backstop \u2013we can expect global stock markets and the British pound to experience a short-term boost.\u201d<\/p>\n

Mr Green goes on to add: \u201cThere is a growing sense that there\u2019s a light in what has been a very dark tunnel. It is now imperative that the leaders of the EU and the UK use this glimmer of hope and move forward to end the paralysis.<\/p>\n

\u201cThey must use this new momentum and act decisively and in the spirit of compromise to get a deal secured by which the UK can leave the EU in an orderly way.\u201d<\/p>\n

He affirms: \u201cA deal, which leads to a well-managed departure, is likely to have a rebound effect on global equity markets could rebound, whilst the pound and euro would strengthen against the dollar.<\/p>\n

The deVere CEO concludes: \u201cNo-deal Brexit is one of the major geopolitical headwinds affecting financial markets, but the encouraging talks between Boris Johnson and Leo Varadkar will provide some relief.\u201d<\/p>\n

\u201cThe situation remains highly volatile and investors should remain invested and ensure their portfolios are properly diversified to take advantage of the opportunities and upsides and mitigate risks.\u201d<\/p>\n

Following the discussions, Mr Varadkar will consult with the Taskforce 50, and the UK Brexit Secretary Stephen Barclay will meet Michel Barnier, the EU\u2019s chief negotiator, on Friday morning.<\/p>\n

About:<\/em><\/strong><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement<\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior Global stock markets and the British pound are set to experience a short-term boost following last-ditch talks in the Brexit negotiations on Thursday between the UK Prime Minister and his Irish counterpart. This is the optimistic forecast from the CEO of deVere Group, the world\u2019s largest independent financial advisory organisation. Nigel Green\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-157299","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/157299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=157299"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/157299\/revisions"}],"predecessor-version":[{"id":157300,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/157299\/revisions\/157300"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=157299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=157299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=157299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}