Summary for the 30th of January 2019


Yesterday, The British Parliament was voting on 7 amendments for Brexit, only two amendments won the majority of the votes. The amendment about allowing Parliament time to pass a new law to avoid a no deal Brexit lost the majority. Not surprisingly, the none binding amendment which would reject a hard Brexit won the majority of the votes. For more details about each of the amendments: here. Theresa May supported the amendment for renegotiate the backstop deal, a deal for free border with Ireland.

It took six minutes for the EU to decline a renegotiation for the backstop deal. This is now a waiting game of who will first give in when the deadline for the Brexit, 29th of March, comes ever closer. Either the British Parliament or the EU. It will be contradictory if the EU, due to their steadfastness about backstop deal, lead to a Brexit with no deal. Same goes for the British Parliament, their principle about the backstop deal might have to be set aside to avoid a least desirable solution.

The US consumer confidence decreases in January, the second month in a row, the fall for the last two months is the largest in 10 years. Consumer Expectations declines sharply, due to the volatility in the financial market and the government shutdown which have impacted the consumers. Consumer’s view of their current situation remains unchanged from last month, and the value is still high.

Indices on 29th of January: Due to a weak earning reports from US companies on the 29th, and a weaker than expected consumer confidence, the US stock market ended in red. Japanese Nikkei closed in red on the 30th, even though Apple released earnings after hour that were higher than expectations.

Dow: +0.2% (29th)
S&P 500: -0.2% (29th )
Nasdaq: -0.8% (29th)
Nikkei: -0.5% (30th)
Chinese indices: +0.1% (30th)
STOXX Europe 600 Index: +0.36% (30th)

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