Daily Briefing: - Crisis cabinet on Brexit as stalemate hardens - Greek Prime Minister Alexis Tsipras visits newly-named North Macedonia - Brent crude sets new five-month highs at $69.50
and after a key Venezuela oil terminal halted production. Ten-year U.S. Treasury yields failed to hold 2.50 percent after Monday’s sharp spike and while the yield curve from 3 months to 10 years is now back in positive territory, it has halved again from 10 basis points last night to less than 5bp this morning.
The Brexit process ran into sand yet again on Monday evening with another series of inconclusive parliamentary votes on the next steps to break the impasse, knocking sterling back toward $1.30 where it retreated to late last week. While no option garnered a majority, the proposal with the most votes was for a second referendum and the one with the narrowest defeat was for a post-Brexit customs union with the EU.
The votes are expected to go back one more time on Wednesday and after a cabinet meeting today UK PM May is expected to table some variant of her own withdrawal agreement for the fourth time on Thursday. On Tuesday, EU Brexit negotiator Barnier said a no-deal was more likely by the day and said there were now only three options – a ‘no-deal’ exit, the existing deal on the table or a long delay
Elsewhere in currencies, euro/dollar dipped below $1.12 for the first time in almost a month – with the brighter Chinese and U.S.
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