EU Markets Cheered by the Draft Brexit Deal

Europe’s markets are likely to be headed south as the US-China trade relationship has been stubbornly dominated by uncertainty, and also due to Italy’s economy quandary and overwhelmingly pessimistic oil market sentiment.
On the plus side, the European markets will be bolstered by the news that the EU divorce deal has been eventually reached. Despite the array of pessimistic forecasts, London and Brussels have successfully struck the Brexit withdrawal deal on all items discussed including the most touchy and contentious ones.

As far as the US-China trade spat is concerned, there has not been a hint of certainty about how and when it will be resolved. Still, investors are hopeful that the two opposing countries will get back to the negotiation table soon.
Meanwhile, Italy’s budget deficit has remained the front-burner concern for Europe, as Italy refuses to revise its draft budget for the next year including the country’s GDP growth rates and the budget deficit figures. Amid the budget turmoil, the Italian treasuries and government bonds yields are growing at an accelerated pace, which might trigger a full-blown debt crisis, as yet today, Italy is Europe’s second largest debtor after Greece.
In the French market, investors were upset by the US President Donald Trump’s bashing concerning France’s high wine import taxes curbing US wine sales in the country.

Financial scouts say that the markets are anxious globally. Oil prices change their direction every time fresh news appears, but in the medium run, traders fear that the oil supply may be excessive.
Ivan Marchena, Libertex Analyst

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This release was published on openPR.