Turbulent markets take a breather

The last week has been broadly positive, with a lull in the news cycle that has allowed the market to catch its breath. Ongoing trade talks between the US and China are being viewed positively, although there is no guarantee they’ll produce anything concrete.

While the US government remains shut down, it doesn’t appear to be having an impact outside of those unfortunate enough to be stuck in the middle. This might change if the shutdown lasts past the end of the month when it could cause a delay in people receiving their tax refunds, which incredibly includes around 80 per cent of tax payers. Elsewhere, the brief hiatus called last month is over and the government is back to getting its backside handed to it over the withdrawal agreement.

The most interesting development so far has been the Grieve amendment, which forces the government to hastily come up with an alternative if the deal is defeated.

This has effectively taken away the PM’s only viable strategy of running the clock down and forcing her deal through at the end. Given that all sides of the argument hate her deal equally, this should be win-win. Brexiteers are furious.