Last week much of the news has been dominated by two political scandals; the court ruling that Boris Johnson acted unlawfully by proroguing parliament, and the developing news that Donald Trump tried to pressure Ukraine into investigating a political rival by withholding military aid.
While both could turn out to be fatal for their perpetrators eventually, the immediate impact is surprisingly little. MPs have secured an extra couple of weeks back in parliament but they may not be able to do much with it.
Likewise, in the US, Democrats and Republicans remain at loggerheads over impeachment. While these developments are just part of the background now, they may yet snowball. Both leaders enjoy popular support among their base and have so far been immune to things that would have easily finished off their predecessors; it’s easy to see a line being crossed where that support evaporates.
Given the signature policies of both leaders, Brexit and trade wars, this could have a massive impact on markets.