Today's BREXIT BARRAGE... "Barroom banter" Uh-huh.
BBG: May Faces Revolt From Euroskeptic Conservatives in Brexit Vote
BBG: U.K. Housing Slump Endures in 2019 as Brexit Hangs Over Outlook
BBG: Parliament’s Next Brexit Vote: A Guide to What’s Happening
FT: The heavy cost of May’s Brexit vanity
FT: Brexit: we need to talk about staff concerns
FT: MPs prepare to vote on May’s Brexit strategy again
FT: Delay Brexit or make a clean break, industries tell Brussels
FT: Labour centrists prepare to form breakaway party
FT: Theresa May faces defeat in no-deal Brexit vote
TEL: Why extending Article 50 looks inevitable – and the consequences of delaying Brexit
TEL: Brexit latest news: Theresa May faces fresh Tory rebellion in Commons vote
TEL: Does Olly Robbins’s hotel bar blunder hint at an anti-Brexit conspiracy?
TEL: Letters: The government strategy for dealing with Brexit: continuing shambles
BBC: PM plays down Brexit ‘deal or delay’ report
BBC: Border technology ‘could take 10 years’
More to come…
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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Today's BREXIT BARRAGE... The gloves are off - again...
BBG: Brexit Bulletin: To the Brink Together
BBG: Brexit Talks Head for Late Showdown as No-Deal Crisis Looms
BBG: May Threatens a Long Brexit Delay, Her Top Aide Is Overheard Saying
FT: Is Theresa May intent on a no-deal Brexit?
FT: Cautious Dublin reaps benefits of Brexit exodus
FT: May’s Brexit point man lets slip PM’s possible endgame
TEL: Why a cheaper pound is not always a good thing
TEL: Mark Carney drops Project Fear as he talks up free trade potential of Brexit
TEL: Back Theresa May’s deal or prepare for a long delay to Brexit, PM’s chief negotiator ‘warns MPs’
TEL: Net migration could increase by 100,000 under Government’s post-Brexit regime, says campaign group
TEL: Jeremy Corbyn and Theresa May already agree on Brexit. They just can’t admit it
TEL: Nick Boles should look out – he’s an easy target for the new Brexit Party
TEL: It’s no wonder Europeans hold the EU in contempt when it flagrantly ignores its own rules
TEL: An unholy alliance of Left and Right could push the PM into a no-deal Brexit she doesn’t want
More to come!
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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Today's BREXIT BARRAGE... "Give me just a little more time..."
BBG: How Theresa May Might Just Pull It Off
BBG: Brexit Costs Britain Almost $2.6 Billion in Lost Investment
BBG: Theresa May Seeks More Time to Negotiate Brexit Deal With EU
BBG: If You’re Wondering How Hard a ‘Hard Brexit’ Could Be
FT: May to plead with MPs for more time to overhaul Brexit deal
FT: Attitudes harden in UK’s ‘Brexit capital’
FT: The unanswered Brexit questions for traders
TEL: Letters: Theresa May’s idea of a Brexit that can please the Labour benches
TEL: Theresa May to rule out staying in EU customs union after backlash by Eurosceptic MPs
TEL: Eurosceptic parties could paralyse Brussels, report warns, with big gains expected at May election
TEL: As far as the City is concerned, Brexit has happened, and it has taken place on no-deal terms
TEL: Philip Hammond’s Brexit ‘deal dividend’ is not credible, MPs say
TEL: Britain needs a blast of investment stimulus to fight the global slump – regardless of Brexit
TEL: Will there be a ‘Brexit bounce’ for business investment?
BBC: Brexit: Theresa May says MPs must hold their nerve
BBC: Brexit: Will there be a resolution to months of indecision?
More to come…
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
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Today's BREXIT BARRAGE... Tick Tock...
‘Brinkmanship’ is the key word in today’s news as May’s accused of running out the clock to force acceptance of her deal…
BBG: Brexit Bulletin: High Noon Delayed
BBG: British and U.S. Banks Are Deeply Divided on Brexit Ties
BBG: The Slow Boat to Brexit Oblivion Is Leaving Soon
BBG: May Courts Corbyn as She Plays for Time to Get a Brexit Deal
FT: May offers concessions to win Labour support for Brexit deal
FT: Eurosceptics take aim at Tory MPs not toeing their line
FT: EU governments provide Brexit relief for asset managers
FT: Have central banks lost their nerve?
FT: US companies warn investors of mounting Brexit risks
TEL: Italy explores its own bilateral Brexit deal with Britain as its economic crisis nears danger level
TEL: The eurozone is just one crisis away from a hell of its own
TEL: Letters: Removing the backstop won’t make May’s deal any more acceptable
TEL: 100,000 German jobs at risk from no-deal Brexit
TEL: Theresa May to urge MPs to give her more time to seek Brexit concessions
TEL: ‘Chaos, disaster. Cost’: Dutch business fears Netherlands has much to lose from Brexit
TEL: If we’re heading for a no-deal Brexit, why is the Government not acting now?
BBC: Brexit: Theresa May responds to Jeremy Corbyn’s letter
BBC: Brexit: More votes promised as Labour says May running down the clock
More to come!
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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Astor Ridge Updated Econ/Supply/Events calendar for Week of Feb 11-15
Quick preview…
Relatively light supply-wise compared to this week: US calendar is empty, EGBs see a new 10yr NETHER and potentially a new 30yr OAT and the UKT 1F28s tapped on Thursday..
Data is mixed – BIG week for the UK and a smattering of US/EUR data…
No big events aside from a few CB speakers…
Enjoy!
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
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Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
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Astor-Ridge-Rates-Events-Calendar-Feb-11-15.pdf Astor-Ridge-Supply-calendar-Feb-11-15.pdf Astor-Ridge-Econ-Data-Feb-11-15.pdfMICROCOSM: SPAIN Breaking Richer vs France/Italy... Quick colour
Eurozone...
> OATs coming under some pressure with the potential non-comp of €2.25bn today after yesterday's supply (option expires at 3:30pm today) and the new 30yr stories out there.
> Along with that BTPS have been all over the map since yesterday given the downgrades of their growth estimates and renewed jitters over their budget outlook. Throw in the feud with France and we've got a recipe for profit taking across the curve.
> Spain, by contrast, has been relatively stable. No fireworks post their auction yesterday and few big supply concerns for now.
> Throw these three into a blender and we get MORE OUTPERFORMANCE of Spain on the blend vs France and Italy. Our long SPGB 7/28s vs OATH9 and IKH9 blend (70/100/30 wtd) is now 12.4bps mid, a clean break of the 16bps support that held on the chart since Nov. This is in line with our expectations (as per my note this week – see attached), although it's happening at an accelerated pace into week's end. Next big stop is the 5bps level from Aug/Oct which might require renewed selling in BTPS to get there...
More to come…
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
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MICROCOSM: More Technicals Toolkit > Gilts Volume at Price Rundown
GILTS...
> G H9 volume at price chart back to Dec 6th...
The market's currently in relatively uncharted territory with small volumes which we'd expect given the re-test of highs that didn't last long the first two tests in mid Dec and early Jan.
> Interesting though that the volume isn't significant until we get all the way down to 123.65 which also coincides with the 5 day MA.
> The rise in open interest since mid-Dec is interesting because this chart says that most of those new positions were established at lower levels than here. Broadly speaking, this means the market doesn't get too jittery until their entry levels which appear to be in the 123.45-65 zone - which is also why that's an important initial support.
> It ALSO means that the market won't try as hard to defend positions north of that level which could make price action more erratic.
In other words, don't get married to your longs OR shorts!
Bollingers…
Best,
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
MICROCOSM: GILTS... When Doves Cry... TECHNICALS
GILTS... Quick technicals/ valuations reality check:
> G H9 technicals turned more bullish into the close yesterday from the post-MPC 'head fake' where we rejected the initial test of the Dec-Jan highs.
> The candlestick chart below shows that the 'body' (open vs close) recovered much of the day's range to post a strong close above 124.00.
> The 'trouble' now is this am's open at 124.15 attracted moderate selling with today's low just below last night's close. We can also see that open interest continues to climb higher into this rally.
> So, we're watching last night's 124.05 close, the 124.26 highs and the 123.77 open yesterday, followed by the 123.67 5 day MA as first key support.
> In the SHORT END we've got O/N Sonia at .706, O/N GC around 75bps. Consensus expectations for Sonia at the end of 2019 is 1.10% vs 80bps now and 2020 is 1.50%, 60 basis points HIGHER than current levels at 90bps.
> The short end of the gilts curve from UKT 2 20 to 0H 22s trades rich to GC at 75bps and the 0T 23 (still the benchmark 5yr) are a whopping 5bps cheap. So, one can understand the temptation to either fade the rally or, throw in the towel and put on the flattener. The trouble is, those flatteners have come a LONG way now.
> The moral of this story is, ANYTHING can happen in this new dovish CB/Brexit regime. However! We mustn't lose sight of the what we're pricing in and where positions are heaviest. We have seen a mix of trades over the last couple days with a bias towards fading this richening. Concerns remain about the long end’s valuations now, with the ratio of cash for cash extensions into issues like the 57s (which will be tapped soon) looking a tad steamy now (see chart below – a declining ratio means longer issue is richening).
UKT 1H47 vs UKT 1T57 price ratio…
We’ll be in touch…
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
Today's BREXIT BARRAGE... Tsk Tsk Tusk!
Seems there’s still a bit of sensitivity around Tusk’s ‘Hell’ comments amid stalled talks…
BBG: Brexit Deadlock Continues as EU Rebuffs Theresa May’s Demands
BBG: Brexit Bulletin: No Breakthrough in Sight
BBG: Bemused World Doesn’t Know What to Make of Brexit Britain
BBG: Germany’s Scholz Says Finance Must Prepare for No Deal Brexit
BBG: Hammond Tells Public to ‘Hold Their Nerve’ Over No-Deal Brexit
FT: Sajid Javid: I’ve never called myself ‘The Saj’
FT: Ingram Pinn’s illustration of the week: A special place in hell
FT: UK draws up secret plan to boost economy after no-deal Brexit
FT: Jeremy Corbyn’s shift on Brexit heightens Labour tensions
TEL: Theresa May set to meet Irish PM Varadkhar for talks on backstop
TEL: May faces three simple choices: betray Northern Ireland, your people, or exit without a deal
TEL: Our PM has become engulfed in lies, pantomime and post-truth, but it won’t stop us leaving the EU
BBC: Brexit: May says she can get deal through with binding changes
BBC: Brexit: ‘More talks’ pledge helps May in perception war
BBC: Brexit: EU’s Guy Verhofstadt welcomes Corbyn’s offer to Theresa May
Enjoy!
Best,
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
Today's BREXIT BARRAGE... Stopping the Backstop...?
BBG: Brexit Bulletin: Bracing for Impact
BBG: Brexit or Not, Britain’s Real Economic Threat Is Here to Stay
BBG: May Heads to Northern Ireland in Her Search for a Brexit Answer
BBG: Brexit Agreement Reached to Bolster London Derivatives Clearing
FT: Bank of England ‘paralysed’ on rate by Brexit uncertainty
FT: Nissan’s Sunderland U-turn is all about the EU – but not Brexit
BBC: PM to secure Brexit deal that ‘commands broad support’
BBC: Brexit: EU digs heels in over deal
TEL: Business Secretary faces backlash after secret £80m Brexit sweetener he offered to Nissan is leaked
TEL: Brexit Latest News: Theresa May promises deal that honours commitments to Northern Ireland
TEL: Chris Grayling: Blame Brussels, not Britain, if we crash out of the EU without a deal
TEL: David Trimble to launch legal challenge against Theresa May’s Brexit deal in new few days
Onwards and upwards!
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Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796