S&P futures are little changed this morning, while Asian shares rise and European stocks (+0.5%) are poised to snap a five-day losing streak amid a broad-based rally. The pound declined as better-than-expected manufacturing data failed to offset political risk before the impending election, while crude oil gained.
Authored by Mike Shedlock via MishTalk.com,
Brexit without a signed agreement looks increasingly likely as I suggested all along.
EU documents reveal “Painstaking Brexit Detail” down to the smallest item demanded by every nation.
The document also demands arbitration by the European Court of Justice (ECJ). These are both non-starters from the UK side.
After the Brexit referendum, more EU citizens are leaving Britain, while less Europeans are coming in. As the latest figures from the Office for National Statistics show, 2016 brought 84,000 less migrants, compared to the previous year. Statista's Fabian Moebus points out that the net migration of 248,000 people is the lowest number of yearly newcomers in over three years.
U.S. markets are closed for the Memorial Day holiday, and with UK and Chinese markets also closed for various holidays, it has been a quiet start to the week, with S&P futures essentially unchanged, trading at 2,415, up 0.06%, a new all time high.
The EU in Brussels has now given official powers to its top Brexit negotiator, but former French diplomat Michel Barnier is not expected to begin talks until after the UK general election in June. As Statista's Dyfed Loesche notes, Banks and financial institutions are already preparing for the world after Brexit and planning to pull some of their staff from the finance hub in the City of London...
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