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.
It has been another quiet session for global equity markets, with S&P futures flat, as are European and Asian stocks, which is perhaps odd, as there was quite a bit of newsflow and, in the case of China, outright fireworks.
Tuesday's session started off on the back foot, with the Euro first sliding on Draghi's dovish comments before Europarliament on Monday where he signaled no imminent change to ECB’s forward guidance coupled with a Bild report late on Monday according to which Greece was prepared to forego its next debt payment if not relief is offered by creditors, pushing European stocks lower as much as -0.6%. However the initial weakness reversed after Greece's Tzanakopoulos denied the Bild report, sending the Euro and European bank stocks higher from session lows.
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.