Brexit May Be Delayed. But Markets Have a Bigger Problem
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If there’s one thing that is relatively clear from last night, it’s that the risk of no-deal Brexit has dropped. While we await to see if the EU will agree to another delay and if there will be a general election, any negative reaction on European equities and U.K. domestic stocks in particular should be contained, judging by the limited retreat in futures this morning. But there might be a bigger problem for investors: the macro landscape is still deteriorating.