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MPs vote to take control of Brexit

UK Members of Parliament voted 329 to 302 to take control of Brexit and hold indicative votes on the next direction.

Sterling suffers as May runs out of road

Theresa May lost control of Brexit last night, 25 March as Members of Parliament voted by 329 to 302 in favour of a plan for a temporary takeover of the House of Commons that will enable them to decide a way forward.

Indicative votes will take place tomorrow evening, 27 March on various outcomes of Brexit, which could result in parliament backing a softer departure from the EU. However, there are no guarantees that the Prime Minister or the EU will change their stance and look to reopen negotiations.

Elsewhere, German business confidence bucked the trend of negative data coming from the Eurozone, with the IFO business sentiment index beating market expectations and reversing a downward trend since May 2018. Although the upbeat tone is relatively muted, 99.6 versus expected 98.5 and still in contraction (any number above 100 shows positive sentiment) it could show the start of a recovery in Europe’s powerhouse.

Aside from Brexit news, participants will keep a focus across the pond on US retail sales and consumer confidence data released this afternoon for direction.

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OECD downgrades Eurozone growth forecast

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