Major summit in London today in “Brexit Reset” as Starmer looks to restore ties with EU to remove Brexit checks and see return of free movement.
However, critics are calling it a “surrender summit” in a betrayal of 2016’s decision to leave the EU, with fears that Starmer will bind us back to EU and ECJ.
Fishing rights look set to see an extension of current agreement due to expire next year, with over 70% of UK’s shellfish exported to Europe, the reciprocal access will last until 2038 no doubt causing a row in seaside towns. Fishing totals just 0.4% of UKs GDP. Many labour backbencher fear that Starmer appeasement to the EU will drive more voters to Reform.
European leaders are looking to bend Trump’s ear ahead of his planned talks with Putin this week in what could be a pivotal week for Ukraine peace talks. Trump appears to have shifted tone to support Russia after Putin launched the war’s largest drone attack on Ukraine ahead of the call.
US equities dropped after moody’s cut the US top credit rating from AA1 to AAA, with its ballooning budget deficit continuing to widen, 30 yr treasury yields tipped 5% once more as the S&P & Nasdaq both made losses over 1%
Centrist Romania candidate Dan appears to have beaten far right George Simon in Romania’s election overnight, in a shift from populist sentiment which has seen gains amongst far right parties across the continent of late. Poland faces a similar battle of centrist and far right candidates ahead of their election on June 1st. Portugal saw record gains for its centre right alliance however just fell short of a majority.
Today sees EU inflation at 10am ahead of Australian Interest rate calls overnight. We have G7 meetings starting tomorrow and UK Inflation on Wednesday. European and UK PMI on Thursday and we cap the week off with UK Retail and House sales on Friday.
Need to discuss your exchange rates or market strategies? Get in touch +44 (0)203 865 5780