US Open – Brexit Deal Rally seems short-lived, Earnings, Oil, Gold, Bitcoin

Oct 17 11:10 2019 Print This Article

It was not expected to happen today, but a Brexit deal got hammered out.  PM Boris Johnson got the job done and now he needs to survive the Parliamentary arithmetic.  Johnson needs 320 votes to get his deal through the House of Commons.  Johnson will have just under 259 votes in the bag as Conservatives are expected to vote for him, that number is however lower since Johnson expelled a few in September.  Johnson’s math has him needing 61 votes from a possible 85 and that will be a tall task as he is still seeing resistance from Northern Ireland’s DUP, the party that holds what many consider 10 critical votes. 

The Brexit news triggered a risk-on rally across all the asset classes, helping S&P 500 futures recapture the 3,000 level.  If voted through by Parliament on Saturday, this Brexit deal will remove a major geopolitical risk for the whole world.  A good chunk of the gains however were erased on news that the DUP still will not support Johnson’s Brexit deal. 

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