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Market Recap – Brexit Agreement Voted

Wednesday, October 23, 2019 11:01 AM GMT

The UK Parliament agreed in principle to Boris Johnson’s deal (329-299 vote), the first Brexit agreement that was ever backed by the UK Parliament, but voted against his 3-day timetable (322-308 vote). The Brexit agreement was backed by 285 Conservatives - including all 28 hardliners who never backed Theresa May's deal - 25 Independents and 19 Labour MPs. The timetable was rejected by 5 of the Labour MPs and 18 Independents. The EU granting a 3 months extension remains the most probable scenario.

Erdogan, the Turkish President, and Putin had reached an accord over Syria. Under this deal, Kurdish fighters are dictated to withdraw from almost the entire northeastern border, from the Euphrates River to the Iraqi border. Russian and Syrian forces will ensure the pull back. On October 29 joint Russian-Turkish patrols will begin. Turkey will keep the control of the section that has invaded. No arrangement has been made for the town of Qamishli that has the largest Kurdish population.

Macro releases & Earnings: Today’s economic agenda includes the earnings of Boeing, Microsoft, Tesla, Ford, and the US crude oil inventories. Worth-remembering that tomorrow the ECB is having its monetary meeting.


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