EU prepared to grant a Brexit extension

Weekly Report - 28/10/2019

EU prepared to grant a Brexit extension


According to a draft report seen by CNBC, the European Union is expected to provide the UK the ability for an extension of an additional three more months in order to withdraw from the bloc.

European representatives are going to meet Monday morning to review once more the UK’s call to have more time to prepare its withdrawal. A draft report provided before of that meeting, approved on October 27, confirms that the EU is expected to give a third Brexit delay, up to 31 January 2020.” The document states, “with a view to allowing for the finalization of all steps necessary for the ratification of the Withdrawal Agreement, including the obtaining of the consent of the European Parliament, the European Council agrees to a further extension”.

The Week that was

Jeff Bezos, Amazon's CEO is currently the richest person in the world. Last week following Amazon's inadequate earnings he lost nearly 7 Billion in a single day. Last Thursday Amazon announced its third-quarter earnings that disappointed traders and sent the popular Amazon stock down. It dropped as much as 9% in the after-hours session. The CEO Jeff Bezos, currently owns 57,610,359 shares of Amazon, according to the SEC.


Main Focus This Week

For Monday there are no important releases to accommodate the majors and provide a clear direction.

Later today we will have the US September goods trade data, but it is questionable if it will influence the majors.

The markets are waiting for the FED’s interest rate decision on Wednesday and ECB President Draghi is scheduled to talk at the end of the session. Regarding the trade war, the geopolitical uncertainty for both China and the US will continue if the two countries fail to deliver positive information to support the majors.


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