The UK`s post EU exit woes have begun trickling in, starting off with rating cuts from S&P, who cut the UK`s rating to AA from AAA and Fitch, who cut the rating to AA from AA+ and posting that the UK economies outlook is negative. Also in the news are the political concerns which need to be dealt with in the aftermath of the BREXIT with the labour party set to vote on a motion of no confidence against their leader Jeremy Corbyn today at 1600BST and a new poll Is under way as YouGov tries to figure out who the next Conservative party leader will be, with the current standing showing Teresa May at 31% and Boris Johnson at 24%. Yet again whatever the outcome, we are sure to experience some volatility in the GBP and FTSE as markets try and decipher what each new thread of information means for the UK economy.
Upcoming news events today are as follows:
- EU Economic Summit
- Final GDP q/q expected at 1%
- CB Consumer Confidence expected at 93.2
- FOMC Member Powell Speaks
- Gov Board Member Zurbrugg Speaks
- Retail Sales expected at -1.6%