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A heightened probability of a no-deal Brexit and a call for General elections by U.K. PM Boris Johnson hurt the pound early in the week, but Sterling bulls took back control on successful efforts by Parliament to block a no-deal Brexit.
United Kingdom Headlines and Economic data
Monday:
- UK Manufacturing PMI at seven-year low as uncertainty stifles domestic and export markets
- Rebel Bill published to stop no-deal exit if Boris Johnson fails to strike agreement by 19 October
- British PM Boris Johnson threatens election if MPs block no-deal Brexit
- UK PM Johnson to seek Oct. 14 election if rebels block his Brexit plan
Tuesday:
- IHS Markit/CIPS UK Construction PMI: Sharpest decline in new work since March 2009
- Nigel Farage ‘offers Boris Johnson general election pact’ but only if he ditches Theresa May’s Brexit deal
- UK Labour leader Corbyn: I am ready to fight an election
- Brexit showdown: British lawmakers bid to block PM leaving EU with no deal
- Boris Johnson defeated as MPs take control
Wednesday:
- Boris Johnson demands election after Brexit defeat
- Jeremy Corbyn faces Labour backlash over election strategy
- Boris Johnson challenges Jeremy Corbyn to back October election
- U.K. service sector growth slows in August
- Hong Kong tensions ease, China signals stimulus – the reduction of geopolitical and economic fears from Asia seems to have been the catalysts for a major turn in global risk sentiment, likely contributing to Sterling’s run higher
Thursday:
- U.K. Prime Minister Boris Johnson’s brother quits government over Brexit
- UK MPs back bill to block no-deal Brexit
- China and US agree to meet in October for trade negotiations – this headline was the catalyst for further global risk-on sentiment as it broke the rising tensions between the two major economies that grew over the past few week with the rise in tariffs. Another boost to Sterling that was also benefiting from falling fears of a no-deal Brexit.
Friday: