A decisive week is here for the United Kingdom as the country grapples hard with the question of how to deliver a safe exit from the European Union. Across the Atlantic, in the US, markets will keep a watch over multiple data in the aftermath of last week’s anomalistically low jobs figure that came at 20K.
On Tuesday, The British House of Commons is voting, for the second time, the Brexit deal Prime Minister Theresa May signed with EU leaders. Chances that the once rejected agreement passes the Parliament seem dim, given the position of many lawmakers from May’s own ruling Conservative Party and the opposition Labour Party.
If the the deal is defeated, then on Wednesday MPs will be voting whether Britain should leave the EU without a deal, a scenario that is least desired by the almost all sides, with the exception of hard-line Brexiteers in London.
Then on Thursday, depending on the outcome of the vote on no-deal, the Parliament is to vote whether to delay Brexit which is set to take place on March 29, by extending the article 50 of the Withdrawal Agreement. A potential rejection of May’s offer to postpone the divorce paves the way, again, for a crash-out from the EU.
Boeing crash, Sino-US talks
US Stocks will be waiting for developments in the Sino-US trade talks which resume at mid-level diplomacy as officials from both sides continue to beam optimism.
Aviation giant Boeing’s market value will be in the focus after one of its new 737 aircrafts crashed in Ethiopia, killing all 157 on board. China and Indonesia has ordered all 737 Max 8 grounded until further notice. Dow Jones fell over 200 points.
Fed’s Powell, BoJ statement
In the news related to central banks, US Fed Chair Powell is poised to speak on Monday. Other than that, Bank of Japan will release its Monetary Policy Statement on Friday.
Macroeconomic data of high relevance this week is as follows:
US Core Retail Sales, Retail Sales
UK GDP, Manufacturing Production and US Core CPI
UK Annual Budget Release, Spring Forecast Statement and US Core Durable Goods Orders, US PPI and Crude Oil Inventories
China Industrial Production, US New Home Sales
BoJ Press Conference, Eurozone CPI, US JOLTs Job Openings