Berenberg Chief Economist Holger Schmeiding noted Thursday that despite an extension being off the table, the tone from British and European leaders has softened, with both sides floating possible compromises over governance, level playing field provisions and politically sensitive fisheries. But despite signs of progress, Berenberg does not expect a deal before year-end.
"Instead of one big cliff edge, where the U.K.-EU economic relationship suddenly shifts from open single market rules to the much more restrictive World Trade Organisation rules for trade, we expect the two sides to see to it that the switch occurs in a series of smaller steps." "We also believe markets have been exaggerating the risk of the Bank of England reducing rates into negative territory, a potential drag on the pound," the UBS note added.
More wishful thinking than factual thinking
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When Companies Prepare for Disaster, Investors Should Expect Lower ReturnsStreetwise: Investors who want to look beyond the day-to-day concerns of second lockdowns and the shape of economic recoveries should focus on resilience fuck gambling on housing, medicine, food & employment & now in video games. You'll all wanna bet on horses & dog races, I don't care. Man-made disasters are just a recession away while the roulette wheel spins. Just like any gambler, investors who are losing due to 'bad hands' need to start looking to win the long term game, and hope their chips don't run out. Tick tock, Monopoly players. In the real world, you can only have the Fed write 'money' on cardboard for short while.
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