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Yahoo BusinessOct 20, 2019
‘Hopes Have Been Dashed': Market Reaction to Brexit Developments
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The weekend's developments in the U.K.'s path to exit the European Union have left equity and sterling investors with yet more uncertainty, with outcomes ranging from a delay, a chaotic departure or -- if Prime Minister Boris Johnson succeeds in his latest plan -- an exit with a deal on Oct. 31."Financial markets closed last week on an optimistic tone with hopes of resolution and certainty to the Brexit outlook. These hopes have been dashed," said David Page, Senior Economist at AXA Investment Managers. The pound may see "knee-jerk weakness" on Monday, according to AMP Capital Investors Ltd., while the U.K.'s domestically-exposed FTSE 250, which gained 5.2% over the past six trading days, will also be in focus.Still, losses for the pound and U.K. domestic equities may be limited as a no-deal exit looks less likely, according to Credit Agricole strategists, who recommend using sterling dips as a buying opportunity.With another dramatic week in U.K. politics ahead, here's what market participants are saying about the latest developments.Alberto Tocchio, Colombo Wealth SA"We are back to square one unfortunately and the market is not going to like it on Monday. The pound will fall back after recent strength and European markets should lose at least 1%.""On the positive side, Chinese top trade negotiators said that talks with U.S. are making progress and both sides are working toward a partial trade deal. This might partially offset the negative side effect of no-Brexit deal on Monday."David Page, AXA Investment Managers"Gains in sterling, mid-cap equities and U.K. g
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