Politics Dominates the Markets at the Beginning of the Week
The main news in the financial markets of the world at the beginning of the new week are the reports that the leaders of the EU countries approved the draft agreement on the conditions for leaving the UK from the European Union. European officials called it “the best possible deal,” adding that there is no alternative.
The reaction of the British was less optimistic, because the Brexit agreement, prepared by the team of Prime Minister Theresa May, raises many objections from both supporters of the country's withdrawal from the EU and from opponents. The next step is to vote on an approved agreement in the UK Parliament. It is known that the voting should take place on December 10 or 11.
European stocks are expected to have a positive start of the week, as investors digested fresh developments surrounding the UK’s withdrawal process from the EU. Meanwhile, Italy continues to be closely watched, as investors await economic developments. As it was reported today, the Italy’s governing coalition has been looking into whether it should lower 2019 budget deficit target to as low as 2% of gross domestic product, to dodge a disciplinary procedure from Brussels.