Europe stock market BOOSTED by Brexit success for May and Italy budget 'BACK DOWN'

Theresa May secured a boost for her withdrawal agreement as EU leaders endorsed her divorce deal at a special summit in Brussels on Sunday.

Meanwhile, Italy deputy Prime Minister Matteo Salvini today signalled Rome could buckle to demands from EU finance bosses by lowering its 2.4 percent deficit budget for next year.

The pan-European STOXX 600 was up by 1.2 percent as of 11:00 GMT.

At the same time of trade, in Italy the FTSE MIB was up more than 500 points for a 2.7 percent boost.

The FTSE 100 in the UK was up 67 points, a jump of 0.9 percent, while the German DAX was up by 129 points, or 1.1 percent.

For the Spain stock market, the IBEX 35 was trading 143 points higher for an increase of 1.6 percent.

In latest Brexit developments, Mrs May is set to chair a meeting of her cabinet and face the Commons today where she is expected to tell MPs “there is not a better deal available”.

The Prime Minister will tell MPs today: “Our duty – as a Parliament over these coming weeks – is to examine this deal in detail, to debate it respectfully, to listen to our constituents and decide what is in our national interest.

“There is a choice which MPs will have to make.

“We can back this deal, deliver on the vote of the referendum and move on to building a brighter future of opportunity and prosperity for all our people.

“Or this House can choose to reject this deal and go back to square one.

“It would open the door to more division and more uncertainty, with all the risks that will entail.”

Brexit still hangs in the balance with concerns growing of MPs voting down the Prime Minister’s deal as the clock ticks toward the withdrawal deadline of March 30, 2019.

The 27 EU leaders have warned they will not start new negotiations if Mrs May loses the vote in Parliament, which is due to take place on December 12.

In Italy, Mr Salvini today hinted Italy could be set to budge on the nation’s spending plans after all, despite leading figures from the populist government previously refusing to change a single zero on their financial statement.

Speaking to newswire AdnKronos today, the deputy Prime Minister hinted the standoff between the two sides could soon subside as he declared the deficit target, which is currently set at 2.4 percent for next year, could be moved.

He said: “I think nobody is fixated on this, if there is a budget which makes the country grow, it could be 2.2 percent or 2.6 percent.

“The problem is not about decimal points, it’s a question of seriousness and being concrete.”

Mr Salvini is braced for a meeting with Prime Minister Giuseppe Conte, Finance Minister Giovanni Tria and fellow deputy Prime Minister Luigi Di Maio today to discuss the budget.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.