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The United Kingdom’s gilts plunged during Thursday’s afternoon session, after the House of Commons voted last night to reject a no-deal Brexit. Investors will now keep a close eye on the British Parliament’s vote on an extension of Brexit date, to be held later today.
Overnight’s vote rejection went beyond expectations, as MPs expressed their determination to avoid exiting the EU with no deal at any point in the future, not merely at end-March as Theresa May had intended, Daiwa Capital Markets reported.
The yield on the benchmark 10-year gilts, jumped nearly 3-1/2 basis points to 1.232 percent, the super-long 30-year bond yields surged 2 basis points to 1.750 percent and the yield on the short-term 2-year climbed 2-1/2 basis points to 0.780 percent by 11:10GMT.
Given yesterday evening’s result, today MPs will vote on – and are bound to approve – a motion calling on the Government to request an extension of the Article 50 deadline at the EU summit on March 21-22, the report added.
"Not least as EU leaders wish to avoid the damage of a no-deal Brexit – and also wish to avoid being blamed for such an outcome – we fully expect that extension to be granted next week. But the duration of the extension to be requested remains to be seen."
Before the summit – probably next Wednesday – Theresa May will bring her deal back to Parliament once again for a third meaningful vote (MV3). Despite the PM’s major setbacks in the first two meaningful votes, May will still hope that – with a ‘no deal’ Brexit effectively ruled out – 75 MPs will be willing to reverse their opposition and vote in favour of the deal, Daiwa further noted.
Meanwhile, the FTSE 100 remained tad 0.44 percent higher at 7,190.28 by 11:15GMT, while at 11:00GMT, the FxWirePro's Hourly Pound Strength Index remained slightly bullish at 76.50 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
