LONDON - European equities opened lower and sterling came off five-month highs on Wednesday as the European Union and Britain resumed talks in Brussels to avert a disorderly Brexit before an EU summit on Thursday and Friday.
“Most of the good news that could have been anticipated has been priced in, and now there’s caution it seems on whether we get a deal today or not,” said Kallum Pickering, senior economist at Berenberg.down 0.5% against the dollar with investors trading volatility levels not seen since the 2016 June Brexit referendum.
“Even though we are most optimistic that a deal does happen, we don’t think the most likely outcome is that it happens by October 31, so you would be looking at some form of extension and potentially elections,” said, Andrew Sheets, chief cross asset strategist at Morgan Stanley. Companies listed on the STOXX 600 index are now expected to report a decline in third-quarter earnings of as much as 3.7%, worse than the 3% expected a week ago, according to I/B/E/S data from Refinitiv.
Global gross domestic product is now expected grow 3% in 2019, the IMF said its latest World Economic Outlook projections, down from 3.2% in a July forecast, largely because of global trade friction.
We are in end game now
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