United Kingdom Triggers Brexit
The National Bank of Canada | Mar 29, 2017 09:15AM ET
Less than a year after her country voted to leave the European Union, U.K. Prime Minister Theresa May officially put in motion the separation procedure that should wrap up in the spring of 2019. Negotiations are likely to be rocky, with the British people still divided on the question. The Brexit option had won the referendum in June of 2016 with 52% support.
Despite these developments, optimism was back on markets yesterday as North American stocks and crude oil prices both racked up significant gains after consumer confidence data came in well ahead of analysts’ expectations.
Markets nevertheless remain jittery and we will be keeping a close eye on U.S. Crude Oil Inventories when they are announced at 10:30 this morning. Inventories are at historically high levels due to the sharp surge in U.S. production, which is up 7% since bottoming out in July 2016. The rig count has more than doubled, but still remains 60% lower than in 2014.
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