Stories we should be thinking about
Macro matters:
Shall we start in the UK? I personally think this would be very sensible…
Number 10 dismisses claims Theresa May is going to quit as Prime Minister on August 30, 2019, adding 'it must be peak silly season' (link here)
...as you get the Brexit practicalities done (and be a lightning rod for that), allow potential new Conservative leaders a chance to establish their credentials and maximise the chances of the Conservatives remaining in power.
The bigger challenge I would suggest is working out how to strike the forward tone on transitional arrangements on Brexit given most Conservatives want to leave but it is much more split nationally (note opposition party Labour confirmed this weekend that even in a Brexit situation they wanted to stay in the Single Market)...
...a point wonderful lampooned in this cartoon from The Sunday Times:
So what does this all mean for the markets - where the UK is regularly bottom of sentiment/allocation polls? Well at some level you can understand the pessimism...
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