European Union Commission building in Brussels. Image source: jvdwolf © 123RF.com
It is yet to be seen later today whether Theresa May will get the green light for her request of extension of the Brexit deadline until the 30th of June. A key question remains whether the EU commission will agree on her terms, provided that the UK does not participate in the forthcoming elections for the EU parliament. The European MPs seem just as divided in their opinions, as their British counterparts.
The French President Emmanuel Macron has defiantly requested that the UK should be denied any long-term extensions out of fears for the European economy and the potential risks that such an extension bares. According to him, the UK lawmakers have shown little effort to bring any actual improvements in the situation, and there are no guarantees that a long-term extension can change anything, given the current circumstances.
On the other hand, Donald Tusk has supported the idea of a much longer Brexit extension, prolonging the deadline with more than a year and thereby giving plenty of time for Conservatives and Labour to consolidate their strengths and work together.
Nothing is certain for the moment, as every perceivable option remains a possible bargaining chip on the Brexit negotiations table. The market is bracing for a potential increase in the market volatility of the British pound as soon as the EU commission announces its proposition.
In the meantime, the British stock market has been eagerly anticipating to see how the scenario would develop after that, with the FTSE100 trading in a narrow range, just above the major support level of 7370.
Image source: Trendsharks ©, created with TradingView.com
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