Rishi Sunak tried to pacify angry Brexiters in his own party at the annual confederation of British Industry conference yesterday. The CBI meeting was held in Birmingham where the prime minister laid down a red line that the UK must remain free to set its own regulations and standards. He also said that the UK will keep open the door to closer ties with the EU.
Sunak told attendees that under his leadership, “the United Kingdom will not assume any relationship with Europe that relies on alignment with EU law.”
He also added “We need regulatory regimes that are fit for the future.”
In the latest video address to Nato’s parliamentary assembly in Madrid, Ukraine’s president Zelenskiy urged Nato to protect nuclear sites from “Russian sabotage”. He also called for the eurozone to issue further sanctions against Russia over what he said was its “policy of genocide”.
Markets can anticipate a variety of data releases from the eurozone over the course if the week. S&P manufacturing PMI will be a popular one tomorrow, while the ECB’s Vice President will speak at 8:30am.
Over in the US, housing demand continues to sharply decline as the Federal Reserve aggressively raises interest rates to tame unruly inflation. This is reflected in September’s new home sales which fell 10.9% to a seasonally adjusted annualised rate of 603K, after jumping by a downwardly revised 24.7% the month before. Markets are expecting a further decline in the latest data which will be released tomorrow.
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