It was a busy day yesterday, started off by poor German GDP data, showing growth had slowed to zero and pushing the euro down against the pound. Meanwhile, the EU General Affairs Council has approved its mandate for post-Brexit trade talks, saying that the EU’s standards should be taken as a ‘reference point’, including for ‘state aid, competition, state-owned enterprises, social and employment standards, environmental standards, climate change, relevant tax matters…’
Ursula von der Leyen said the Union ‘stand[s] ready to build a close, ambitious partnership with the UK’, although Michel Barnier warned that the ‘complex, demanding’ talks would not lead to them agreeing to a deal at any cost. The UK is expected to set out its mandate this Thursday in Parliament.
Today is light on data, although Christine Lagarde is set to speak this afternoon. Otherwise, we can expect politics to set the agenda.
