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Australian bonds plunge on slight improvement in risk appetite ahead of RBA meeting minutes

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U.K. headline inflation remains stable in March

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Japanese exports likely to have rebounded slightly in March, BoJ to stand pat in April

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Britons locked up in political drama after PM May narrowly survives no-confidence vote; watch what Labour Party does next

Thursday, January 17, 2019 9:48 AM UTC
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The United Kingdom’s citizens locked up in a political drama over the country’s divorce deal with the European Union after an array of events puzzled market reactions. Last night’s no-confidence vote raised by opposition Labour Party leader Jeremy Corbyn against Prime Minister Theresa May failed, leading to few surprises, including how the former will now decide to do next as markets await fresh cues on cross-party Brexit cooperation.

Prime Minister Theresa May suffered a humongous defeat in her Brexit deal vote in the Parliament on Tuesday, only to narrowly survive a no-confidence vote in the House of Commons, triggered by the opposition Labour Party leader Jeremy Corbyn, questioning May’s leadership to close a deal started after the referendum vote on June 23, 2016.

The PM managed to save herself by a margin of 325-306 , compared to her loss in the Parliament by 432-202 votes, which still questions Britain’s future and the way out of this deadlock. While members of the Parliament have rejected the proposed Brexit deal on table, the European Commission had earlier said that it will not go back on re-negotiations, making it harder for May to break this deadlock ahead of the March 29 deadline.

With only 10 weeks left before the UK separates from the EU, Labour leader Corbyn has agreed to share a table on discussions with the PM only if she rules out the prospect of a no-Brexit within the tight stipulated time pending.

"In the aftermath of Wednesday’s failed confidence vote, the Labour leader is now under immense pressure to put his weight behind a second referendum. According to Business Insider, 71 out of 229 Labour MPs had publically backed a second referendum as of Wednesday morning," ING noted in its latest report.

"As things stand the Labour Leader appears reluctant to get behind a second referendum, and that was arguably evidenced by the Labour Party's decision to reject Brexit talks with the government on Wednesday night".

According to reports, Mrs May attempted to "blackmail" the opposition parties into agreeing the available Brexit deal on table against a threat of disorderly exit on March 29. Meanwhile, she has "invited" the MPs of all political parties in the country to come together and find a way-out solution. However, it remains to be seen how the EC would react to the situation.

While, Theresa May debated that the proposed deal, negotiated with all 27 members of the EU is the best on the table, she is prepared to present a Plan B on Monday to hope win the Commons’ approval.

Further, an increasingly noisy clamour has been heard for a second referendum, from members of the other two parties, arguing that Britons should be allowed to make a more informed decision, given mounting evidence on the economic and political consequences of Brexit.

"While some kind of cross-debate may be the only way to resolve the impasse, the government is set to reshape its deal from the current starting point and May is likely to begin discussions initially within her own party before crossing party divides. Meanwhile, the Labour Party is likely to resist initial pressure to back a second referendum," ING noted.

"There’s nothing stopping the Labour Party tabling fresh motions of no-confidence," ING added.

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Economics Monitor

April 18 14:30 UTC Released

USNat Gas-EIA Implied Flow

Actual

92 bcf

Forecast

Previous

29 bcf

April 18 14:30 UTC Released

USNat Gas, Change Bcf

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92 Cubic feet

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87 Cubic feet

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25 Cubic feet

January 31 00:00 UTC 637606637606m

ARAnnual Primary Balance*

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2016 bln ARS

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January 31 00:00 UTC 637606637606m

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 649426649426m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 637606637606m

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 649426649426m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 637606637606m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 637606637606m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 637606637606m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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