Tuesday, 12th June: Although some still seem sceptical, President Trump has reassured the world after his historic meeting with Kim Jong Un that the denuclearisation of the Korean peninsula will happen, and it will begin very soon. Whilst denuclearisation remained the centre topic, it seems there was no mention of the sanctions on North Korea, or a peace treaty. Regardless of some peoples’ approach to the news of taking it with a pinch of salt, the market jumped for joy, Asian shares rose, and the dollar leaped to a 3-week high. Only time will tell if these effects will last or if something occurs to reverse the progress made between the two leaders.
Back over in the UK, Theresa May prepared for the start of a 2-day grilling on the EU withdrawal bill following 15 changes introduced by the House of Lords. Prior to the debate beginning, Justice Minister Phillip Lee condemned Brexit as detrimental and followed it up by resigning, only a few hours before the debate, and expressed that he would vote against the prime minister. The resignation exposed the issues within the party and that feelings within it are probably worse than they seem. Wednesdays debate will consist of the EU single market and customs union, which will surely have a nerve wracking impact on Britain’s trading relationships.
After an impressive day of gains on Monday, the FTSE 100 took a turn for the worse today and couldn’t hold onto it’s gains due to the drama surrounding Brexit. The index closed 0.43% lower at 7703, largely weighed down by heavyweight oil, the miners, and the home-builders.