Ulster Bank Markets Daily Top 3

Ulster Bank Markets Daily Top 3

Barnier takes hard-line position on financial services in UK

Michel Barnier, the EU’s Chief Negotiator, set out a hard-line negotiating position in an exclusive interview with the Guardian newspaper that was released late Monday evening. In the interview, he ruled out the possibility of a special carve-out for the UK financial services industry and warned that Britain will have to abide by any new rules drawn up by the EU during a transition period after leaving the bloc. This came just after Theresa May attempted to try and unite her cabinet behind a Brexit policy direction. May gave a statement to parliament where she wanted to give certainty that it would be a smooth process, and that a bespoke deal would be possible, but this was quashed by Barnier’s statements in his interview. Another full cabinet discussion on what is being called the ‘end state’ of Brexit talks is due today.

All eyes on US tax bill

Global stock markets hit record highs on Monday on expectations that a U.S. tax bill could soon pass, but the USD remained softer through the day as currency markets were more sceptical about its ability to get voted through. This will likely be the main focus for the rest of the week, as the economic calendar is quiet stateside. The Senate could vote as early as today, with Trump aiming to sign the bill by the end of the week if all goes to plan. Two further Senate Republicans that had being holding out on agreement changed their minds yesterday, adding to confidence levels that it will pass.

German IFO expected to stay at record-high levels

The only release of note in the economic calendar today is the German Ifo Business Climate Index out at 9am. Markets are expecting a reading of 117.60 this month, seeking further validation of the robustness of the Eurozone’s growth story. The index surged to an all-time high in November of 117.50. Additionally ,the current assessment index is expected to climb to 124.8, up slightly on last month.



This document is intended for clients or potential clients of Ulster Bank Limited and Ulster Bank Ireland DAC (together and separately, "Ulster Bank") and is not intended for any other person. It does not constitute an offer or invitation to purchase or sell any instrument or to provide any service in any jurisdiction where the required authorisation is not held. Ulster Bank and/or its associates and/or its employees may have a position or engage in transactions in any instruments mentioned.

The information including any opinions expressed is indicative and may constitute our judgement at time of publication and are subject to change without notice. The information contained herein should not be construed as advice, and is not intended to be construed as such.

This publication provides only a brief review of the complex issues discussed and recipients should not rely on information contained here without seeking specific advice on matters that concern them. Ulster Bank make no representations or warranties with respect to the information and disclaim all liability for use the recipient or their advisors make of the information.

Ulster Bank Ireland DAC. A private company limited by shares, trading as Ulster Bank, Ulster Bank Group, Banc Uladh and Lombard. Registered in Republic of Ireland. Registered No 25766.

Registered Office: Ulster Bank Group Centre, George’s Quay, Dublin 2. Member of The Royal Bank of Scotland Group.

Ulster Bank Ireland DAC is regulated by the Central Bank of Ireland. Calls may be recorded.

Ulster Bank Limited Registered Number: R733 Northern Ireland. Registered Office: 11-16 Donegall Square East, Belfast BT1 5UB. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and entered on the Financial Services Register (Registration Number 122315). Calls may be recorded.



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