Muted launch of the European markets, no - deal Brexit is once again weighing on sentiment

Early indications of European futures suggest that today we will have a flat opening in contrast to the rally of previous days. The main reason is renewed fears that the UK will go out of business and that the deadline will be postponed from January to December 2020. The Trump impeachment vote also begins today, but the meeting will last about six hours, so the bigger effect will be has it at the state session.

At this stage, cash flows remain attracted to the defensive assets. The Japanese yen, Swiss franc and gold lead in the European market, slightly lower oil, as well as pounds. We will expect the pound to continue its retreat today unless positive news emerges around Brexit and EU trade talks. The euro is inferior to the 200 period daily creeping losses on the FX front.

Today we also have the statements of the ECB President, Lagarde, as well as CPI figures for the UK and the Eurozone, which will be a driving factor today during the EU session on European equities and the euro.

We will also expect more information about Boris Johnson's plan later and when exactly he will submit his proposal to Parliament for a vote. Today, the euro and pounds on the FX front will be expected to remain in focus, and the indices will be broad, of course. Everything is quiet at this stage of the trade front, and we are expecting a possible holiday gathering of profits. It is rumored that the Phase I deal will be signed in January in Washington.

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