Yesterday Boris Johnson, the frontrunner to be Britain’s next Prime Minister, promised to lead the country out of the European Union on October 31st with or without an exit deal. He stated, “If I get in we’ll come out, deal or no deal, on October the 31st”.
This coincided with the arrival in Britain of U.S. President Donald Trump, who has thrown his weight behind Johnson by saying he would do a “very good job” as British leader.
French President Emmanuel Macron yesterday said that October 31st should be the “final” deadline for Britain’s much-delayed withdrawal from the European Union. “I think this is the final, final deadline because I don’t want to have the new Commission and this new executive to deal with this”. However, Macron left the door open for another extension of the Brexit deadline if Britain decided to ask for time to launch a second Brexit vote.
Manufacturing in the U.S. slumped to its lowest level in 2½ years amid escalating global trade tensions and a slowdown in global demand. The closely watched ISM manufacturing index fell to 52.1 for May, compared to expectations of a print 53. This is was the lowest reading since October 2016. Construction spending also disappointed, showing no growth, compared to expectations for a 0.4% growth in April.
15:00 - USD: ISM Non - Manufacturing PMI (Mau) expected to be unchanged at 55.5