Rational Thinking - Brexit Party Clear Winner In EU Elections

Last week:GBP

  • Theresa May named 7th June as the day she will step aside as Conservative leader.
  • The 1922 Committee will set out the terms of a leadership contest.
  • Former Foreign Secretary, Boris Johnson, is the frontrunner to be Britain’s next Prime Minister.

EUR

  • Results of the EU elections came in over the long weekend with Nigel Farage’s Brexit Party storming to victory.
  • The Brexit Party received 32% of the vote and secured 29 seats in the EU Parliament.

Week ahead

  • Besides headlines regarding the Tories leadership challenge, a fairly quiet week ahead.
  • In the US we have preliminary GDP and initial jobless claims data.
  • In the US we also have continuing jobless claims data.

GBP

On Friday Theresa may finally bowed to intense pressure from her own party and named 7 June as the day she will step aside as Conservative leader, drawing her turbulent three-year premiership to a close.

May’s announcement came after a meeting with the chair of the backbench Tory 1922 Committee, which was prepared to trigger a second vote of no confidence in her leadership if she refused to resign.

The 1922 Committee will set out the terms of a leadership contest which is expected to last around six weeks

No doubt headlines will be dominated by the leadership battle which is likely to highlight the deep divisions within the conservative party as to the best way forward with Brexit.

The former foreign secretary Boris Johnson is the frontrunner to be Britain’s next prime minister. however. By Monday, nine candidates had declared their intentions to run to succeed the prime minister.

EUR

The results of the EU elections came in over the long weekend with Nigel Farage’s Brexit Party storming to victorying the UK. The Brexit party launched just six weeks received 32 % of the vote and securing 29 seats ibn the EU parliament. Across the EU a number of centre left and Centre right parties were weakened by the result however the four main pro-European groups secured more than 500 seats, still a comfortable majority of the 705 seats up for grabs.

Week Ahead

Besides headlines regarding the Tories leadership challenge, a fairly quiet week ahead.

On Thursday in the US we have preliminary GDP and initial jobless and continuing jobless claims.