No-deal Brexit unlikely - Credit Suisse executive

Monday, 25. March 2019 09:51

Managing Director and Global Equity Strategist at Credit Suisse Andrew Garthwaite said on Monday that he doesn't believe the United Kingdom will leave the European Union without a deal as there is no "appetite" for that outcome among the country's populace and Parliament.

Speaking at the Credit Suisse Asian Investment Conference in Hong Kong, Garthwaite said: "The closest we can get to that is the Malthouse compromise on the Northern Irish backstop, which is looking for a technological solution," and added: "It is a deal, with a no-deal Brexit."

The executive expressed confidence that the adoption of the Brexit deal in the House of Commons would lead to a rally in the markets. "In the UK, around three-quarters of earnings come from overseas. So, if sterling goes up, the market will underperform," the banker said.

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