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Analysts at Scotiabank explained that despite all of yesterday’s gnashing and wailing over Brexit policy and the future of PM May, the committee meeting of backbench MPs which could have triggered a leadership bid yesterday passed without event.

Key Quotes:

“If anything, MPs seemed supportive””change the policy, not the Prime Minister, seems to be the MO for the Brexiteers at the moment.’

“Political risks have diminished somewhat but have not disappeared. UK data reports earlier were mixed””a wider trade balance and weaker than expected industrial production data (despite a solid gain in construction output) were offset by better growth momentum (GDP increased 0.2% in the 3 months through May) and stronger services sector activity in May.”