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Deutsche Bank analysts point out that the latest press reports suggest that the UK is mulling reopening Brexit talks with the EU with the PM’s office saying over the weekend that the government will explore with the EU this week how to rewrite the outline political agreement on future customs ties.

Key Quotes

“A meeting is scheduled today involving Labour officials and the senior government negotiating team including May’s de facto deputy David Lidington and her chief of staff Gavin Barwell where they are due to bring together all the work and proposals from the past month of talks.”

“Elsewhere,  latest opinion polls in the UK are indicating that support for Nigel Farage’s Brexit Party is soaring with the Opinium survey for the Observer newspaper indicating that the Brexit Party would take 34% of the vote in the May 23 European Parliament elections, compared with 21% for Labour and just 11% for the Conservatives.”

“A reminder that through most of Q1 the Conservatives were polling just under 40%. They’ve been hit hardest by the failure to deliver Brexit.”