DAVY VIEW

The news that Theresa May will offer Parliament a vote to extend Article 50, should she fail to pass her own deal, effectively rules out a disruptive and economically damaging ‘no-deal’ scenario. Parliament has already voted against a ‘no-deal’ through the January 29th Spelman amendment. The political reality is that the pragmatic wing of the Conservative Party has asserted itself, stopping Theresa May from running down the clock. So the tail risks for stocks exposed to the Irish economy have been reduced.