Reuters Insider - Reuters Today: Britain's May plans watered-down Brexit vote to secure departure delay
29/03/2019 11:57
Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=1_vwefpg31&referenceId=1_vwefpg31&pageId=ReutersNews Source: Reuters Insider Description: UK lawmakers will later vote on the withdrawal agreement, but separated from the political declaration that sets an agenda for the future relationship. Tui shares sank on a profit warning. Hennes & Mauritz shares soared after its results beat expectations. UK mining shares rose on higher prices and Rio Tinto. Short Link: https://reut.rs/2I0ouqK Video Transcript: Good morning and welcome to Reuters Today. I'm Angeline Ong. Another day, another attempt by UK Prime Minister Theresa May to get MPs to back a watered down Brexit deal. MPs will later vote on the withdrawal agreement but separated from the political declaration that sets an agenda for the future relationship. It comes on the day Britain was meant to leave the European Union. Labour says they will vote against it, saying the separation means they have no idea what they are voting for. What the prime minister has tried to do is do something that she denied she would do at the 14th of January and that is separate the Withdrawal Agreement from the political declaration, from the future arrangements. Well, you cannot separate them because otherwise, you move into a blindfold Brexit on the base of a withdrawal agreement. Commons Leader Andrea Leadsom has appealed to MPs to approve the draft agreement, so it would secure a Brexit delay until May 22nd. But, and this is a big but, May must get her Withdrawal Agreement ratified by lawmakers this week, after two failed attempts. Otherwise, that doesn't happen. It is crucial that we make every effort to give effect to that and to allow the House to debate this important issue. We do not want to be in the situation of asking for another extension and of course, for the requirement to undertake European parliament elections. UK house prices edged up in March but not by much as the approach of Brexit weighed on sentiment. Prices rose by 0.7% year-on-year in March and up from a rise of 0.4% last month showed numbers from Nationwide. London was again the worst performing region. Let's take a look at the movers and shakers for you. And tour operator Tui is warning it will take a EUR200 million profit hit in 2019 due to the grounding of Boeing's 737 MAX aircraft in the wake of two deadly crashes. Deutsche Telekom is also falling heavily after a downgrade to "neutral" from "outperform" by Credit Suisse. Shares in Astra Zeneca slumped after it signed a $6.9 billion deal with Japan's Daiichi Sankyo to develop and market a cancer drug. Now looking a little more robust: shares in the proton therapy company IBA are set for its best day since the end of October after it signed a major deal in China. Credit Suisse has started UK-based hedge fund Man Group at "outperform", saying the consensus is too conservative on Q1 performance and future buyback assumptions. Germany's Thyssenkrupp is higher after it won the contract to supply four corvette navy ships to Brazil. Now H&M shares are soaring as well. The Swedish clothing retailer's Q1 results beat expectations. Margins improved as the company discounted less. JP Morgan said H&M's update was better than feared. H&M's rival Inditex, which owns Zara, also seeing its shares getting a lift on the news. To the broader markets and UK mining stocks are having a good day, rising to levels not seen since June last year on higher prices. Rio Tinto also issued a force majeure notices to some iron ore customers due to damage done by the cyclone that hit Western Australia. The FTSE 100 is up around 0.5%. The DAX is up by around 0.3% while the CAC 40 in France is up aruond 0.5%. And that's it for now. I'm Angeline Ong, and this is Reuters