The British PM faces an uphill task in getting the critically important Parliament approval to the new Brexit deal, with his key ally already backing off over a new customs border that it proposes between Northern Ireland and mainland Britain. But after months of exasperation and hardball tactics, the new deal has at least largely removed the risk of a catastrophic no-deal Brexit. Yet, as market veteran Mark Mobius points out, nobody really knows the full impact of Brexit when it takes place.
STREET PULSE: Where we stand Asian stocks edged higher on Friday, tracking the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal, but concern about the Chinese economy is likely to cap gains.
Here's what to watch…  | SGX Nifty traded nearly 20 points down at 7 am (IST), signalling weakness ahead on Dalal Street. MSCI index for Asia-Pacific shares outside Japan rose 0.1%. Australian shares were off 0.6%, while Japan's Nikkei added 0.5%. |
| Wall Street logged small gains overnight. Dow gained 0.09%, the S&P500 0.28% and Nasdaq 0.4% |
Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil consumer, just recorded its weakest quarter of economic growth in nearly three decades. Brent crude oil futures fell by 9 cents to $59.82 a barrel while WTI crude futures rose by 4 cents to $53.97.
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Brexit Suspense... EU leaders unanimously backed a new Brexit deal with Britain on Thursday, leaving Prime Minister Boris Johnson facing a battle to secure the UK parliament's backing for the agreement if he is to take Britain out of Europe on Oct. 31. The Northern Irish party that Johnson needs to help ratify any agreement has refused to support it. Opposition Labour is unhappy and says it would vote against it. Johnson does not have a majority in the 650-seat parliament. Parliament defeated a previous deal struck by Johnson's predecessor Theresa May three times.
Read More Auto Upgrade… Utility vehicles are set to overtake hatchbacks as the top-selling automobile segment in India next year, suggest sales trends, thanks to buyers' growing preference for the spacious and safer SUVs. Utility vehicles accounted for 40% of the total passenger vehicle segment in September, driven by a set of new SUVs. That was just five percentage points behind hatchbacks.
Read More Retail Trust… Yes Bank has seen the addition of 7.56 lakh new retail buyers over the past year, with the September quarter alone adding more than a third to the total, in an apparent vote of confidence by retail investors in the new management's ability to raise funds and quickly engineer a turnaround. Three global private equity investors are said to be in the race to buy a substantial stake in the Mumbai-based lender.
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Under Watch… The government is probing Flipkart and Amazon over alleged predatory pricing, commerce minister Piyush Goyal said. Warning of stringent action in case of violation, he said detailed questionnaires have been sent to the companies. Flipkart and Amazon both said they were complaint with laws.
Read More Cockpit Battle… The simmering feud between IndiGo's founders has now reached the US courts, with co-founder Rahul Bhatia seeking a legal order from a Maryland court to retrieve correspondence from IndiGo independent director Anupam Khanna. Bhatia has alleged that Khanna has been "acting in concert" with co-founder Rakesh Gangwal.
Read More Meanwhile... China's economic growth slowed more than expected to 6.0% year-on-year in the third quarter, the weakest pace in at least 27-1/2 years, as demand at home and abroad faltered amid a bruising Sino-US trade war. Friday's data marked a further loss of momentum for the economy from the second quarter's 6.2% growth.
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