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FRANKFURT, GERMANY (DECEMBER 13, 2019) (REUTERS) FLOOR AT FRANKFURT STOCK EXCHANGE VARIOUS OF TRADERS DAX GRAPH DAX BOARD VARIOUS OF TRADERS ELECTRONIC BOARD SHOWING DAX INCREASE OF 156.76 POINTS OR 1.19% (SOUNDBITE) (English) ING CHIEF ECONOMIST, CARSTEN BRZESKI, SAYING: "Markets are really cheerful about the election outcome in the UK. We have seen a surge in the pound sterling. We also see stock markets rallying so there is lots of cheerfulness about the fact that there is now certainty. It might be a bit short-sighted because yes, there is certainty and the risk that we could get a no-deal Brexit is almost off the table. We will very likely see the Brexit happening at the end of January next year but after this Brexit, there will be a transition period and there will be very long negotiations about a future trade agreement between the UK and the EU and this will bring back new uncertainty." BANK SHARES ON BOARD TRADER (SOUNDBITE) (English) ING CHIEF ECONOMIST, CARSTEN BRZESKI, SAYING: "Especially for the UK economy it means a weakening because we will see more industrial activity and foreign investments moving away from the UK probably to continental Europe. For the EU it means that the short-term uncertainty has disappeared." VARIOUS OF TRADERS DAX GRAPH (SOUNDBITE) (German) ING CHIEF ECONOMIST, CARSTEN BRZESKI, SAYING: "For now, markets are celebrating Boris Johnson's victory. We are seeing an enormous increase of the British pound and we are seeing markets rising. With the markets, it also has to do with the positive news from the United States and a possible trade agreement between the U.S. and China. But that's a very short-sighted way of looking at things because markets are currently celebrating the fact that there is certainty and that Brexit will probably happen at the end of January. What markets are overseeing is the fact that after Brexit, there will be a long period of negotiations. What does a future trade agreement between the European Union and Great Britain look like? That will take a very long time and it won't be completed at the end of 2020. There will be numerous extensions and renewed uncertainty because we must assume that the EU will be even tougher in these negotiations than in the Brexit negotiations." TRADER (SOUNDBITE) (German) ING CHIEF ECONOMIST, CARSTEN BRZESKI, SAYING: "The big loser will probably be the British economy because trust will further decline and investments will be pulled. The big question mark will be what financial services and the future of the City of London will look like." VARIOUS OF FLOOR
Dateline: 2019

European Shares Near Record High On Hopes Of Swift Brexit, Trade Deal

Item ID: 121952039

By: Reuters

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