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Initial reports that a basic ‘Brexit’ deal has been struck kept redemptions from Europe Equity Funds in check during the first half of the reporting period. But the reception the proposed deal got from members of the UK’s government, with several cabinet ministers resigning, keeps the prospect of a no-deal exit at the end of 1Q19 firmly on the table.
Progress towards an agreement between the EU and Italy over the latter’s budget goals in 2019 is also proving elusive, although past budget spats – France has repeatedly been tapped on the knuckles for breaching deficit limits – have produced more rhetoric than real market shifts. Europe Equity Funds ended the week have chalked up their 10th straight outflow with UK Equity Funds accounting for roughly half the headline number.
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