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— This is the script of CNBC's news report for China's CCTV on November 14, 2018, Wednesday.
The prime minister's office said Britain and the European Union had negotiated a "BREXIT deal" that had not yet been public. Just now, the host also mentioned that Prime Minister Theresa may will hold a cabinet meeting at 2:00 PM local time on Wednesday, so the market is also paying close attention to any news from the cabinet meeting. One issue of concern is Ireland's borders, which have long been a sticking point in negotiations between Britain and the European Union.
Last month, May said that 95 per cent of the BREXIT talks had been completed, leaving only the border issue with Ireland. However, Irish state television quoted a senior official's saying that the EU and the UK had reached a text consensus on how to avoid a hard border with Ireland, and that the consensus had also brought euphoria in the market.
That included a wider rally against the dollar after the news, which at one point reversed losses of the past three days to gain 1.5 per cent and break through the psychologically important round number of 1.30.
Sterling also rose to its highest level against the euro since April. In the Treasury market, the yield on 10-year gilts rose as high as 1.521%, the biggest one-day gain in five weeks. Analysts believe this is because markets are starting to bet on future economic trends in the UK, including the bank of England's decision to start raising interest rates if a BREXIT deal is reached. However, there are warnings that uncertainty remains.
For example, the deputy leader of the democratic Unionist party of Northern Ireland, the prime minister of governing coalition of the conservative said it is too early to celebrate, because it is not surprising to end the technical negotiations, and the agreement entering into the British cabinet and parliament consultation is the key for passing the agreement. Britain's former foreign secretary, Boris Johnson, said on 13th that he would vote against a deal that would make Britain a "dependent state" of the European Union
So it's possible that the current agreement between the UK and the eu is just a milestone in the process of BREXIT, but it's not the end of the road and we'll be watching the cabinet discussions that will take place on Wednesday local time closely for you as well.