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Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

European-Strategy-Brexit-tensions-resurface

Perspectives

European Strategy: Brexit tensions resurface

Jeffrey Sacks

By Jeffrey Sacks

Head - EMEA Investment Strategy

June 11, 2020Posted InEquities and Investment Strategy

Having left the European Union on 31st January 2020, the UK is next due to leave its one-year transition period on 31st  December 2020. During the transition, the UK’s trading relationship, financial contributions, and legal obligations are the same as they were during its formal membership. With just over six months to go – and with the attention of both sides having focused on the COVID-19 pandemic over recent months – there is a rising risk that the UK will finish the transition without achieving the period’s principal objective of striking an EU trade deal. Brexit is thus likely to be back in the spotlight in the coming weeks.

Four rounds of recent trade discussions have not gone well. The current impasse can only be resolved if both sides relax their “red lines.” UK Prime Minister Johnson must decide by the end of this month whether to ask the EU for an extension of the transition period. While the EU has indicated its preference for an extension,  our base case is that Johnson will not ask for one. Instead, we believe he will push for a deal to be struck by October, the latest time by which an agreement can be reached and then ratified by both sides before the end of this year. While both sides would prefer even a limited trade agreement, both sides are also preparing for “no deal.” In this report, we analyse both sides’ trade priorities and concerns, and the economic and market implications of a limited deal versus “no deal.”

Read the full note