DailyFX European Market Wrap: Investors Wait for Article 50 to be Triggered
European markets continue to digest the triggering of Article 50 while some companies are wasting no time with Lloyd's of London now planning set to up home in Brussels. Lloyd's of London is planning to set up a new European subsidiary in Brussels by next year to avoid losing business when the UK leaves the EU.
This comes after the insurance market failed in its bid to secure “passporting” rights for financial firms to conduct business across the EU after Brexit. This will allow the company to continue underwriting insurance policies from all 27 EU after the UK left the union.
There’s also been media reports that US bank JP Morgan is heading to Dublin after checking an office block that would accommodate 1000 workers. This is despite the face of the Brexit campaign David Davis making assurances that companies operating in Britain post Article 50 will continue to enjoy all the benefits of single market membership.
Economic confidence across the eurozone has dropped a touch this month. This is according to the latest survey from the European Commission. The number fell from 108 in February to 107.9 this month.
--- Written by Katie Pilbeam, DailyFX
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