There are extraordinary political developments afoot across Europe. The pound slides on news that the Queen approves Prime Minister Boris Johnson’s request to prorogue parliament for up to five weeks, greatly increasing the chance of a no-deal Brexit. The move leaves opposition parties and Remain supporters outraged with critics slamming the PM’s actions as anti-democratic. However, Johnson remains unfazed, saying that there will be ample time to debate Brexit before the October 31st deadline for EU withdrawal. Over in Italy, an end to the political stand-off is in sight, for now, with the PD and Five Star on track to lead a coalition government. Giuseppe Conte is expected to be reappointed as prime minister. Across the pond, energy stocks outperformed to leave markets in the green. The Dow Jones moves more than 250 points in a volatile session but investor sentiment is ultimately kept in check by further falls in the bond yield.

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