Ed Evans Bloomberg, Bonnie, David Frost discussed on Bloomberg Surveillance
Points higher. That's a 3 10, said. 36 41. The NASDAQ composite index 91 points higher. That is up about three quarters of a percent with 12,187. And along with some pressure from the Opelika OPEC, Plus right now we have oil that is lower. This is, uh, West Texas intermediate crude right now. That is falling down. 52 cents of 45 19, the international benchmark Brent of 11 cents, and 47 91. We check the markets for you every 15 minutes during the trade today, right here on Bloomberg Radio. John Tucker on that issue. Bloomberg Business Flash Bonnie and Paul John Tucker. Thank you so much. We appreciate that, Vanni. You know if we can bring ourselves back to the pre pandemic days, Brexit was one of the big big issues for global Wall Street. It seemed taken case people bad diapers, Paul, I don't Yes, exactly Right. And now it seems to be a little bit on the back burner of these last 8 to 9 months. But right now the U K and the U. They're in the final days of some real Really important trade talk discussions. Let's get the latest. We can do that with Ed Evans Bloomberg Brexit editor. Thanks so much for joining us here, help us just bring us up to date on where we are. Let's help us refocus on Brexit give us a sense of where we are and what the next few days and weeks will both will bring. Short of not a huge amount further forward that we had were in March or earlier this year, basically 2000 and trying to get a get a trade deal by the end of the year. That's when the post Brexit transition period expires without a trade deal, but leaves you Paris and closers get re imposed and businesses and consumers face all sorts of costs. An extra disruptions of both sides trying to get close to zero quota zero terroristic. The problem is that they've been stuck on three real areas for six months now, fishing level competitive playing field. This is basically about government, subsidizing business on government or have any agreement will be enforced. And really those two sides have dug in on that prisoners resisted. Any attempt to curb what it called sovereignty on Europe, on the other hand, wants to have continued access to police fishing waters getting used fishing boats catch a very significant part of the fish number of fish in British waters. We're getting down to the point that they need to reach it. We're going through the deadline making to reach a deal by the end of the year if it's to be implemented in time on Gwen, now back on to talk, the last round of talked London. To try and get loaded on decision both sides going into that round, of course, warning differences that could still scuttle the trade deal here who has the leverage this time around it because it really seems like it moved to Europe after the last disappointment. Yeah. It's not entirely straightforward is that if you get this time really has less years. What they're negotiating about is a is a prospective, can't you? You can't be very clear that it doesn't necessarily need one. On the E, but of course, it Well, Sounds like you might have hunger. Yeah, exactly. But that's a great question. Those things we lost Ed, But, Vonnie, it's It just seems one of the questions I have is your question who has leverage here and be Is the timing Is that how hard a date is that your end for this agreement? Well, I think it's pretty hard in this case, but I also think that it is in both sides. Best interest to have a deal. It's not like the you once the UK to leave without you either. Did trade is all important to the you and it does a lot of trade with the United Kingdom's so it would be better. But at the same time, there's been so much saber rattling on the British side, including David Frost tweeting. That a deal is still possible, even though it is late and I will continue to talk until it's clear that it isn't as in a deal isn't possible, but still looking for the EU to fully respect UK sovereignty. That's a little availed. Sort of complaint that perhaps Britain isn't getting all that it wants. Yeah, Exactly. And I was kind of surprised. You know, the last several weeks is this Aziz talk to dragged on that fishing has become one of the issues. I hadn't heard that fire a couple of years always. And I mean, even from the beginning of the EEC fishing was huge. Because how do you divide up waters, you know, In the face is called just over there. But this has always been You know the thing with Britain fishing, not just in the you know in Europe, but but water is more broadly and you know, Falkland Islands, for example, went to war over that. Yeah, exactly. And Evans is back with us Brexit editor from the UK so that one of things we were just talking about Bonnie and I were talking about is timing. How hard of a date is this year and for getting an agreement? The year. The year and deadline is basically fixed in stone that was agreed with withdrawal agreement. So that is that it? I will be very surprised if it did change what has certainly changed Bean. How long both sides need to ratify on implement an agreement Now throughout the process, the EU has said that it needs time. To do that. It's got to translate any agreement into the used official languages and get it through the European Parliament. Now that process, I think, initially was thought to take 11 weeks or so. Mysteriously is we've got closer and time has run out that that time has shrunk on Dwyer now really looking to a deadline? I think next week to get a deal that the European Parliament would obviously want to approve it. Before Christmas, but it's quite possible that they end up approving it as late as December 28 so that gives us out sign just how? How close we're getting now to the wire with a lot of these trade deals, and we have the politicians that air the face off the deal on the face of the negotiations. But really, it's everybody behind the scenes that does the work and Presumably, these people have never stopped working on deals and trying to find language and trying to find various permutations of what's allowable. Are we hearing anything back panel wise about how this is going? What I said he could have been on the British side. You've got David Frost on the European side got Michelle Vanya and you've got to both of them obviously have said they want to go on talking to the very end here with a deal could be done now. You'd expect negotiators to say that it's their job to do that. I think Frost is much closer to Johnson in terms of Being taking a line on sovereignty, and that's to come a very clearly today where he talked about Yes, you can go deal that's got to reflect but its sovereignty and that means making choices on things like fish access to the single market. And so on. Bonnie's got about two more interesting dynamic because he's got he's got 27 member states that does introduce a degree of complication on his side. Had Evans. Thanks so much for joining us. We really appreciate your thoughts here as Brexit once again begins.