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U.K. Investing Class Sounds Warning as Post-Brexit Reality Bites

  • ‘U.K. still has almost no trade deals,’ warns Allianz manager
  • Brandywine investor says pound is ‘under-owned’ versus euro
Boris Johnson after reaching a Brexit trade deal, in Downing Street on Dec. 24. 

Boris Johnson after reaching a Brexit trade deal, in Downing Street on Dec. 24. 

Photographer: Paul Grover/WPA Pool/Getty Images

The historic Brexit trade accord may have sparked a relief rally, but investors are pouring cold water on the notion that it’s the beginning of a bullish era for U.K. markets.

The limitations of an accord that excludes services, the worsening pandemic and the fact good news is already priced into markets are big headwinds. For many, the best thing about the deal is that is the simple fact that it’s here at last.