, Columnist
Boris Johnson Unleashes the Animal Spirits With Brexit Deal
If the prime minister can get Britain past the pandemic, then U.K. equities could be the place to be in 2021.
Onward and maybe upward.
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The completion of the long-awaited Brexit trade deal comes just as U.K. markets closed for the Christmas break, but things are set fair for next year when liquidity returns.
The pound versus the dollar remains the best indicator of sentiment — and it was about the only market open when the deal was announced on Thursday afternoon in Europe. It had pushed up to its highest level for two years as speculation mounted that a deal was close. Sterling is still fundamentally cheap, although it is has stayed so for a very good reason amid the nightmare of seemingly never-ending trade negotiations.