Deutsche Bank analysts point out that in the UK, Mr. Johnson will give a key speech today at the Conservative Party conference where more Brexit news will follow.

“It’s expected firm Brexit proposals will be sent to the EU soon after the conference ends - possibly within 24 hours. So a potentially big couple of days ahead. The overnight reporting suggested that he will offer a plan which will include “two borders for four years;” with a time-limited backstop for Northern Ireland that is separate from the UK. It is unlikely that the EU will agree to such a plan, which would require customs checks between Northern Ireland and the Republic of Ireland. The Irish finance minister has already been quoted as saying that if this is the plan then “that in itself is bad faith”. So today could be the beginning of the end for any hopes of a deal ahead of the EU council meeting in two weeks.”