Deutsche Bank analysts point out that the EU27 agreed to offer the UK a nearly 7-month Brexit extension through to October 31.

“The UK PM May has accepted the offer and this will require the UK to participate in this year’s European elections. However, May has indicated that she still aims to leave by May 22 to avoid EU elections. Maybe she can bring her WA for one final vote sometime in the next 36 hours, but either way the odds of an early election continue to rise. She told EU leaders that’s she’s hopeful something can come of the cross party talks but the mood music domestically doesn’t suggest we’re close. She has previously promised binding Parliamentary votes on various Brexit preference so that should also come back onto the agenda soon.”