Many important people spoke! Attention to statements about Brexit and the global economic downturn! ~ March 26 Highlights and Event Schedule ~

Yesterday, due to a risk-off mood overlapping with the year-end and the end-of-month factors, the Tokyo market was in a state of turmoil. The Nikkei average fell to a record level of decline.

In addition, Brexit-related debates continued in the UK and drew attention. With the withdrawal deadline approaching this weekend, a climactic moment has arrived.

◎ Today's Points of Focus

1) British Parliament

Yesterday, an amendment to a Brexit-related bill was discussed and voted on. From what we see, the UK Parliament appears to be meandering. The key related bill this time involves temporarily transferring some of Prime Minister May's powers to Parliament. We will be watching what options emerge and what gets passed.

Today's four focal points are as follows:

・Will there be a vote on the Withdrawal Agreement? (The likelihood seems low. Also, the probability of rejection seems high.)

・Resignation of Prime Minister May, and a general election

・Withdrawal of the withdrawal, revocation of Article 50 of the Lisbon Treaty, and signature campaigns

・Other new related bills

2) European Economy and Global Risk-Off

Yesterday’s stock figures continued the risk-off trend from last week in Tokyo and Europe. On the New York Times, the stock decline tone temporarily settled. Attention is on the European economy, which was a driver of the risk-off flow. Many European economic indicators and leader remarks are scheduled for today as well.

Also, will the risk-off trend calm down as it is, or will it continue to prevail? All eyes are on this.

◎ Today’s Economic Event Schedule

Tuesday, March 26

08:50　JPYMain Opinions from the Bank of Japan Monetary Policy Meeting (March 14-15)

09:30　USDWilliam Dudley? Rosengren—Boston Fed President Speech

16:00　EUR　GfK Germany Consumer Confidence Index

16:45　EUR　France GDP

16:45　USD　Harker—Philadelphia Fed President Speech

19:30　USDEvans—Chicago Fed President Speech

20:00　GBPBoE Deputy Governor Broadbent Speech

20:00　EUR　Mačic・Slovakia Central Bank President

21:30　USD　Building Permits and Housing Starts

22:00　HUF　Hungary Policy Rate Announcement

23:00　USD　Consumer Confidence Index

Wednesday, March 27

02:00　2-year Bond Auction

04:00　USD　Daily San Francisco Fed President Speech

08:00　AUDRBA Governor’s Assistant Speech

10:00　NZDRBNZ Policy Rate and Statement Announcement