Market rally slows on Brexit warning

Growth in UK-exposed Irish stocks slowed yesterday and sterling was unmoved against the euro, after two days of rises, amid warnings that the chance of a no-deal Brexit occurring at the end of next month remains significant.

“The economic impact of persistent Brexit uncertainty is already clear. Developments are consistent with our view that UK political volatility would intensify in the run-up to the October 31 Brexit deadline”, said international credit ratings agency Fitch, which sees UK GDP falling by more than 3% over two years after a no-deal drop-out.