*By Brian Henry*
Even as British Prime Minister Theresa May suffered an embarrassing defeat as her Brexit vote was voted down in Parliament, and then only narrowly survived a no-confidence vote, investors remained relatively unrattled.
According to Chris Demetriou, the U.S. CEO at Aberdeen Standard Investments, the mild response to the vote was not a surprise.
"There are two elements to it," he told Cheddar Wednesday.
"The vote \[Tuesday\] and the no confidence vote \[Wednesday\] weren't really a surprise to anybody. It's long been speculated Theresa May didn't have the votes to carry the deal through Parliament."
Demetriou said that the decision by British lawmakers to reject the Brexit deal by such a historic margin ー 432 to 202 ーearlier this week actually has investors feeling confident.
"The resounding defeat, the size of the defeat, really suggests that a tweak to the deal probably isn't going to help get it through either. I think that, perhaps, is giving investors confidence that the can will be kicked down the road or potentially even a more formal withdrawal of Article 15."
"Investors want as a little change as possible in the current arrangement," he added.
Demetriou says productive trade talks between the U.S. and China as well as the Federal Reserve displaying patience on future rate hikes have led to less market volatility.
"A lot of the uncertainty we saw in the back end of the year, the escalation of trade discussions, perhaps concern around fed policy coming into 2019 ー a lot of that has reversed in the beginning of January."
But will the relative market peace last?
"There's a lot of positive news or certainly constructive news out there to offset some of the uncertainty that exists," Demetriou said.
"We do expect continued uncertainty, which breeds volatility in the markets and that will continue throughout the year."
For full interview [click here](https://cheddar.com/videos/the-uk-government-survives-no-confidence-vote-after-brexit-defeat).
The U.S. Senate Committee on Banking, Housing and Urban Affairs introduced legislation Tuesday requiring banks to maintain “digital dollar wallets” for coronavirus stimulus payments to consumers.
New York Governor Andrew Cuomo Wednesday afternoon said the greatest strain on the state’s health care system from the coronavirus could come in approximately 21 days, while also providing early indications about steps the state might eventually take to restart the economy.
One of the most influential industries on Capitol Hill was left out of the package that advanced early Wednesday, an apparent setback for a sector that had expected to easily secure $3 billion to fund the purchase of oil to fill the Strategic Petroleum Reserve (SPR).
There's no 12th Democratic presidential debate on the horizon now that the nominating process is in a holding pattern due to the coronavirus pandemic.
The Senate will reconvene later Wednesday to vote on the package. But that does not mean the bill is guaranteed to land on President Donald Trump’s desk. The House of Representatives has to pass it, and that may not be an easy feat.
The White House and Senate leaders of both major political parties announced agreement early Wednesday on an unprecedented $2 trillion emergency bill to rush sweeping aid to businesses, workers and a health care system slammed by the coronavirus pandemic.
Stocks are moving tentatively higher in early trading on Wall Street Wednesday after Congress and the White House reached a deal to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus.
The death toll in Spain from the coronavirus shot up by more than 700 on Wednesday, surpassing China and is now second only to Italy as the pandemic spread rapidly in Europe, with even Britain’s Prince Charles testing positive for the virus.
Each piece of legislation is long: 247 pages for the Senate bill and a whopping 1,404 pages for the House bill. While we cannot distill every provision, here’s a look at some of the major differences between the two pieces of legislation.
Stocks are jumping in midday trading on Wall Street Tuesday amid expectations that Congress is nearing a deal on a big coronavirus relief bill. That would follow more aggressive steps from the Federal Reserve announced a day earlier to support lending and bond markets.
