The EU announced today the Brexit transition period must come to an end by 31st December 2020. Although the terms of the transition period are still to be defined by both sides, the EU released a set of guidelines today for the next phrase of the negotiations. The guidelines stated the EU trade law should be continued to be followed by the UK and the UK should continue to stay within the European customs union and single market during this phrase. Spain have also announced they would like the UK to clarify the future of Gibraltar before the second round of talks progress any further.
Across the pond, the Republican tax bill passed through the Senate last night with 51 to 48 votes. The bill will now go through a couple of revisions before it enters the House again for another round of voting, before being sent to the US President Donald Trump to sign. This will be the first major bill Trump has passed through the Senate.
Bank of England Governor, Mark Carney is speaking before the Treasury Select Committee today on the November Financial Stability Report. Across the pond, the US will be releasing the existing home sales figures, expected at 5.53M, as well as the crude oil inventories. In New Zealand, the GDP figure is scheduled to be released, forecast at 0.6%.