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Europe markets calm after Brexit deal defeat, leaders urge Britain to find way forward

Video Credit: Reuters Studio - Duration: 01:52s - Published < > Embed
Europe markets calm after Brexit deal defeat, leaders urge Britain to find way forward

Europe markets calm after Brexit deal defeat, leaders urge Britain to find way forward

European markets largely shrugged off the UK's Brexit withdrawal deal defeat, as the EU's chief negotiator Michel Barnier says there could be room to move on the deal if Westminster adjusts its red lines.

But, as Laura Frykberg reports, that language has not been echoed by the French president.

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Europe markets calm after Brexit deal defeat, leaders urge Britain to find way forward

Any frustration felt by EU leaders following the UK Prime Minister's withdrawal deal defeat... was shrugged off by European markets in early trade ..

With euro-zone benchmarks moving very little... and the STOXX 600 even briefly hitting a one month high.

(SOUNDBITE) (English) CHIEF ECONOMIST GERMANY, ING BANK, CARSTEN BRZESKI, SAYING: "Maybe the big gains for the no (voters) was slightly unexpected, but overall, markets knew that it would be a no and they know that the chaos will continue.." But signs from the continent are they do not want that.

The EU's chief Brexit negotiator Michel Barnier..

Who previously said the deal agreed with Theresa May was the final offer..

Has now indicated a different arrangement COULD happen..with limits.

(SOUNDBITE) (French) EU CHIEF BREXIT NEGOTIATOR, MICHEL BARNIER, SAYING: "If the UK decides to adjust its own red lines in the future, and if they decide to be more ambitious, to go beyond a simple free-trade agreement, an already substantial accord, the EU will then respond favourably." Less diplomatic language came from the French President..

Over who would come out worse off if no deal is reached.

SOUNDBITE) (French) FRENCH PRESIDENT, EMMANUEL MACRON, SAYING: "The first losers of this are the British people.

They would have to - without any transition period - renegotiate a future relationship.

If that happens - the interests of FRENCH fishing will be defended." Avoiding that is also a priority for German industry... says its biggest body the BDI.

Especially given the country narrowly escaped recession last year.

(SOUNDBITE) (German) GERMAN INDUSTRY ASSOCIATION BDI DIRECTOR GENERAL, JOACHIM LANG, SAYING: "All areas are affected, from the automobile sector to chemicals, the pharmaceutical industry, engineering, electronics.

Great Britain is not one of our biggest trading partners anymore but still a very important country for us." German Chancellor Angela Merkel says it's now a case of wait and see what the British will do next...but she's stressed an orderly exit is HER priority... If not though...Germany is prepared she says to keep the damage that would follow to a minimum.



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