The UK takes a big step towards Brexit, with today's key announcement. Parliamentary ratification is the next major hurdle to clear. With the DUP reportedly uncomfortable with the deal, the parliamentary arithmetic for Saturday's vote is very hard to call.

For someone living, moving to or doing business with the United Kingdom in the last year, the “Brexit Question” has been an important consideration. During the beginning of 2019 there have been several dates, votes and occasions when we expected to get a detailed picture of what Brexit will mean. Yet we were then left staring at each other, still wondering what the outcome might be.

Political risk has been a feature in European markets for years. Lately, from Italy's fiscal squabbles to turmoil in the streets of France, it feels like the volume of political noise has risen. However, political risk is not a reason to avoid European equities.

Multiple sources suggest that UK and EU negotiators have reached a draft agreement on Britain's terms for leaving the EU (the withdrawal agreement) including backstop mechanisms designed to ensure that Brexit does not create a hard border in Northern Ireland.