Via UBS:
Brexit crossroads: Possible paths ahead and their impacts on assets
Things have been very fluid in the last 24 hours, but we believe markets still ascribe a low probability to a Brexit deal by end-October. Beyond that may loom new negotiations and elections, potentially a final turn in the Brexit saga. The consequences will be important for the UK, but also for the rest of Europe. In this Q-series report, UBS economists, strategists and equity analysts sift through a multitude of moving parts to crystallise key asset signals. We take a fresh look at the cost the economy and markets have already paid since the 2016 referendum, the degree to which Brexit Risk is priced across different markets and how risk-reward now sits along the paths ahead. We\ highlight most/least favoured UK stocks, as well as Brexit-impacted companies globally.