On the eve of the UK government's vote on Prime Minister Theresa May's Brexit deal, reports swirled that the British premier was planning to pull the vote for fear of a humiliating defeat.
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00:00It's just another manic Monday. The Brexit vote thrown up in the air on the eve of a
00:07critical Tuesday in Westminster. Theresa May reportedly has pulled plans for a vote in
00:13the House of Commons on her deal with the EU. Currently just reports in the local media.
00:19We're yet to hear from the Prime Minister, but news reports suggest that she lost faith
00:26in her ability to win that vote with politicians claiming that they were planning to vote against
00:32her deal. She's now being reported to look to Brussels to renegotiate the deal perhaps.
00:39We're yet to hear from her. She's set to talk at around 8pm Dubai time. So we will hear
00:44more from her then, but it throws plans for tomorrow's vote in Westminster into complete
00:50disarray and leaves the future of Britain's involvement in the EU completely uncertain.
00:57The pound was down at an 18-month low on the uncertainty with British markets sliding as
01:04a result of the news. In other news, Indian Central Bank Governor
01:07Urjit Patel has stepped down after mounting pressure over the past few months. Analysts
01:12link the move with increased interference by the Indian government trying to curb regulatory
01:20measures. They also say that India's government was looking to the Central Bank's foreign
01:25reserves to try and buoy its currency. We have yet to hear from Urjit Patel, but former
01:31Central Bank Governor of India has said that the move is a concern and analysts have said
01:38that India's central institutions should remain independent despite government interference.
01:44In other news, US markets were set for a downbeat start when they open on Monday morning. Investors
01:49wary of trade wars and the uncertainty around the Fed's decision. The buying has moved from
01:56a buy the dip to a sell the rally position and markets were expected to open low again.
02:04It's a critical week for US markets with concerns around the legal issues of US President Donald
02:10Trump and we will be watching that closely. As always, stay tuned on gulfnews.com for
02:15the latest updates. I'm Ed Clouse, thanks very much for watching.