Brexit: Base case remains another extension followed by a snap election - Danske Bank

"Brexit negotiations between the EU27 and the United Kingdom (UK) government seem to have broken down; at very best the negotiations are going in the wrong direction and the blame game seems to have started," note Danske Bank analysts.

Key quotes

"Our base case remains another extension followed by a snap election. Unfortunately, it is very difficult to predict the election outcome due to the British voting system."

"Based on some of the comments in recent days, it seems likely that the Conservative Party will campaign on a hard Brexit agenda to curb the blossoming of Farage's Brexit Party. This also means that a no-deal Brexit is the most likely outcome in the event of a Conservative win."