Mixed reactions to PM May`s no-confidence vote...>

UK: Mixed reactions to PM May`s no-confidence vote win:

- Citi: The results of last night's vote might just make a pivot to a Norway

Plus option more likely in the near future.

- Natwest: For all the high drama... in terms of Brexit outcomes the reality is

that little has changed (this conclusion would even have held had May

resigned).. probabilities little altered: 5% no deal, 45% Remain (prob via 2nd

ref. though Art 50 revocation also poss.), 50% Parl. ratification of May's deal.

Market pricing looks overly pessimistic given reduced likelihood of no deal.

- Morgan Stanley: Reduces risk of a no deal outcome, and improves prospects for

her deal passing...If it does not pass, we would expect a run-off - with a

decision likely needed by end Jan to allow an orderly process - between the

government's deal and 2nd referendum, with a persistent risk of early elections.

- Rabobank: Nothing has really changed in the Brexit narrative, which remains

decidedly absent seasonal good cheer.

- SocGen: Does nothing to deliver a Brexit deal that is acceptable to Parliament

and the rest of the EU...isn't much to help sterling therefore.