TD write that "the size of tonight's defeat is...>

UK: TD write that "the size of tonight's defeat is significant, and indicates no

clear path forward. The Prime Ministers insistence to continue on with the deal

means that in many regards, nothing has changed. However, her reaching out

across parties for discussions this week might mean an eventual pivot to a

softer Brexit. A softer Brexit that included, say, a permanent Customs Union,

might well command a majority in the house, which demonstrated a majority

against a No-Deal Brexit in votes last week. In our view, tonight's result does

little to materially change the odds of a 2nd referendum (and/or No Brexit) or a

No-Deal Brexit. Our base case remains that some form of deal is agreed in the

coming weeks/months, with an extension of Article 50 likely required to resolve

bureaucratic procedures."