*** The government has been defeated on the......>

UK: *** The government has been defeated on the `Grieve amendment`, which will

now allow Parliament to have a meaningful say on the path pursued on Brexit if

PM May`s withdrawal deal fails to be passed next week.

- The implication would seem to be that a `no deal` Brexit is far less likely,

as there appears to be be a parliamentary majority for some kind of arrangement

even if PM May`s deal fails on Dec 11 (as it will by most accounts).

- However, hard Brexiters still believe no-deal Brexit can happen; for instance

ITV Political Editor Robert Peston says some Tory Brexiters believe all that

parliament can do is pass a non-binding motion against `no deal`.

- Additionally, it remains to be seen whether the UK government will be able to

secure from Brussels whatever deal is directed by Parliament.

- Either way, UK markets appear to be pricing in smaller chance of `no deal` -

GBP bouncing 0.4% off 18-months lows hit prior to the vote.