British Prime Minister Boris Johnson is due to meet with EU leaders at a crucial summit on October 17 and 18, where he is expected to renew negotiations for a Brexit deal before Britain's scheduled departure from the bloc on October 31.
is due to meet with EU leaders at a crucial summit on October 17 and 18, where he is expected to renew negotiations for aHowever, Redeker told CNBC that Johnson securing a deal was "not yet" Morgan Stanley's base case, adding that the pound could still tumble further.
"Our view is that the pound has not yet bottomed, but on the medium or long-term horizon you may have to look into U.K.-based assets," he told CNBC. "The valuation is cheap for various reasons, not just for the foreign exchange — I expect there more money coming here and trying to invest."that it had offered $36.6 billion to take over the London Stock Exchange, a bid that Redeker said was unsurprising given the current value of the pound.
"When you look at that and say maybe the downside risk is down to $1.15, it actually means you have an asymmetry and that is where the long-term investor is coming in… there are more of those type of announcements coming," he speculated.
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