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Expand chart
Data: Investing.com; Chart: Axios Visuals

U.K. Prime Minister Boris Johnson got his request to shut down Parliament for several weeks approved by Queen Elizabeth II, leaving less time to avoid a "no deal" Brexit. But investors don't appear overly concerned — at least for now.

By the numbers: The British pound fell by as much as 1.1% against the U.S. dollar on the news, but ended the day just over half a percent lower.

  • Equities were unbothered, as the S&P 500 rose 0.65% on the day and Britain's internationally focused FTSE 100 finished up slightly, while the domestically focused FTSE 250 was marginally down.

What they're saying: "The dip in the currency is in line with normal Brexit volatility," Dec Mullarkey, managing director at asset manager SLC Management, says in an email.

  • "This implies that while the move pinches Parliament's efforts to constrain Johnson, it doesn’t significantly raise the probability of a no-deal Brexit," he adds.

Be smart: The pound weakened after Johnson's proposal but remains comfortably above its lows from earlier in August when it fell to the lowest versus the dollar since early 1985. By the pound not retesting those levels shows the move is more political wrangling than genuine threat, Mullarkey says.

Two more insights per Mullarkey:

  • "If markets felt that Johnson’s gambit was going to result in a crash out of the EU, equity markets would be revolting as they price in severe growth setbacks."
  • "Right now they are taking it in stride assuming that Parliament can offset Johnson’s gamesmanship."

Go deeper

Erica Pandey, author of @Work
18 mins ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 6 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.

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