JPMorgan says UK PM Johnson unlikely to get a Brexit deal at Oct summit

U.S. investment bank JPMorgan said on Wednesday it was negative about the prospects of Prime Minister Boris Johnson striking a Brexit deal at the Oct. 17-18 EU summit.

"Our reading of the situation is much more negative than positive as far as the prospects of a revised Withdrawal Agreement being agreed at the October summit are concerned," JPMorgan said in a note to clients.

"The UK’s negotiating approach appears to be to present the details of its proposals late in the process, and to use the brute force of a no-deal threat to force the EU to accept them," JPMorgan said. "The very limited credibility of that threat adds to reasons why such a brute-force approach is not going to work."