The DAX surged to new multi-month highs earlier today on news that a new Brexit deal has been reached. The deal has been confirmed by Michel Barnier, the Chief Brexit Negotiator on the EU side.
According to Barnier, the financial commitments would be respected by the UK, adding in Reuters quotes:
“Deal includes legally operative solution in Withdrawal Agreement to avoid hard border in Ireland…Northern Ireland will remain aligned to a limited set of EU rules, notably related to goods.”
Barnier went on to say that the Brexit deal has been agreed by the negotiators as well as UK Prime Minister Boris Johnson as well as the European Commission President Jean-Claude Juncker. The deal is expected to be presented to the EU summit. The deal is expected to have a transition period that will extend to the end of 2020.