LONDON, Oct 1 (Reuters) - U.S. investment bank JPMorgan raised the probability of an extension to Brexit to 85% from 60% and cut the likelihood of a no-deal departure from the European Union.
The bank cut the probability of a no-deal Brexit to 10% from 25% and cut the probability of an exit on the terms of the Withdrawal Agreement to 5% from 15%.
"The big increase in probability goes to Article 50 being extended," JPMorgan analyst Malcolm Barr said in a note to clients.
"With the Benn law having been passed and looking Boris-proof at this stage, we mark the odds of a no-deal Brexit down sharply compared to early September," the bank said. (Reporting by Guy Faulconbridge; editing by Costas pitas)