Irish PM Varadkar: If Johnson becomes new PM, he will have to deal with EU deal struck by May

While speaking to reporters in Luxembourg, Irish Prime Minister Leo Varadkar said that if Boris Johnson were to become the new Prime Minister, he will have to deal with the EU deal struck by Theresa May and reiterated that the Withdrawal Agreement won't be reopened. 

Varadkar further added that there won't be a transition period if they failed to reach an agreement on the withdrawal deal and repeated there won't be a deal without the Irish backstop. 

The market reaction was muted to these remarks as they are nothing new or surprising.