The latest from ITV's Robert Peston

Here's a tough one for the market to sort out:

My UK government sources (multiple) say they can see a political solution to the impasse in EU free trade talks that relates to level playing field conditions, state aid and enforcement conditions, but that the EU offer on fishing rights in UK waters is wholly unacceptable. By contrast, Brussels sources say the precise and diametric opposite, that fishing looks sortable whereas the gap on level playing field/state aid/enforcement is still yawning. Although confusing, this probably reflects the differing priorities on each side, and paradoxically it is grounds for optimism that a compromise is within reach.

We'll have to take his word for it. Cable is whipping around today but reports like this show just how murky the entire situation is.