Just read up more.
As far as I can see, there was no outcome for certain before Kursk. And the big factor was perhaps the war expanding with the USA joining in, as well as the weight of the lend-lease.
So, I will go from this:
- Britain makes peace with Germany on the 22th of July in 1940.
- It is a seize fire truce with Britain keeping the colonies (and perhaps getting the channel islands) while lifting the naval blockade of Germany.
IMHO the effect would have been this:
Direct things:
-The Luftwaffe, the Kriegsmarine, the Italian airforce and navy, as well as both their armed forces, completely escape the losses inflicted by the British and their allies in the one-year window.
- There is less delay on the date of Barbarossa, especially on the southern front.
Less direct things:
-The German power for invasion is more due to less occupation in the conquered countried of W-Europe.
- The whole planning is different due to a completely naval setup. I.E. the open Med, Atlantic and Arctic
Political
- Britain remains a neutral colonial power with lots of naval power but low economy for a while (Britain was practically bankrupt in 1940)
- THere will be no lend-lease deal (USA-UK) since there is no war.
- There might be trade between USA and Germany.
- Italy stays away from trouble with the UK,since the UK is now a strong and neutral power.
- Japan stays away from the UK for the same reason. (Hitler dreamed of the UK as a "Stabilizer" in worldwide affairs, navally).
- Japan has no benefit from war with the USA for the same reason.
- The axis press for useage of the med and the Suez canal.
- The Axis press (subtly) for the pass through the Turkish straights. (What Molotow wanted if the British were beaten)
Overall Political results:
- Japan's only feasible enemy would be the USSR
- Axis muster the full power of all 3, on fronts at their choice.
Pretty much the setup. Feel free to ponder
