A Brexit warning
Today’s news headlines:
‘Brexit warning to Boris Johnson in Joe Biden post-election call’. President-elect Joe Biden surprised Downing Street by including Boris Johnson as one of the first world leaders to receive a post-election phone call yesterday. In addition to the standard niceties, Biden warned the PM not to let the Brexit process destabilise the Northern Ireland peace process. Mr Biden has previously referred to Johnson as a physical and emotional clone of Donald Trump and cautioned that there would be no chance of a UK-US trade deal if the Good Friday Agreement were not upheld. (Financial Times)
‘EU clears hurdle to unlock €1.8 trillion budget package’. EU negotiators reached an agreement on the bloc’s long-term spending plans yesterday, and are a step closer to finalizing its €1.8 trillion budget and stimulus package. The recovery plan is expected to add 2% growth in the bloc in the coming years, but officials are coming under pressure to make sure that the package is operational by next year. The deal will allow the European Commission to raise €750 billion in jointly backed debt, with Spain and Italy as the main beneficiaries. (Bloomberg)
Today's events, rates, and data
- Asian stocks mostly gained overnight, whilst S&P 500 futures also edged higher, after the index pulled back from Monday’s record high. The safe-haven US Dollar continued to fall overnight and into this morning, with risk currencies pulling higher along with oil prices.
US Bank Holiday: All day
Canada Bank Holiday: All day
ECB President Lagarde Speaks: 1.00pm
The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.