Today’s news headlines:
‘Donald Trump tells government to co-operate with Biden transition’. The US President all but formally conceded this month’s election after telling his administration to co-operate with President-elect Joe Biden’s transition team. Trump finally bowed to pressure from senior Republican figures to begin a peaceful transfer of power after the state of Michigan certified their election results. Mr Biden’s campaign said that the decision was ‘a needed step to begin tackling the challenges facing our nation, including getting the pandemic under control and our economy back on track’. (Financial Times)
‘Boris Johnson outlines tougher tier system to replace England lockdown’. The UK will enter a new period of toughened tier restrictions after the current national lockdown ends on December 2nd. The curbs, which have been condemned by the hospitality sector, will last until the end of March and will pose challenges to pubs and restaurants in tier-two and three areas. The Prime Minister stressed the importance of adhering to the new restrictions despite positivity surrounding the emergence of vaccines, warning it’s far too early to be complacent and that the nation faces some tough months ahead. (Financial Times)
Today's events, rates, and data
Risk currencies gained overnight and into this morning after Donald Trump began co-operating with Joe Biden’s transition team. Biden’s administration is predicted to include former Fed chair, Janet Yellen which markets have also taken positively. Sterling has gained about 0.7% on the Greenback since yesterday, whilst the broader Dollar index has declined around 0.6%. Equity index futures gained this morning along with oil prices.
German Final GDP: 8.5% vs 8.2% previously
German ifo Business Climate: 9.00am
MPC Member Haskel Speaks: 11.30am
US CB Consumer Confidence: 3.00pm
Canada Gov Council Member Wilkins Speaks: 5.45pm
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