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Today's news headlines: 

‘BoE chief economist warns UK inflation likely to hit 5%’. Huw Pill, the Bank of England’s new Chief Economist, is expecting inflation to continue to rise out of sight as surging energy prices and global supply chain disruptions persist. His expectations are for a headline inflation reading of 5% early next year to be followed by a retreat in the mid to latter half of the year. With supply chain issues yet to be fully resolved, the run-up to Christmas has the potential to fuel inflation. An interest rate decision by the central bank continues to be priced in by markets with expectations of a rate rise next month. (Financial Times)

‘Evergrande pays missed dollar bond coupon, says Chinese state media’. Evergrande, the heavily indebted Chinese property developer, made an $83.5m bond payment overnight, helping to avoid a formal default by making it within the grace period. The group still faces over $300bn in total liabilities, with the company refusing to make a statement in light of the recent debt repayment on what this may mean for their outlook. Shares in Evergrande spiked 7.8% after the announcement, marking the first rise in the stock since September. (Financial Times)


Markets closed relatively weaker across the board yesterday, with the FTSE 100 trading 0.45% lower on the day and the S&P 500 largely unchanged. It’s a busy day ahead with a range of Purchasing Managers’ Index releases due throughout and Federal Reserve Chairman Jerome Powell speaking this afternoon.


UK Retail Sales m/m: -0.2% vs -0.6% last month
German flash Manufacturing and Services PMIs: 8:30AM
Eurozone flash Manufacturing and Services PMIs: 9:00AM
UK flash Manufacturing and Services PMIs: 9:30AM
Canada Retail and Core Retail Sales m/m: 1:30PM
US flash Manufacturing and Services PMIs: 2:45PM
Federal Open Market Committee member Mary Daly speaks: 3:00PM
Federal Reserve Chairman Jerome Powell speaks: 4:00PM

Interbank rates:

GBP/USD – 1.3789
GBP/EUR – 1.1846
EUR/USD – 1.1640
USD/CAD – 1.2343

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.