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Conflict escalation

Today's news headlines:

'Liz Truss faces growing Tory pressure as Labour opens 33-point poll lead'. In the wake of the Bank of England's £65bn emergency bond-buying programme to avert a pensions system crisis caused by sharply increasing gilt yields, the latest YouGov poll puts the Conservative Party 33 points below Labour—the biggest Labour lead since the 1990s. The survey was published after Truss refused to dismiss the Treasury's ill-received 'mini-Budget' proposed last Friday, which would see hundreds of billions added to public debt to fund tax cuts and reforms. UK banks have started pulling out of mortgage products for potential home buyers, while the International Monetary Fund has strongly criticised the Chancellor's Budget plans. (Financial Times)

'Russia to annex four Ukrainian regions after sham referendums'. In the latest escalation of Vladimir Putin's 'special military operation' in Ukraine, today Moscow aims to fully annex four regions in the south-east of the nation, none of which are currently in complete Russian control. Along with its western allies, Ukraine has refused to accept the results of the farcical referendums held last weekend in parts of Russian-occupied territory which supposedly saw locals overwhelmingly in favour of joining Russia by margins of up to 99%. Yesterday, US president Joe Biden labelled Russia's annexation attempts 'shameless and transparent'. (Financial Times)


UK and EU stock markets are expected to open in the green this morning following the UK's stronger-than-expected growth data. However, gains will likely be limited as long-term growth remains a looming concern for investors and murmurs of further interest rate hikes from central banks spread. The key piece of data to look out for today will be the Eurozone Consumer Price Index number for September which could rise to double digits. 


Japanese Consumer Confidence: 30.8 vs 32.5 previously
UK Final GDP q/q: 0.2% vs -0.1% previously
Eurozone CPI Flash Estimate y/y: 10:00AM 
Eurozone Unemployment Rate: 10:00AM
US Core PCE Price Index m/m: 1:30PM
Revised UoM Consumer Sentiment: 3:00PM
Canada Bank Holiday: All day

Interbank rates*:

GBP/USD: 1.1105
GBP/EUR: 1.1325
EUR/USD: 0.9805
USD/CAD: 1.3700


Please contact your Dealer about any upcoming FX requirements you may have, or call +44 (0)20 3465 8200. 

*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.