Today's news headlines:
‘Outlook darkens for Europe’s virus-stricken economy’. The coronavirus situation in the EU does not appear to be improving. A lagging vaccination campaign coupled with rising infections has plunged more countries across the bloc into harsher restrictions. A current vaccination rate of 12 in 100 for the EU is hampering hopes of a return to normality in the short-term. This delay in reopening the economy could cost the Eurozone 0.3% in growth if the easing of restrictions is delayed by one month. (Financial Times)
‘Britain and EU close to agreeing forum for financial services’. After the recent outflow of trading from London to Brussels and the pledge by UK government ministers to overhaul market rules, a basic agreement looks to be nearing completion between the EU and UK. The proposed memorandum of understanding will aim to bring stability between the two parties and help the UK stem the outflow of trading volume. More direct access to the blocs customers looks unlikely for the UK, but this initial agreement is the step in the right direction towards equivalence. (Financial Times)
Today's events, rates, and data
Markets closed mainly lower last week as the S&P 500 lost 0.1% while the Dow Jones fell 0.7%. The FTSE 100 has started the week off with a 1% decline in early trading. Major currency pairs are flat this morning with the Pound trading around $1.3850 against the Dollar and €1.1650 against the Euro.
Federal Reserve Chair Powell Speaks: 1:00pm
FOMC Member Thomas Barkin Speaks: 2:00pm
FOMC Member Mary Daly: 5:00pm
FOMC Member Randal Quarles Speaks: 5:30pm
FOMC Member Michelle Bowman Speaks: 11:15pm
The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.