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End in sight

Today's news headlines: 

‘Boris Johnson to end almost all Covid restrictions in England on July 19’. Boris Johnson has opted to push ahead with ending Coronavirus restrictions on July 19th, despite contrary advice from scientific advisors. The government has failed to rule out further restrictions in the winter with the PM suggesting there’s a possibility of restrictions being reimposed. All remaining pubs, nightclubs, and sports venues will be able to re-open without capacity limits, while the requirement to wear a mask in public settings will also be lifted. (Financial Times) 

‘JPMorgan Chase buying spree is Jamie Dimon’s busiest in years’. At just halfway through 2021, JPMorgan has made more than 30 acquisitions, on track to be the company’s busiest year so far. Acquisitions range from Nutmeg—a UK digital wealth manager—to a Brazilian digital bank. The main purpose of these smaller acquisitions is to leverage these companies into the wider network of JPMorgan. The bank will turn the focus of these larger deals to its asset management arm, which according to some, needs a larger presence like those of Vanguard and BlackRock. (Financial Times) 

Today's events, rates, and data 

  • The FTSE 100 climbed 0.58% yesterday, while the FTSE 250 finished the day strong, closing 1.21% higher. Brent Crude oil hit its highest levels since 2018 reaching $77.09 a barrel after OPEC+ abandoned its recent meeting. US Dollar strength has slowed as Cable approaches $1.39 and EUR/USD heads toward $1.19. 

Today's events

Japan Household Spending y/y: 11.6% vs 13.0% last month
Australia Interest Rate: 0.10% vs 0.10% last month
German Factory Orders m/m: -3.7% vs 1.2% last month
Eurozone ZEW Economic Sentiment: 10:00AM
German ZEW Economic Sentiment: 10:00 AM
US ISM Services PMI: 3:00PM 

Interbank rates:

GBP/USD – 1.3892
GBP/EUR – 1.1683
EUR/USD – 1.1891
USD/CAD – 1.2305

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