Today's news headlines:
‘Macron extends lockdown across France to combat Covid surge’. France is set to enter yet another lockdown this Saturday which it is planned will last for an initial four weeks. Rising infections coupled with a sluggish vaccine rollout has created issues throughout Europe. Germany could follow suit as infection rates reach alarming levels and the debate continues over what age group the AstraZeneca vaccine should be used on, after multiple reports of severe side effects. Many will be hoping this will be the third and final lockdown and the economic recovery being postponed yet again. (Financial Times)
‘UK ministers plan traffic light system to unlock foreign travel’. The UK’s attention has shifted back towards unlocking the travel industry yet again. It is believed a ‘traffic light’ system will be adopted this time rather than the cut and dry travel corridor approach used heavily last year. This comes as Ryanair CEO Michael O’Leary has insisted that summer holidays will be able to go ahead as planned, despite the coronavirus situation in Europe. This has put pressure on the government, with people anxious to return to normal getting this stage of the pandemic right is critical. (Financial Times)
Today's events, rates, and data
Markets were mixed yesterday, the S&P 500 climbed 0.36% while the Dow Jones fell 0.26%. UK markets faired similarly with the FTSE 100 down 0.86% on the day. The US 10-year Treasury yield continues to trade high around 1.74%. Elsewhere, currency markets are relatively flat as the Easter holidays approach and Cable continues to hold solid support at the $1.3750 level.
Japan final Manufacturing PMI: 52.7 vs 52.0 last month.
German Retail Sales m/m: 1.2% vs -4.5% last month.
French final Manufacturing PMI: 8:50am
German final Manufacturing PMI: 8:55am
UK final Manufacturing PMI: 9:30am
US Unemployment Claims: 1:30pm
US ISM Manufacturing PMI: 3:00pm
The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.