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Global minimum tax agreed

Today's news headlines: 

‘World’s leading economies agree global minimum corporate tax rate’. All the G20 have signed up to the plan to ensure multinational companies pay at least a minimum global tax rate of 15%. Nine of the 139 countries involved refuse to join the effort, including Ireland and Hungary. It was emphasised that while these new taxes will not eliminate tax competition, they will set mutually agreeable terms for the countries that implement them. Despite the political pressure, tax havens such as Switzerland are set to lose significant revenues by introducing these measures. (Financial Times)

‘Johnson urges reopening of EU travel in farewell talks with Merkel’. Boris Johnson is expected to hold talks with German Chancellor Angela Merkel today, where he's likely to urge the leader to reopen EU travel to the UK. Anybody travelling to the UK from Germany is currently required to quarantine for two weeks regardless of whether they've been vaccinated or not. With the UK just two weeks away from relaxing Coronavirus restrictions, it's expected the push for foreign travel will only intensify. (Financial Times)

Today's events, rates, and data 

  • The FTSE 100 gained 1.25% yesterday while Cable retreated 0.38% as Dovish comments from the Bank of England helped drive the Pound lower. Across the pond, the S&P 500 managed a small gain of 0.28% yesterday; Non-Farm Payrolls data out later today will be in focus.

Today's events

Japan Monetary Base y/y: 19.1% vs 22.4% last month
Eurozone Spanish Unemployment Change: -166.9K vs -129.4K last month
ECB President Christine Lagarde speaks: 1:30PM
US Average Hourly Earnings m/m: 1:30PM
US Non-Farm Payrolls: 1:30PM
US Unemployment Rate: 1:30PM

Interbank rates:

GBP/USD – 1.3759
GBP/EUR – 1.1622
EUR/USD – 1.1839
USD/CAD – 1.2436

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