Today’s news headlines:
‘US election in balance as Donald Trump wins crucial battleground states’. This morning, the race for the White House and both houses of government are in virtual stalemate. Donald Trump has won several key states, which has narrowed the field in the main contest and suggests it may be a drawn-out result, while mail-in votes are counted in Wisconsin, Michigan and Pennsylvania. Both candidates have expressed confidence in a win and are due to make official public statements later this morning. In comments to supporters a short while ago, Trump claimed victory and demanded the Supreme Court stop vote counts. (Financial Times)
‘Boris Johnson set to avoid major Tory revolt over lockdown’. Only a few days ago it seemed Boris Johnson would face a severe contest in Parliament to pass his plan for a second nationwide lockdown. However, recent polling suggests more than 70% of adults are in favour of the restrictions and about the same percentage of Tories share that view. (Financial Times)
Today's events, rates, and data
- In this morning’s open, we have seen the Dollar rally on a risk off move, leading to losses in both the Pound and Euro. Oil continues to make small incremental rallies towards previous trading ranges, shrugging off effects of a second lockdown in the EU and UK. Treasuries are also making a move higher on the safe haven demand, at least until the uncertainty over the Presidential race subsides.
AU Retail Sales m/m: -1.1% vs -1.5% last month
CN Caixin Services PMI: 56.8 vs 54.8 last month
EU Spanish Services PMI: 8:15am
EU Italian Services PMI: 8:45am
EU French Services PMI: 8:50am
EU German Services PMI: 9:00am
US ADP Non-Farm Employment Change: 1:15pm
CA Trade Balance: 1:30pm
US ISM Services PMI: 3:00pm
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