Labour woes

Today’s news headlines:

‘UK employment drops most since 2009 as labour crisis worsens’. In the months between April and June, UK employment numbers fell by the most since the global financial crisis in signs of a mounting labour market crisis. The number of people with jobs fell by 220k, while the Office for National Statistics said that early indicators for July suggest that the number of employees on payrolls is down by around 730k since March. The latest figures will pressure Chancellor Rishi Sunak to extend the furlough program that has so far, staved off a crisis. (Bloomberg)

‘China imposes sanctions on US officials in retaliation for Hong Kong measures’. As tit-for-tat escalations continue between the two nations, China has imposed sanctions on 11 US lawmakers and foreign policy experts. Tensions between the world’s two largest economies have ramped up since the introduction of China’s controversial national security law. (Financial Times)

Today's events, rates, and data 

  • Shares across the AP region rallied as a benchmark gauge of Asian stocks hit the highest levels in six months. US and European equity futures also climbed on hopes that US lawmakers would break the deadlock in congress on the coronavirus support package. The US Dollar index was steady in its new lower range after seven weeks of declines. 

Today's events

Australian NAB Business Confidence: -14 vs 1 previously
UK Claimant Count Change: 94.4k vs -68.5k previously
UK Unemployment Rate: 3.9% vs 3.9% previously
UK Average Earnings Index: -1.2% vs -0.3% previously
Eurozone ZEW Economic Sentiment: 10.00am
German ZEW Economic Sentiment: 10.00am

Interbank rates:

GBP/USD: 1.3060
GBP/EUR: 1.1130
EUR/USD: 1.1730
USD/CAD: 1.3345