Missing the mark

Today's news headlines: 

‘US will require foreign travellers to get WHO-authorised vaccine’. From the 8th of November, the US will allow all international travellers into the US on the condition that they have received a vaccine approved by the World Health Organisation. This is quite a shift from the prior blanket bans that were in place, with travellers reported to be allowed to mix and match vaccine doses. It’s clear the administration is placing an emphasis on vaccine uptake for global travel to resume, and China’s Sinovac and Sinopharm vaccines are also eligible for entry into the States. (Financial Times)

‘Modern Land becomes latest Chinese developer to miss a bond payment’. Yet another Chinese developer has missed a US Dollar-denominated bond payment as the country’s property sector continues to unravel. Modern Land failed to meet the Monday deadline for a $250m bond payment, stating liquidity issues as a major contributing factor. Other companies such as Evergrande, Fantasia, and Sinic have all defaulted on some portions of their debt as the property sector in China contracted in the third quarter. This could be the catalyst for Beijing to start re-structuring the economy, moving away from its reliance on real estate. (Financial Times)


Today

Markets started the week strong yesterday, with the Dow Jones gaining 0.18%, building on all-time highs reached on Friday. Tesla has hit the $1tn market capitalisation valuation after its share price jumped 12.60% on Monday after Hertz ordered 100,000 Tesla Model 3’s. US oil prices jumped above $85 a barrel on Monday for the first time in seven years. Cable is pushing towards the $1.38 level this morning while EUR/USD has broken through $1.16.

Events

Japan Core Consumer Price Index y/y: 0.6% vs 0.3% last month
UK Confederation of British Industry Realised Sales: 11:00AM
US House Price Index m/m: 2:00PM
US CB Consumer Confidence: 3:00PM
US Richmond Manufacturing Index: 3:00PM
US New Home Sales: 3:00PM


Interbank rates:

GBP/USD – 1.3777
GBP/EUR – 1.1878
EUR/USD – 1.1598
USD/CAD – 1.2387

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