On your bike!
Today’s news headlines:
‘EU trade commissioner resigns after pandemic travel furore’. One of the key figures in orchestrating EU trade relations with the rest of the world has been forced to resign over apparent violations of Covid-19 rules in his native Ireland. The departure comes at a key point in global trade relations, after Washington and Brussels agreed on their first package of reciprocal tariff cuts in 20 years last week. The Irishman was also in the inner circle of EU-UK negotiators who are running out of time to get a trade deal agreed before the end-of-year deadline. (Financial Times)
‘Mike Pence warns America will "not be safe" under Joe Biden’. The US Vice-President struck an uncompromising tone on law-and-order on the third night of the Republican convention while criticising Joe Biden for turning a blind eye to violent protests in big US cities. The convention has coincided with multiple nights of violent unrest after a police officer shot Jacob Blake Jr, a black resident of Kenosha, seven times on Sunday, leaving him paralysed. (Financial Times)
Today's events, rates, and data
The Dollar dipped to its lowest level this week against a basket of currencies as traders and investors eye day one of the Jackson Hole Symposium, which might bring a dovish tone from Federal Reserve Chair Jerome Powell. Shares in Asia also disappointed overnight despite data showing that China’s industrial profits in July achieved the fastest pace of growth since 2018.
Day one of the Jackson Hole Symposium: All day
US Preliminary GDP: 1.30pm
US Weekly Jobless Claims: 1.30pm
US Fed Chair Powell Speaks: 2.10pm
US Pending Home Sales: 3.00pm
Canada BOC Governor Tiff Macklem Speaks: 4.15pm