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Pinning hopes

Today's news headlines: 

‘Global savers’ $5.4tn stockpile offers hope for post-Covid spending’. The path of the post-pandemic global economic recovery will be shaped by consumers who are becoming increasingly confident in the near-term outlook. This suggests that consumers—who have amassed an extra 6% of global GDP in savings—will be willing to spend big when shops, bars and restaurants reopen for business. However, economists at Barclays have suggested that the rebound might be slower in the EU due to the delayed rollout of their vaccination programme. (Financial Times)

‘Brussels Brexit chief calls for ‘good faith’ as relations with UK improve’. Britain and the EU are making progress on the issue of goods disruption in Northern Ireland. The EU’s Brexit Chief is convinced that solutions can be found to reduce tensions, as long as there is effort from both sides. Maros Sefcovic, Former Executive Vice President of the European Commission, told the FT that co-operation from both sides will help to avoid the illicit entry of goods into the Euro-area and that solutions are possible to make border checks much quicker. The EU reiterated their belief that one way to avoid trade friction would be for the UK to align with the EU’s standards on animal health and food safety, previously ruled out by the UK government. (Financial Times)

Today's events, rates, and data 

  • Markets opened yesterday evening with positive sentiment—Asian stocks climbed, UK and EU equity futures gained, and US futures pared losses. Geopolitical issues to watch this week include US tensions with Russia and the battle in Germany to succeed Angela Merkel.

Today's events

UK Rightmove HPI: 2.1% vs 0.8% previously
Japan Revised Industrial Production: -1.3% vs -2.1% previously
Canada Annual Budget Release: 9.00pm

Interbank rates

GBP/USD: 1.3855
GBP/EUR: 1.1565
EUR/USD: 1.1975
USD/CAD: 1.2502

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