Today's news headlines: 

‘Pfizer and Moderna ramp up EU Covid vaccine prices’. Pfizer has begun raising its Covid shot price after new research has revealed its vaccines are more efficacious than other jabs. In some of the latest EU contracts, the cost of one dose has risen to €19.50 from €15.50, with Pfizer’s revenues forecast to push on higher after nearly doubling in the second quarter. Pfizer is expecting to raise prices when the pandemic is over, and the vaccines are not in such dire demand, with many countries vaccination programmes still struggling to get off the ground. (Financial Times) 

‘Pandemic fuels broadest global house price boom in two decades’. Ultra-low interest rates, work from home orders, and built-up savings have all pushed house prices higher over the last year and a half. Many have opted to move further away from cities as the need to be in the office for work became less important, coupled with the excess savings, it appears the housing market has been a beneficiary of this change in social mobility. While house prices are taking off, credit growth remains relatively low, with the risk of another 2008 event looking unlikely, according to Adam Slater, the lead economist at Oxford. (Financial Times)

Today

China’s regulatory crackdown on tech stocks overspilled into UK markets on Friday as the FTSE 100 closed 0.65% lower. Elsewhere, the S&P 500 also finished in the red, down 0.54% on the day. Cable has punched higher this morning, trading above $1.39, with US PMIs out later today. 

Events

Japan Consumer Confidence: 37.5 vs 37.4 last month
German Retail Sales m/m: 4.2% vs 4.6% last month
German final Manufacturing PMI: 8:55AM
UK final Manufacturing PMI: 9:30AM
US ISM Manufacturing PMI: 3:00PM
Canada Bank Holiday: All day

Interbank rates:

GBP/USD – 1.3903
GBP/EUR – 1.1712
EUR/USD – 1.1867
USD/CAD – 1.2472

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