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Promising signs

Today's news headlines: 

‘Data on Omicron’s severity is “encouraging”, says US health chief’. Chief US Medical Adviser Anthony Fauci is encouraged by early data suggesting the new strain of Coronavirus isn't as severe as originally thought. Although caution is being emphasised, early testing indicates that booster shots being rolled out across the western world offer some added protection. The variant has been identified in around forty countries so far, with the majority since banning travel to South Africa, Omicron’s suspected origin. (Financial Times)

‘Investors buy the dip in US stocks as Omicron drives market volatility’. Investors are treating the recent market jitters as a result of Omicron fears in much the same way as the Delta variant sell-off in July. Around $10bn was pumped into US equity funds in the week to the 1st of December as those close to the market latch on to this ‘buy the dip’ mentality. Global stocks endured some heavy selling pressure at the end of November, the largest for over a year. This doesn’t seem to have knocked retail investor confidence despite overall retail volumes decreasing since the onset of the pandemic. (Financial Times)


Stocks nudged lower on Friday following a US Non-Farm Payrolls miss; the S&P 500 traded 0.84% lower on the day while the Euro Stoxx 600 fell 0.57%. Cable is trading in the mid $1.32s this morning ahead of a relatively quiet day for economic data.


German Factory Orders m/m: -6.9% vs 1.8% last month
Italian Retail Sales m/m: 9:00AM
UK Construction Purchasing Managers’ Index: 9:30AM
Monetary Policy Committee member Ben Broadbent speaks: 11:30AM
Japan Household Spending y/y: 11:30PM
Eurogroup meetings: All day

Interbank rates:

GBP/USD – 1.3241
GBP/EUR – 1.1732
EUR/USD – 1.1283
USD/CAD – 1.2820

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