Slower growth to come

Today's news headlines:

‘UK to have slowest growth of G7 nations in 2023, says IMF’. The UK economy is expected to grow just 1.2% in 2023, according to the International Monetary Fund (IMF), which will be the slowest growth rate in the G7. The lower projected growth rates can be attributed to the stronger rebound from the pandemic, with the UK growing the fastest in 2021. Cost of living rises and probable corporation tax rises in April next year were mentioned as drivers for these lower growth estimates. (Financial Times)

‘Scientists urge China to replace its faltering Covid vaccines’. As China battles with rising Coronavirus cases and more widespread restrictions, scientists have been voicing the importance of greater vaccine uptake. Only around 57% of those over 60 have received a booster shot so far, with many concerned over the efficacy of the jabs. Studies from the University of Hong Kong suggest that China’s Sinovac jab only matches the Pfizer jab’s effectiveness after three doses. (Financial Times)


Today

Asian markets were mixed overnight, with the Nikkei rising and Chinese shares falling as the People’s Bank of China opted to leave interest rates unchanged for a third month. The US Dollar Index has ticked lower this morning after hitting the $101 level overnight. European markets have opened higher.

Events

German Producer Price Index m/m (Mar): 4.9% (est. 2.7%)
Eurozone Industrial Production m/m (Feb): 10:00AM
Canadian Consumer Price Index m/m (Mar): 1:30PM
German Bundesbank President Joachim Nagel speaks: 1:30PM
US Existing Home Sales: 3:00PM
US Beige Book: 7:00PM
New Zealand CPI q/q (Q1. 22): 11:45PM
G20 and G7 meetings: All day

Interbank rates:

GBP/USD – 1.3015
GBP/EUR – 1.2038
EUR/USD – 1.0812
USD/CAD – 1.2578

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