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The Brexiteer exodus

Today’s news headlines:

‘Dominic Cummings to leave No 10 by new year’. Dominic Cummings, architect of the 2016 Brexit vote, confirmed late last night that he had tendered his resignation, in what is expected to signal the start of an exodus of Brexiteer veterans in the heart of the government. Rumours have swirled that Mr Cummings and Lee Cain, the Downing Street Director of Communications who quit on Wednesday, are leaving because Johnson is likely to make compromises to sign a free-trade deal with the EU. They are also thought to have leaked the government’s plan to introduce a new lockdown last week. (Financial Times)

‘Republican resistance to Biden victory starts to crack’. Senior figures in the Republican party have begun urging Donald Trump to concede after last week’s election. Trump is yet to co-operate with the transfer of power and has failed to provide the President-elect’s team access to daily intelligence briefings – a tradition for incoming presidents that dates back decades. Trump and other White House officials have continued to make baseless claims of voter fraud, whilst Republican lawyers have filed lawsuits to challenge the results in swing states like Pennsylvania and Michigan. (Financial Times)

Today's events, rates, and data 

  • US stocks slid yesterday, with futures for the S&P 500 little-changed overnight, after global cases of coronavirus grew and markets showed concern that tougher restrictions will impact economic growth. Currencies were little changed overnight and into this morning, whilst US Treasuries were back in demand and oil prices sank.

Today's events

German Buba President Weidmann Speaks: 10.00am
Eurozone Flash GDP: 10.00am
US PPI and Core PPI: 1.30pm
MPC Member Tenreyro Speaks: 2.00pm
US UoM Consumer Sentiment: 3.00pm
BoE Gov Bailey Speaks: 4.00pm

Interbank rates:

GBP/USD: 1.3160
GBP/EUR: 1.1140
EUR/USD: 1.1815
USD/CAD: 1.3150

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