Today's news headlines:

'Liz Truss prepares renewed bid to persuade SoftBank to list Arm in London'. After the official mourning period for the UK ends next week, Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are expected to push for talks with Japan's SoftBank over the possibility of listing British tech company Arm in the UK. The Japanese conglomerate has previously displayed interest in listing the Cambridge-based chip designer that it acquired in 2016 in New York only. Still, discussions between the UK government and Softbank halted during the summer after Boris Johnson left office. Executives at the bank, headquartered in Tokyo, had begun talks with UK officials about a possible dual listing which would allow the tech company to have a base in London as well as New York. Such a set-up would show a significant vote of confidence in the London stock market. (Financial Times)

'Vladimir Putin acknowledges Chinese "concerns" over Ukraine'. For the first time since Moscow launched its full-scale invasion of Ukraine in February, Russian President Vladimir Putin has publicly admitted differences between China's president Xi Jinping and Russia, with Putin acknowledging Chinese 'concerns' over the ongoing conflict. The two leaders met in person, for the first time since the invasion, in Uzbekistan on Thursday. At the same time, Russian forces were forced to give up important territory in northeast Ukraine off the back of a Kyiv counter-offensive strike. (Financial Times)

Today

US and European stock futures weaken as recession fears grow and investors brace for another significant interest rate hike by the Federal Reserve next week in the wake of this week's hot inflation data. The Pound dropped off overnight against the US currency and now sits around 1.1410, while oil traded flat overnight at the $85.40 level. 

Events

UK Retail Sales m/m: -1.6% vs -0.5% previously
Eurozone Final CPI y/y: 10:00AM 
Canadian Wholesale Sales m/m: 1:30PM
US Preliminary UoM Consumer Sentiment: 3:00PM

Interbank rates*:

GBP/USD: 1.1410
GBP/EUR: 1.1425
EUR/USD: 0.9990
USD/CAD: 1.3270

 

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*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.