Today's news headlines: 

‘UK’s Covid booster programme expected to start in September’. The elderly and vulnerable in the UK are expected to receive Covid booster shots later this year, as winter approaches and caution to keep hospitalisations low increases. Around 85% of adults in the UK have received a first dose of the vaccine, and about 62% have been fully vaccinated. Experts have warned against a winter resurgence of the virus, with priority on those who are immunocompromised and anyone aged over 70 to receive the booster. (Financial Times)

‘Financial services sector set for carve-out from new global tax rules’. Financial services firms in London look to be the welcome recipients of an exemption from the new multinational tax system. Current regulation means banks need to be capitalised in the countries they operate. Under the new scheme, the UK Treasury is concerned that more tax would be paid overseas than would be paid domestically, disadvantaging the UK. (Financial Times)

Today's events, rates, and data 

• US markets diverged yesterday as the Dow Jones gained 0.61% and the Nasdaq drifted 0.17% lower. The FTSE 100 closed 0.71% lower yesterday as final UK GDP figures failed to impress. Cable has backed off overnight, with the pair currently trading around $1.38.

Today's events

China Caixin Manufacturing PMI: 51.3 vs 52.0 last month
German Retail Sales m/m: 4.2% vs -5.5% last month
ECB President Christine Lagarde Speaks: 8:00AM
German final Manufacturing PMI: 8:55AM
BOE Governor Andrew Bailey Speaks: 9:00AM and 10:00AM
UK final Manufacturing PMI: 9:00AM
US ISM Manufacturing PMI: 3:00PM

Interbank rates:

GBP/USD – 1.3805
GBP/EUR – 1.1662
EUR/USD – 1.1838
USD/CAD – 1.2408

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