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A risky game

Today's news headlines:

‘Pelosi poised to visit Taiwan as China threatens military action’. House Speaker Nancy Pelosi will become the highest-ranking US politician to visit Taiwan in 25 years when she lands in Taipei today. The visit will cap her decades-long record of pushing back against China’s authoritarian regime, but the trip should not be regarded as a provocation, according to the White House’s National Security Council. In response, China has threatened unspecified military action, which risks sparking tensions between the world’s two biggest economies. China has always regarded Taiwan as part of China, refusing to recognize its independence and could possibly send warplanes over the island in response to Pelosi’s visit. (Bloomberg)

‘Truss aims to save billions by cutting civil service “waste”’. As UK Prime Minister, Liz Truss would eradicate the inefficiencies of the British civil service, saving billions of taxpayer pounds a year. Currently ahead in the polls to replace Boris Johnson, Truss would set regional civil servant pay, linked to the cost of living in their area, saving £8.8bn a year, a move condemned by Labour as ‘levelling down’. Meanwhile, Truss has received the backing of former rival Penny Mordaunt, who said Truss was best placed to win the next general election. (Bloomberg)


Overnight, Asian stocks fell along with US and European equity futures in response to house speaker Pelosi’s planned trip to Taipei. The Pound remains above the 1.22 interbank level against the US Dollar for now, but further risks remain around the China-Taiwan situation, which could increase demand for safe-haven assets. 


RBA Cash Rate and statement: 1.85% vs 1.35% previously
UK Nationwide HPI m/m: 0.1% vs 0.2% previously 
US JOLTS Job Openings: 3.00pm
NZ Employment Change and Unemployment Rate: 11.45pm
FOMC Member Bullard speaks: 11.45pm

Interbank rates:

GBPUSD: 1.2217
GBPEUR: 1.1929
EURUSD: 1.0242
USDCAD: 1.2864

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