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Activity levels bounce back

Today's news headlines: 

‘Eurozone consumer activity returns to pre-pandemic levels’. As the European recovery continues to catch up with other nations such as the UK and US, more people have been leaving home, eating out, and travelling. So much so, that in countries such as Germany and France, time spent at home is at its lowest level since February 2020. The re-opening of schools and employees returning to offices has helped to fuel this rebound which has also seen transport use surge. Coronavirus cases on the continent have also come under control, with the seven-day rolling average falling below 50,000 infections. (Financial Times)

‘Hidden debt on China’s Belt and Road tops $385bn, says new study’. China’s hallmark foreign policy, the Belt and Road Initiative, has left many lower and middle-income countries (LMIC) hampered with debt. The pace of lending by China has slowed over the last few years as the G7 has stepped up its efforts to curb China’s international dominance. Around 40 LMIC have debt exposure levels of more than 10% of their GDP, according to Aid Data. There are fears that these aggressive lending practices could push some countries into a vicious debt cycle, whereby obligations cannot be met, meaning China will ultimately seize those assets. (Financial Times)


Markets were in a downbeat mood yesterday as rising bond yields and data misses weighed on markets. The S&P 500 drifted 2.04% lower, meanwhile across the pond, the Euro Stoxx 600 fell 2.18%. Cable has continued lower this morning, trading around the $1.35 level after falling from $1.37 yesterday.


UK British Retail Consortium Shop Price Index y/y: -0.5% vs -0.8% last month
Credit Suisse Economic Expectations: 9:00AM
US Pending Home Sales m/m: 3:00PM
US Crude Oil Inventories: 3:30PM
European Central Bank President Christine Lagarde speaks: 4:45PM
Bank of England Governor Andrew Bailey speaks: 4:45PM
Bank of Japan Governor Haruhiko Kuroda speaks: 4:45PM
Fed Chairman Jerome Powell speaks: 4:45PM

Interbank rates:

GBP/USD – 1.3516
GBP/EUR – 1.1580
EUR/USD – 1.1671
USD/CAD – 1.2691

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