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Today’s news headlines:
‘Brexit talks resume with just seven weeks left to reach a deal’. The EU’s chief Brexit negotiator, Michel Barnier will resume face-to-face discussions over the future UK-EU relationship over dinner tonight with his UK counterpart, David Frost. Officials from both sides will then look to thrash out the details of the deal before the two reconvene on Friday, with time running out for any agreement to be ratified before the end of the transition period. The two sides remain far apart on issues of EU access to fishing waters and the EU condition of a level competitive playing field. (Bloomberg)
‘Michelle Obama declares Trump unfit for Presidency’. The former First Lady, Michelle Obama, pronounced Donald Trump as unfit for the US Presidency in her speech at the Democratic National Convention last night. Obama claimed Trump had spread ‘chaos and division’ at a time when Americans need ‘leadership and consolation’ in the wake of the coronavirus pandemic. Obama hinted that things would get worse under a second term of Trump. At the same time, defeated democratic candidate, Bernie Sanders, urged millions of his progressive supporters to back the more moderate Joe Biden. (Financial Times)
Today's events, rates, and data
US shares came within touching distance of record highs yesterday, but global stocks struggled for direction after US sanctions on Huawei hit Asian chipmakers. The US Dollar declined further after soft data and a pullback in US treasury yields. The British Pound could be in for a choppy few days with Brexit talks resuming.
US Building Permits: 1.30pm
US Housing Starts:1.30pm