Today's news headlines:
‘UK orders 35m more Pfizer Covid jabs for next year.’ In a move to bolster its defences against Coronavirus variants, the UK has ordered 35m more doses of the Pfizer vaccine to be delivered in the second half of next year. Talk on booster shots has gathered pace in recent weeks, with the UK expected to formally start administering these shots in September pending advice from the Joint Committee on Vaccination and Immunisation. Scientists are somewhat undecided on the effectiveness of a third shot, but it’s expected to be backed for use on the vulnerable age groups as Delta works its way through communities. (Financial Times)
‘China’s crypto crackdown delivers windfall to global bitcoin “miners”’. Bitcoin miners across the globe are benefitting from higher profits as China crackdowns on the practice have effectively eliminated competition in the market. With fewer market participants creating these finite coins, it’s meant the process has become easier and cheaper. Following the ban on miners in China, global production is expected to have fallen by 40-50%. The environmental impact of Bitcoin mining has also been met with criticism as it accounts for 0.4% of the world’s energy consumption. (Financial Times)
US stocks rallied ahead yesterday as risk-on sentiment returned to markets. The S&P 500 climbed 0.85%, while the tech-heavy Nasdaq closed 1.55% higher. Cable has pushed higher since the start of trading yesterday, currently up around 0.70%, while GBP/EUR has re-tested the €1.17 level this morning.
Bank of Japan Core Consumer Price Index y/y: 0.2% vs 0.1% last month
Monetary Policy Committee member Silvana Tenreyro speaks: 10:00AM
China CB Leading Index m/m: 2:00PM
US Richmond Manufacturing Index: 3:00PM
GBP/USD – 1.3741
GBP/EUR – 1.1702
EUR/USD – 1.1745
USD/CAD – 1.2620
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