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Crunch time

Today’s news headlines:

‘EU leaders to insist on tough enforcement powers in Brexit deal’. EU leaders will meet at a Brussels Brexit summit starting on Thursday, in what could be a pivotal week for the proposed UK-EU trade deal. French President Emmanuel Macron is likely to insist on tough enforcement rules, sending a warning to Boris Johnson that his word can’t be trusted after the Internal Market Bill. EU leaders will call on Michel Barnier to ensure that the ‘level playing field’ agreement will give Brussels the right to take retaliatory action if the UK breaches its commitments. Meanwhile, Barnier has set 31st October as a realistic deadline for an agreement. (Financial Times)

‘Global economic recovery from Covid pandemic is fragile and patchy’. In a week that sees both the IMF and World Bank host their annual meetings, the Brookings-FT Tracking Index shows that growth in the world’s largest economies has been uneven, highlighting the fragility caused by the coronavirus. The global economy has only achieved a minor recovery so far, with many emerging economies suffering severe hardship. With little scope for additional monetary stimulus, confidence in the recovery has been shaken, as most countries have a long way to go to return output to pre-pandemic levels. (Financial Times)

Today's events, rates, and data 

  • Most Asian stocks gained overnight led by China, after optimism grew that the country would increase plans to open the economy to foreign investors. European and US equity index futures began the in the positive, while the Dollar inched higher as risk-on sentiment was dented by the continued hold up of the US fiscal stimulus package.

Today's events

US Bank Holiday
Canada Bank Holiday
MPC Member Haskel Speaks: 3.00pm
BoE Gov Bailey Speaks: 5.00pm

Interbank rates:

GBP/USD: 1.3045
GBP/EUR: 1.1040
EUR/USD: 1.1815
USD/CAD: 1.3125