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Fed waits in the wings

Today's news headlines: 

‘Apple, Alphabet and Microsoft rake in $57bn of quarterly profits’. Despite the struggles of the Coronavirus pandemic, the top tech stocks raked in unexpectedly high profits in the second quarter of 2021. The earnings rolled in 30% higher than Wall Street had estimated, emphasising the popularity of digital services and the resilience the industry has to economic shocks. Portfolio manager of AllianceBernstein, Jim Tierney, has highlighted the increase in tech awareness that has driven this growth as many turned to new systems when working from home became normality. Homeworking is a trend AB believes is here to stay. (Financial Times)

‘England set to welcome double-jabbed US and EU tourists’. Fully vaccinated tourists from the EU and US are likely to be allowed into the UK from as early as next week. Ministers in Whitehall are expecting the move will be the catalyst for the rest of global travel to begin to ease under similar conditions of full vaccination. Companies throughout the tourism sector have welcomed the news but have insisted more needs to be done to help the downtrodden industry. Talks around whether France should be removed from the 'amber plus list' are also heating up. (Financial Times)

Today's events, rates, and data 

The FTSE 100 closed 0.42% lower yesterday with some disappointing UK earnings results. Sterling had a broad-based rally late afternoon, with Cable reaching highs of $1.3890 and GBP/EUR punching higher to €1.1755. The Federal Open Market Committee meetings later today are likely to bring some market volatility and potential US Dollar strength if the Fed continues to advance its hawkish view.

Today's events

UK British Retail Consortium Shop Price Index y/y: -1.2% vs -0.7% last month
Australia CPI q/q: 0.8% vs 0.6% previously
German Gfk Consumer Climate: -0.3 vs -0.3 last month
Canada CPI and Core CPI m/m: 1:30PM
US Crude Oil Inventories: 3:30PM
US FOMC statement: 7:00PM
US FOMC press conference: 7:30PM

Interbank rates:

GBP/USD – 1.3875
GBP/EUR – 1.1747
EUR/USD – 1.1810
USD/CAD – 1.2580

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