Growing rebellion

Today’s news headlines:

‘Johnson sends Brexit proposals to Parliament as rebellion grows’. Boris Johnson’s controversial plan to override the divorce treaty signed with the EU will be voted upon in the House of Commons today. A growing number of Tory MPs are opposed to Johnson’s plan, with the PM’s former Attorney General Geoffrey Cox joining the opposition over the weekend. The EU has threatened legal action against the UK unless Johnson withdraws the plan by the end of the month. (Bloomberg)

‘Not enough Covid vaccine for all until 2024, says biggest producer’. The world’s largest vaccine manufacturer, Serum Institute of India, has warned there won’t be enough vaccines for everyone on the planet until at least the end of 2024. The Chief Executive of the company estimated 15 billion vaccinations could be required to vaccinate the global population, adding that pharmaceutical companies simply aren’t increasing production capacity fast enough. (Financial Times)

Today's events, rates, and data 

  • Asian equities gained overnight along with US and European futures while the US Dollar edged lower. Sterling opens the London session marginally higher against its peers after last week’s fall, while Sterling implied volatility remains heavily skewed to the downside.  

Today's events

JP Industrial Production (July): 8.7% vs 8.0% last month 
EU Industrial Production (July): est. 4.2% vs 9.1% last month 

Interbank rates:

GBP/USD – 1.2835
GBP/EUR – 1.0830
EUR/USD – 1.1850
USD/CAD – 1.3160