Hitting the high street
Today’s news headlines:
‘Covid-19 deaths rise as US states impose new restrictions’. A day after the US reported its largest one-day jump in cases, President Trump wore a face covering in public for the first time since the outbreak of Covid-19. Some US states have now ordered mandatory mask-wearing in response to a surge in new cases of coronavirus. Meanwhile, businesses are forging ahead with reopening plans, in Florida, Disney World reopened the doors to the Magic Kingdom as did Sea World in Orlando. (Financial Times)
‘European shoppers hit the high street but exports drag on growth’. According to data released over the past week, European residents have returned to the high street as the region continues to recover from the coronavirus pandemic. As per economists at Capital Economics, ‘The Eurozone’s economic recovery looked remarkably V-shaped’ due to restrictions being lifted faster than anticipated, leading to a return to spending. Despite the positivity, exports for the region are still well below pre-virus levels as global trade continues to suffer. (Financial Times)
Today's events, rates, and data
News that OPEC+ are looking to gradually ease controls on oil output caused a fall in the commodity’s price, but global stocks continued to sit in positive territory. Chinese and Japanese equities led the rally overnight along with US and European futures. Sterling remains relatively unmoved as investors sit on the sidelines awaiting some progress on Brexit negotiations.
Bank of England Governor Andrew Bailey speaks: 4.30pm
US Federal Budget Balance: 7.00pm