Global Reach is becoming Corpay Cross Border, part of FLEETCOR, to broaden our client offering. Please contact our team for further information. 

Lighting the way

Today's news headlines: 

‘European governments weigh billions in aid to weather soaring gas prices’. Many European governments have come under pressure to address the potential energy crisis heading into the winter. Soaring gas prices and suffocating supply chains have been a cause for concern as the energy market continues to threaten economic recovery. Italy looks likely to push through a €4.5bn support package to the energy sector to help keep prices stable and provide protection to consumers. These prices have been driven higher thanks to lower exports from Russia into Europe ahead of the construction of the Nord Stream 2 pipeline. (Financial Times)

‘Asian equities hit by volatility on Evergrande default fears’. Asia’s markets suffered their worst single-day fall for almost four months overnight. The sell-off was led by Japan with the Topix falling 1.7% as Evergrande contagion fears continue to grip markets. News coming from Beijing suggests the highly leveraged company could be allowed to fail. Around $83.5m of interest payments come due on one of its bonds on Thursday, a looming deadline that could knock the company comfortably into default. (Financial Times)


Markets continue to grapple with potential contagion from Evergrande, with the S&P 500 falling 1.70% yesterday while the Nasdaq also took a 2.19% knock. It’s a light day for data ahead of the Federal Reserve meeting tomorrow and the Bank of England on Thursday. This morning, Cable has nudged 0.20% higher off its $1.3642 Monday lows.


UK Public Sector Net Borrowing: 19.8B vs 6.2B last month
UK CBI Industrial Order Expectations: 11:00AM
US Building Permits: 1:30PM
US Current Account: 1:30PM
US Housing Starts: 1:30PM

Interbank rates:

GBP/USD – 1.3679
GBP/EUR – 1.1655
EUR/USD – 1.1735
USD/CAD – 1.2744

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