Today's news headlines:
‘Business welcomes relaxation of Covid self-isolation rules in England’. As of Monday, those who are fully vaccinated in the UK are required to conduct a PCR test if they’ve been in contact with someone who has tested positive for Covid-19, rather than self-isolating. Businesses have echoed their support, with many believing that this move will enable greater economic activity in the months ahead. At the peak of the so-called ‘pingdemic,’ around 1.2 million people were asked to self-isolate, causing mayhem for businesses. With infection rates very low among the double-jabbed, the easing of these measures is unsurprising, and many companies are continuing to call for more relaxations. (Financial Times)
‘Pakistan bonds hit as investors brace for Afghanistan fallout’. The fall of the US-backed government in Afghanistan is a hammer blow for the people, as the Taliban stormed the capital of Kabul in the last few days. These events have pressured markets, with Pakistan’s international bonds experiencing a sell-off yesterday, falling around 4% since mid-June. The refugee crisis is one of the main drivers of this move, as families who’ve been displaced will require some state support, putting pressure on already strained government funds. (Financial Times)
US markets were mixed yesterday as data out of China suggests a slowing economy. The S&P 500 climbed 0.260% and the Nasdaq nudged 0.200% lower. Cable has drifted lower this morning to below the $1.38 handle, while the US 10-year Treasury yield has fallen overnight to 1.221%.
UK Unemployment Rate: 4.7% vs 4.8% last month
Eurozone flash Employment Change q/q: 10:00AM
Eurozone flash GDP q/q: 10:00AM
US Retail and Core Retail Sales m/m: 1:30PM
US Industrial Production m/m: 2:15PM
Federal Reserve Chairman Jerome Powell speaks: 6:30PM
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