Today's news headlines:

‘Boris Johnson faces vote of no-confidence in his leadership’. Boris Johnson will face a vote of no confidence on Monday evening after Sir Graham Brady, chair of the 1922 committee, received at least 54 letters requesting a vote. Johnson will spend today pleading for backup from his party, although allies of his are confident he will achieve the simple majority of 180 MPs needed to survive the vote. Under current rules, should Johnson win the vote he cannot be challenged again for at least 12 months. (Financial Times)

‘Russia hits Kyiv with missiles; Putin warns West on arms’. Russia claims it has destroyed tanks donated from abroad in Kyiv, adding any deliveries of Western rocket systems would force Russia to hit ‘objects we haven’t yet struck’. Putin’s latest threat comes just days after the US announced $700 million worth of assistance to Ukraine, including rocket systems as well as helicopters, radars and tactical vehicles. (Bloomberg)

Today

Asian equities climbed on Monday as Chinese data showed services activity picked up in May, following easing Covid controls, while US futures traded flat. The US Dollar drifted lower on a trade-weighted basis, and oil prices edged higher. 

Events

Chinese Caixin Services PMI (May): 41.4 (est. 46.1)
Australian TD Securities Inflation YoY (May): 4.8% (prev. 3.4%)
UK BRC Retail Sales YoY (May): 12AM

Interbank rates:

GBP/USD – 1.2515
GBP/EUR – 1.1670 
EUR/USD – 1.0724
USD/CAD – 1.2575

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