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Tension building

Today's news headlines: 

‘Global economic data disappointments add to rising growth angst’. Many international data releases have started missing estimates in recent weeks. This is increasing uncertainty in markets as the Delta variant continues to add challenges to the re-opening of economies. A fall in US consumer confidence and large downside surprises in retail sales data have been a concern, with some analysts suggesting the recovery is beginning to lose pace. This has led to a revision in US GDP estimates for this year, adjusted down to 6.2% from 6.6% as continued supply chain disruption could start feeding through into earnings. (Financial Times)

‘Johnson to host G7 talks on Afghanistan with role sought for China and Russia’. Boris Johnson is expected to put pressure on US President Joe Biden to delay the complete withdrawal of US troops from Afghanistan following the events at Kabul airport. The current deadline for the US withdrawal is the 31st of August. The willingness to keep to this timeline has pushed Johnson to seek further support from members of the UN Security Council, which is due to meet later this week. The evacuation of Britons from the country has progressed in the last 48 hours, with more than 1,700 people returning to the UK. (Financial Times)


The S&P 500 closed 0.81% higher on Friday after some dovish comments by President of the Dallas Federal Reserve Robert Kaplan. Cable has recovered marginally from its lows last week, trading mid $1.36 this morning, meanwhile, GBP/EUR is little changed, trading around the mid €1.16 levels.


Australia flash Manufacturing PMI: 51.7 vs 56.9 last month
French flash Manufacturing and Services PMI: 8:15AM
German flash Manufacturing and Services PMI: 8:30AM
Eurozone flash Manufacturing and Services PMI: 9:00AM
UK flash Manufacturing and Services PMI: 9:30AM
US flash Manufacturing and Services PMI: 2:45PM
Eurozone Consumer Confidence: 3:00PM

Interbank rates:

GBP/USD – 1.3649
GBP/EUR – 1.1658
EUR/USD – 1.1712
USD/CAD – 1.2766

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