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Testing slowdown

Today's news headlines: 

‘Covid test delays hamper England’s battle against new wave’. As the Delta variant continues to push infection rates higher in England, access to regular testing appears to be increasingly difficult. The national booking system is being consistently turned off to manage demand for tests according to people on the ground. As the UK eases nearly all restrictions today, it‘s likely infection rates will continue to rise, with some scientists estimating around 100,000 cases per day. Turnaround times for testing, although stable at the start of the year, began to slow down in May as the UK began to unlock; testing will need to ramp up one last time. (Financial Times)

‘UK’s biggest pub group files £845m Covid lawsuit against insurers’. Stonegate, the UK’s largest pub group, is suing a number of insurers for the costs it incurred during the pandemic. Claims against a policy of business interruption and related losses have been raised a number of times. However, the insurers have been unable to pay out after the initial lockdown, when Covid became a known event, meaning more premium would have had to be paid to cover the pub group. The insurers have since published a statement emphasising that they are working towards an agreement. (Financial Times)

Today's events, rates, and data 

  • The FTSE 100 closed 0.06% softer on Friday, while the FTSE 250 was also in the red around 0.15%. Cable has pushed lower since Friday, with the pair currently around $1.3750 in early trading today. Elsewhere, EUR/USD has also dipped below $1.18 this morning.

Today's events

UK Rightmove HPI m/m: 0.7% vs 0.8% last month
German Bundesbank Monthly Report: 11:00AM
MPC member Johnathan Haskel speaks: 11:00AM
US NAHB Housing Market Index: 3:00PM

Interbank rates:

GBP/USD – 1.3753         
GBP/EUR – 1.1651
EUR/USD – 1.1802
USD/CAD – 1.2645

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