The mist ahead

Today’s news headlines:

• ‘Draft rules laid out for UK workplaces to ease lockdown’ – In a list of guidelines drawn up by the government’s business department, companies will be expected to ban hot desking, keep canteens closed and lifts half empty when the UK gets back to work. Companies will be told to stagger staff shifts, avoid face-to-face meetings and keep employees apart with floor tape. Office workers will be urged to work from home for months more to prevent the public transport system being overwhelmed. (Financial Times)

• ‘Trump promises ‘Conclusive’ U.S. report on virus’s China origins’ – President Trump has reiterated that he has little doubt that Beijing misled the world about the scale and risk of the coronavirus disease prior to it becoming a pandemic. The President’s comments come as tensions between the two nations continue to rise as the US death toll tops 67,000 people. US officials also believe that China’s cover up allowed them to stock up on the medical supplies needed to respond to the outbreak. (Bloomberg)

Today's events, rates, and data 

• A heightening of tensions between the US and China caused risk sentiment to turn sour on Friday as global stocks slid more than 2%. Oil was back in the news as WTI lost more than 8% as investors sought to dump near-term contracts over fears of a supply shortage. To begin the week, equity index futures are lower across the board along with risk currencies like the Chinese Yuan and Kiwi Dollar.

Today's events

EU Final Manufacturing PMI                      9.00am
US Factory Orders                                     3.00pm
US Durable Goods Orders                         3.00pm

Interbank rates:

GBPUSD: 1.2454

GBPEUR: 1.1381

EURUSD: 1.0941