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Tighter grip

Today's news headlines: 

‘Didi shares fall 20% as China tightens overseas listings rules’. Didi has lost one-fifth of its value after Chinese regulators began an investigation into the company. China looks poised to tighten restrictions on overseas listings, including extending waiting periods for approval to list on overseas exchanges, making it more difficult to raise capital. As a country with strict capital controls, it looks likely that the $12.4bn raised by several Chinese companies will likely fall as more controls are put in place. Didi traded at a low of $11.58 a share yesterday despite an IPO price of $14 per share. (Financial Times) 

‘Delta variant drives Spain’s Covid-19 rate to highest in mainland Europe’. Low vaccination rates in Spain have left the country open to the emergence of the Delta variant. Infection rates have more than doubled from 58 per 100,000 to 156 per 100,000 last week. The Spanish government has attributed this rise to social gatherings and increased mobility in the country as vacations increase. The country scrapped almost all national Coronavirus restrictions in May and is encouraging British tourists to travel for the summer, on the condition of being fully vaccinated or proof of a negative test. (Financial Times) 

Today's events, rates, and data 

  • US markets began the week slow after the public holiday, with the S&P 500 falling 0.2% and the Dow Jones contracting 0.6%. The FTSE 100 fell 0.89% despite positive UK construction data. Cable is hovering around $1.38 in early trading while Sterling continues to hold strength against the Euro just below $1.17. 

Today's events

German Industrial Production m/m: -0.3% vs -0.3% last month
UK Halifax HPI m/m: 8:30AM
Italian Retail Sales m/m: 9:00AM
European Union Economic Forecasts: 10:00AM
Canada Ivey PMI: 3:00PM
US JOLTS Job Openings: 3:00PM
FOMC Meeting Minutes: 7:00PM

Interbank rates:

​​​​​​​GBP/USD – 1.3810
GBP/EUR – 1.1677
EUR/USD – 1.1827
USD/CAD – 1.2461

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