The Day Today 8th June 2021

  • Just 25,000 votes currently separate the candidates in Peru Presidential election with leftist Castillo edging into the lead.
  • Bosch opens new 1bn EUR semiconductor factory in Dresden; board member tells carmakers just-in-time demand for semiconductor chips must end.
  • UK tech companies urge government to do more to boost digital skills.
  • Boris, Rishi and BOE Bailey host charm offensive virtual roundtable with UK business leaders, Boris arrived early.
  • Founder of broker XTX warns zero commission contains hidden costs and ‘The GameStop episode made it obvious that the retail part of the market is particularly broken’.
  • Australia NAB business conditions advanced to 37 from 32.
  • Canada prepares to loosen restrictions on vaccinated travellers.
  • Biogen Inc’s new Alzheimer drug was given approval spurring gains in its stock and the whole sector, boosting the Nasdaq.

US equity markets drifted, the Nasdaq closed up 0.5% with Biogen giving it a boost. Asian equity markets slipped.

It Still All Comes To Nought
++ The tremors from the pandemic persist. They will weigh on economic growth as the velocity of people remains impaired. Monetary and Fiscal stimulus won’t help. It still all comes to nought again in 2021 ++
The latest outbreak in Asia is akin to an aftershock from the initial earthquake wrought last year. In an echo of Lombardy, Malaysia now reports…

The Week That Will Be
The Economist: Finance and economics articles summarised

On this day in 1929 Margaret Bondfield was appointed the Minister of Labour, becoming the first woman appointed to the Cabinet of the United Kingdom.

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