The Day Today 20th July 2021

  • US advises travellers to avoid the UK.
  • Australia, Victoria state extended its lockdown and tightened border restrictions with Sydney; South Australia reintroduced restrictions.
  • Japan Inflation rose 0.2% yoy vs f/c -0.1%.
  • China held its benchmark lending rate unchanged, for the 15th straight month.
  • RBA Minutes said “conditions for an increase in the cash rate would not be met until 2024”; “economic outcomes had been materially better than earlier expected…in light of these improvements…members decided to adjust weekly purchases from $5 billion to $4 billion”.
  • Apple will postpone returning to the office by at least a month as virus variants persist.
  • Boris Johnson says key workers will be exempt from self-isolation rules; nightclubs and large venues will need to ensure customers are vaccinated (both jabs) from end September.
  • UBS reports 63% jump in net profit.

The S&P 500 closed down 1.6%, the yield on the US 10 year fell 0.1 percentage points to 1.19%. The threat of the Delta variant was blamed. Asian equity markets were lower but US futures climbed.

Earnings today include Netflix, Chipotle, Volvo.

The Week That Will Be

The Economist: Finance and economics articles summarised

On this day in 1974 Turkey invaded Cyprus.

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