The Day Today 22nd July 2021

  • Bipartisan group of Senators said of the infrastructure package “close to final agreement” despite Republicans blocking progress so far.
  • Australian Covid cases spiked again and their PM apologised for a sluggish vaccination programme.
  • US Treasury market had another testing time after a 20-year auction fared poorly.
  • Olympics opening ceremony director dismissed on eve of event.
  • Bitcoin rose after comments by Elon Musk including “most likely…Tesla would resume accepting Bitcoin” and Cathie Wood as it is an inflation hedge.

The S&P 500 gained 0.8% and the sectors that rose, e.g. energy, are economically sensitive ones. Sentiment was helped by several strong earnings results, like Coca-Cola. Asian equity markets climbed helped by Wall St’s performance.

ECB today, here is some commentary from our The Week That Will BeThe ECB will also look more hawkish in their meeting this week…But longer term, greater flexibility on QE will leave the ECB, once again, one of the more dovish central banks”.

The Economist: Finance and economics articles summarised

On this day in 1946 The King David Hotel was bombed by the Irgun. It was the site of the civil administration and military headquarters for Mandatory Palestine.

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