The Day Today 24th September 2021

  • Japan CPI flat, as exp, but impacted by change in base year overweighting disinflationary mobile phone fees.
  • US 30y bond has largest one day move since March 2020.
  • DFS warns cost of furniture going up, delivery times lengthening.
  • China relaxes restrictions on domestic banks making overseas Yuan-denominated loans.
  • UK Chancellor announces review into much of Tsy Select Committee reportLessons from Greensill Capital”, including reform of appointed representatives regime.
  • AUKUS is an “insult to a NATO partner” creating a “big loss of trust” in Biden administration, according to senior German diplomat.
  • Vietnam delays reopening tourist island due to insufficient vaccine supplies locally.
  • AirBnB Q2 bookings of 3 and 4 days over the weekend up 70% on 2019; Cornwall room rates up 66% in August but Malaga down 1%.
  • “Consumers have been eating out, not getting drunk”, as pub sales in August down 1.4% vs 2019 but restaurants up 12.5%.
  • UK GfK Consumer Confidence -13 vs -8.

The $&P 500 closed 1.2% higher as fears of an imminent Evergrande crisis receded. Equity markets rose in Asia.

Germany: Going Left and Going Green
It’s not just the end of Merkel on Sunday. It heralds the dawn of a very different Germany. And with it, a new direction for Europe.

  • Germany is going left and going green, whatever the election outcome………

On this day in 1906 US President Theodore Roosevelt proclaimed Devils Tower in Wyoming as the nation’s first National Monument. The Tower features heavily in Steven Spielberg’s 1977 Close Encounters of the Third Kind.

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