The Day Today 11th October 2021

  • New Japan PM backpedals over proposed CGT and dividend tax increase.
  • Russia’s permanent representative to the EU advises ‘change adversary to partner and things get resolved easier’ over gas supplies.
  • Evergrande faces three semi-annual offshore bond coupons due to paid by midnight.
  • In the face of a nervous population over rising infections, Singapore’s leader urges “we must not be paralyzed by fear”.
  • US describe first face-to-face talks with Taliban as “candid and professional”.
  • Chunk of steel jobs at Gupta plants secured after restructuring Australian operations of GFG.
  • Business and Education groups lobby UK government to extend temporary visa scheme to their industries.
  • UK criminal barrister shortage delaying cases.
  • Thailand tourism industry concerned about proposed $15 (500 THB) tax on incoming international visitors.
  • Biden nominees confirmed at slower pace than previous three Presidents due to Ted Cruz holding out over sanctions on Nord Stream 2.
  • UK ministers clash over bail outs for UK companies over energy prices.
  • BOE’s Bailey said “I am concerned with inflation above target” in an interview with the Yorkshire Post; BOE’s Saunders said households must brace for “significantly earlier” interest rate rises.
  • More than 1.76 million people have been affected by severe flooding in China’s Shanxi province.
  • The price of Chinese coal rose with futures reaching record levels after flooding shut dozens of mines; the vast majority of China’s domestic coal comes from Shanxi.
  • Meituan, Chinese food delivery giant, saw its shares surge 9% after it was hit with a fine of just $534mio by Chinese regulators.

The S&P 500 fell 0.2% by Friday’s close, after the NFP miss, although ended the week 0.8% higher. Asian shares traded higher overnight, helped by Japanese and Chinese tech stocks, but US futures declined.

The Week That Will Be

  1. Inflation We get the latest inflation readings from the US and Germany on Wednesday and the big one from China on Thursday. For the latter it’s all about producer prices which have started to accelerate higher in the last two months. Anything above 10% and we are into price increases reaching two decade highs… 2. Jobs …but…

On this day in 1984 astronaut Katherine Sullivan became the first American woman to perform a space walk.

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