The Day Today 12th October 2021

  • BRC: UK retail spending +0.3% last month, down from +3.0% in August as consumers increase petrol spend by most in two years +11.1% (according to Barclaycard survey).
  • Maersk diverts ships from Felixstowe for first time since the summer because “there was nowhere to discharge the containers”.
  • IFS warns little room for manoeuvre in Budget.
  • UK Treasury is considering help for energy-intensive sectors, as Boris tells Rishi to help Kwasi.
  • Asos CEO leaves and company warns on profits due to rising costs.
  • Japan wholesale inflation reaches 13 year high.
  • IMF board backs Georgieva but US Yellen warns “proactive steps must be taken to reinforce data integrity and credibility”.
  • Evergrande misses third set of bond coupon payments.
  • Thailand to remove quarantine for fully vaccinated travellers next month.
  • AirAsia to re-start all domestic Malaysian routes and push for international travel after the PM opened the border for first time this year.
  • India starts to deliver vaccines by drone.
  • Chinese regulators and 25 financial institutions are being inspected where the focus is on whether they have become too chummy with private firms, especially those in Beijing’s crosshairs like Evergrande and Didi Global, reports WSJ.
  • Chinese thermal coal futures surged to another record for a second day.
  • South Korea held interest rates steady although two members called for back-to-back rate rises and the Governor gave a strong signal for a November hike.

The S&P 500 closed down 0.7%. The price of US crude oil hit a seven year high yesterday. Asian equity markets declined overnight, following the US lead but also responding to signs Beijing is widening its scrutiny.

The Week That Will Be

On this day in 1945 Desmond Doss became the first conscientious objector to win the Medal of Honour. Not only did he save the lives of 50-100 wounded men at Maeda Escarpment or Hacksaw Ridge on Okinawa, but on several other occasions came under enemy fire and was wounded four times on Okinawa itself. Even when seriously injured he cared for his own injuries rather than divert other men to help him and when placed on a stretcher so as he could be evacuated, crawled off to allow what he thought was a more seriously injured man to be taken instead.

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