The Day Today 27th June 2022

  • UK, US, Japan and Canada to ban new imports of Russian gold.
  • Biden tells Scholz at G7: “I want to compliment you on stepping up as you did when you became Chancellor. Putin’s been counting on it from the beginning, that somehow NATO and the G7 would splinter, but we haven’t and it’s not going to”.
  • Russia fires missiles on Kiev.
  • G7 leaders launch Partnership for Global Infrastructure, to which the US will contribute $200bn over five years.
  • Russia defaults on foreign currency debt for first time since 1918 as grace period ended on Sunday evening and some Taiwanese holders of Russian bonds denominated in Euros say they haven’t received payment.
  • NATO to bolster defence of the Baltics.
  • China industrial firm profits decline at slower pace.
  • BOJ Minutes confirm no debate on changing policy, although one member was worried sharp declines in the yen created uncertainty.
  • Bank of Italy research paper finds ETFs exacerbate volatility in emerging market capital flows.

Asian markets were higher following the strong close to last week in the US. Today brings US Durable Goodies as well as day two of the G7 Summit.

The Week That Will Be
It’s the ECB’s version of Jackson Hole, as Powell / Lagarde / Bailey are all on the roster at a policy panel on Wednesday in Sintra; Not that they care about inflation data from the Eurozone or the US PCE Index released Thursday; and the US ISM Manufacturing data due Friday isn’t quite the bellwether it once was, as not all readings are created equal…

On this day in 2007, Tony Blair resigns as Prime Minister.

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