The Day Today 2nd August 2022

  • Conservative leadership contender, Liz Truss, vowed to fight the “Whitehall” establishment in a war on waste, she also refused to rule out breaking up the Treasury.
  • RBA increased rates by 50bp and “expects to take further steps…but it is not on a pre-set path”.
  • BA halted sales of tickets on short haul flights from Heathrow Airport until August 8th due to continued disruption to air travel.
  • Chinese warplanes fly close to Taiwan Strait dividing line ahead of expected Pelosi visit today.
  • Instagram chief to relocate to London.

The Week That Will Be
The UK, poor old BOE started hiking early but did a terrible sales job of it, they’ll be forced to hike 50bp on Thursday; The Fed, turbocharged hawks still, but they’ll want a lower NFP Friday in the upside down world; Australia, 50bp hike coming on Tuesday; Earnings, Tuesday sees Starbucks, Wednesday Moeller-Maersk, Thursday Glencore.

On this day in 1937 the Marijuana Tax Act was passed in America, effectively rendering marijuana and all its by-products illegal.

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