Morning Report

Morning Report – Friday 13th November

Main Headlines

Dominic Cummings, Boris Johnson’s chief adviser, tendered his resignation late last night and is set to leave Government by the end of the year. This is a continuation of the saga that was started by Lee Cain’s resignation on Wednesday, and is a fallout from the Prime Minister’s decision to break the stranglehold of pro-Brexit campaigners on No.10.

France will extend its national lockdown at least two more weeks, while Chicago has advised people to stay at home for 30 days. In the US, daily Coronavirus cases have hit record highs, and there is talk that Biden might enact a second four-to-six-week lockdown.

Three of the world’s top Central Bankers were in attendance of a virtual conference yesterday and spoke about all matters ranging from Coronavirus and the US election, to monetary policy tools. Christine Lagarde and Andrew Bailey were both cautiously optimistic that a vaccine would help the economy get back to its feet, but stressed that it would take time.


The pound is trading higher against both the euro and dollar in early morning trading today. Brexit talks were delivered a blow yesterday, as senior officials continue to speak out that key differences remain, and pushed the soft deadline back to 18th November. The general consensus remains that an agreement will be made before the 31st December.


The euro is trading relatively flat against the dollar in early morning trading today. A host of economic data for the Eurozone is released today, including economic growth in Q3, which is expected to be the largest on record at +15.8%, while the trade balance deficit is set to worsen.


The dollar is mostly unchanged against a set of other major currencies, including the Japanese Yen. In bad news for markets, the White House is reportedly abandoning stimulus talks, leaving the negotiations up to the incredibly hard line Mitch McConnell, who recently tried to push forward a stimulus package worth only $500 billion.

Main Economic Data/Central Banks/Government (ALL TIMES GMT)

7:00 a.m.: Germany Oct. Wholesale Price Index
7:00 a.m.: Turkey Sept. Industrial Production
7:45 a.m.: France Oct. CPI
8:00 a.m.: Spain Oct. CPI
8:30 a.m.: ECB’s Rehn speaks
10:00 a.m.: ECB’s Weidmann speaks
10:00 a.m.: Euro-Area 3Q GDP, Employment, Sept. Trade
1:00 p.m.: BOE’s Cunliffe speaks
2:00 p.m.: BOE’s Tenreyro speaks
4:00 p.m.: BOE’s Bailey speaks

​​​​​​​France sovereign debt rated by Fitch
G-20 finance ministers and central bankers hold extraordinary meeting