Morning Report

Morning Report – Thursday 22nd October

Main Headlines

The UK and EU have decided to resume intensified Brexit talks today after an hour long phone call between Michel Barnier and David Frost yesterday. The negotiations had been paused after Boris Johnson insisted on fundamental changes to the EU’s approach, but have been resumed with a new soft deadline being the next EU Summit in November.

Nancy Pelosi admitted that a fiscal stimulus bill may not be agreed until after the US election. The dollar index had dropped to a 5 week low in hopes that a package would be agreed yesterday morning and stocks had climbed at the market open. Mitch McConnell is also against discussions taking place as it may disrupt Amy Coney Barrett’s Supreme Court nomination.

A top US official has warned that Iran and Russia have acquired voter-registration information and will most likely interfere with the Presidential election. He highlighted an Iranian attempt to impersonate the proud boys, a far right group, who have already sent mass emails to Trump supporters.


The pound continues to gain on the dollar in early morning trading, and is flat against the euro. The pound rose to a 5 week high yesterday as both fiscal stimulus optimism and resumed Brexit negotiations contributed to the rise in the value of Sterling. Bank of England Governor Andrew Bailey is also set to speak later today on what is a slow day on the economic data front.


The euro is trading flat against both the dollar and pound this morning. Coronavirus cases continues to ravage the continent and Spain became the first European country to hit 1 million cases, even as its capital city is in full lockdown. The day is light on economic data and only ECB member Fabio Panetta is set to speak this afternoon.


The dollar is falling against most major currencies this morning, after hitting a low last seen in early September. The last US Presidential debate is scheduled for tonight and is the final chance for the candidates to address the nation. Trump is still behind in the polls and needs a strong performance to have any chance come 3rd November.

Main Economic Data/Central Banks/Government (All times BST)
7:00 a.m.: Germany Nov. Consumer Confidence
7:45 a.m.: France Oct. Manufacturing Confidence
8:00 a.m.: Turkey Oct. Consumer Confidence
8:00 a.m.: ECB’s Panetta speaks
9:30 a.m.: BOE’s Haldane speaks
10:00 a.m.: Euro-Area 2019 Government Debt/GDP Ratio
10:25 a.m.: BOE’s Bailey speaks
12:00 p.m.: Turkey, Ukraine rate decisions
1:30 p.m.: U.S. Initial Jobless Claims
2:00 p.m.: Israel rate decision
3:00 p.m.: Euro-Area Oct. Consumer Confidence

U.S. final presidential debate
NATO defence ministers hold conference