• richard evans

£185m lottery jackpot up for grabs

Good morning

Asian equities struggle overnight led by the usual concerns of energy prices and inflation but also growing concerns over Evergrande as the firm misses more bond payments, plus news that another Chinese firm, Sinic Holdings, has said it expects to miss payments due 18th October. Add to this some reports that China will be extending its clampdown of private business and it is little surprise the Hang Seng is down nearly 2%.

GBP is a bit lower, a host of headlines each taking their share of the blame. The news that France may get EU backing in its dispute over fishing rights, plus the UKs stronger demands to EU over the NI protocol didn’t help, nor did weaker BRC retail sales numbers released overnight which show spending much more cautious than last the previous reading, perhaps hit by higher fuel prices. A report that suggests UK economy will see slower growth as a hangover from the Covid pandemic also offers GBP little in the way of support.

UK unemployment numbers a touch better than expected this morning, GBP saw a slight uptick but it didn’t last long. GBPUSD reached 1.3610 after the release but soon fell back to the overnight lows around 1.3585, while EURGBP is currently trading back above 0.8500 (GBPEUR 1.1765). UK GDP data tomorrow morning will keep us on our toes. EURUSD pretty steady at 1.1560

Energy prices up but Qatar say although they do not like natural gas prices so high, they are currently producing at full capacity and therefore there is little they can do to help push prices lower.

Plenty of central bank speakers today along with German ZEW but a lot of focus is turning to US inflation numbers due tomorrow afternoon, while German inflation is out early tomorrow morning.

I notice that the Euromillions lottery has the UKs largest ever jackpot, currently running at somewhere around £185m. I am not a regular lottery player but I may well buy a ticket or two for this evenings draw. I do however give you my word that if I do scoop a major win, I will still write tomorrow mornings report. Can’t say fairer than that. Oh, and if any readers win instead, remember you may well have heard it here first……

- 10.00 German ZEW

- 13.30 ECBs Lane speaks

- 14.00 ECBs Elderson speaks

- 15.00 US JOLTS job openings

- 16.15 Feds Clarida speaks

- 17.30 Feds Bostic speaks

- 23.00 Feds Barkin speaks

- 00.30 AUS Westpac consumer confidence

- China trade balance

- 07.00 UK GDP, trade balance, industrial production

- 07.00 German CPI, HICP

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