I have been suffering for a few days from a rather unpleasant import from India. No, I am not talking about the Indian Covid variant, but rather the Indian ring-necked parakeet. They’ve been around for a few years now and are quite a striking bird, giving something of a tropical look to the English landscape. However they seem to have decided it’s a good idea to gather in some of the trees in my garden and I have to tell you the racket they make in the very early hours of the morning is pretty unbearable. Not only that, I know they will eat the apples and plums off our trees. Any suggestions as to how to move them on, humanely of course, would be much appreciated.
I’m keeping it brief today as I’m out and about for meetings once again. Truth be told there isn’t actually a great deal to write about. Decent UK unemployment numbers came out early this morning. Currency markets are broadly unchanged, GBPUSD at 1.4110, EURGBP at 0.8605 (GBPEUR 1.1620), EURUSD 1.2140. UK inflation numbers out early tomorrow morning, focus today on US retail sales, while tomorrow not only brings the FOMC meeting but also Bidens meeting with Putin. I’d love to be a fly on the wall there. I can just imagine Biden trying to make his point while Putin ignores him.
There is a raft of China data due out early tomorrow morning, including retail sales and industrial production which may have the ability to shift risk sentiment. I do get the feeling that there are some fears about the Chinese economy. OK, its not failing but there have been some debt repayments delays, lets not call them defaults, by some Chinese firms and I believe there are more to come. China is under pressure from the rest of the world to improve its human rights record and I think their resolve will be tested in the coming months. The US carrier group moving into the South China Sea is nothing really new but China won’t like it. Overall though, China really don’t mind what everyone else thinks.
That’s about all I have time for today. I am thinking it will be a quiet morning and may only get a bit interesting over the US data, but as I said yesterday I get the feeling the market is heading for holiday mode once tomorrows FOMC meeting is out of the way. Sit back and take it easy!