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The Guardian - UK
The Guardian - UK
Business
Graeme Wearden

Moody's joins Bank of England's Broadbent and S&P with Brexit warnings - as it happened

Deputy Governor of the Bank of England Ben Broadbent.
Deputy Governor of the Bank of England Ben Broadbent. Photograph: Neil Hall/Reuters

Kathrin Muehlbronner, a Moody’s Senior Vice President, explains that the agency is worried that Britain will exit the EU without a good agreement.

While the negotiations with the EU have recently started, it remains unclear whether the UK government can eventually deliver a reasonably good outcome for the UK.

The likelihood of an abrupt - and damaging - exit with no agreement and reversion to WTO trading rules has increased compared to our expectation directly after the referendum, with the government so far pursuing objectives that imply a ‘hard’ exit.”

In Moody’s base case scenario though, the UK and the EU will manage to agree on a free trade arrangement as this remains in the interests of both sides, Muehlbronner adds.

Updated

Moody's fires Brexit warning

A late PS: Rating agency Moody’s added to the chorus of gloom today by warning that Brexit-related uncertainty is putting the UK’s credit rating at risk.

In a statement, Moody’s says that the UK’s creditworthiness is under pressure following last summer’s vote to leave EU, and ongoing uncertainty over how the negotiations will play out.

The agency questions whether Britain can really achieve a “reasonably good” outcome from its talks with Brussels.

Moody’s also warns that the loss of the government’s majority in last month’s elections has raised the “political and fiscal risks” facing the UK.

In a generally gloomy assessment, Moody’s also warns that the UK economy is already slowing, and this will get worse.

It says:

The UK economy has started to slow, and Moody’s expects the UK economy to weaken significantly through the remainder of this year, with the baseline scenario seeing growth declining to 1.5% this year and 1.0% in 2018, compared to 1.8% in 2016.

In the medium term, Britain’s growth prospects could be “materially weaker” if it doesn’t achieve access to the single markets on good terms (something Ben Broadbent’s speech also covered).

To sum up: Britain’s credit rating, already one notch below Triple-A with Moody’s, could be at risk....

Updated

Market close in the red

And finally... European stock markets all fell today.

In London, the FTSE ended down 40 points, or 0.55%m, at 7,329.

Pearson let the selloff, losing 5%, after its deal to sell a near $1bn stake in Penguin Random House failed to impress the City. Analysts are concerned it could lead to lower dividends.

Marks & Spender shed 4.6% after reporting a small drop in food sales in the last quarter, as well as its traditional fall in clothing sales.

European markets at the close
European markets at the close Photograph: Thomson Reuters

The pound also remains lower, after Ben Broadbent dashed our hopes of fresh guidance on UK interest rates.

To be fair to the deputy governor, he did give us a very decent speech on trade instead, laced with warnings about the perils of a bad Brexit deal.

So the pound is hovering around $1.285 tonight, down 0.2%.

David Madden of CMC Market explains:

Mr Broadbent discussed international trade, but not his views on interest rates. Dealers were disappointed with the lack of monetary policy remarks, so they had little reason to be long the pound.

And that’s all tonight. Thanks for reading and commenting. GW

About that Greek bond offer......

Over in Greece, the country’s bank governor Yiannis Stournaras has poured cold water on the government’s aim of returning to the financial markets imminently.

Many Greek newspapers are saying Stournaras has put a “break” on the plan to tap markets following the conclusion of tortuous bailout negotiations with creditors

Helena Smith reports:

In his first public intervention since the government made clear its intentions to return to markets, Stournaras has surprised many saying such a move would be premature.

When asked by the Wall Street Journal about the finance ministry’s plans to tap public bond markets, possibly as early as next week, the former finance minister’s reaction was decidedly cool.

“I think it is a bit early,” he said.

“I think it would be even better, for instance, if Greece proceeds with two or three emblematic privatizations in the period to come. That would be more helpful to tap markets later.”

Privatisations have lagged far behind creditor-mandated targets with prime minister Alexis Tsipras’ government initially viscerally opposing plans to sell off the country’s prime assets. But in recent months, as pressure has mounted, the opposition has dissipated.

Stournaras though often at odds with the Tsipras government and a firm believer in the merits of European economic union, has frequently spoken warmly of the finance minister Euclid Tsakalotos and his handling of the economy in interviews with the Guardian.

Updated

Szu Ping Chan of the Telegraph has covered Broadbent’s speech.

Here’s a flavour (more here).

The Government must protect the City in Brexit negotiations and keep EU trade links open if it is to safeguard growth and maintain UK living standards, a top Bank of England official has signalled.

Ben Broadbent, deputy governor for monetary policy, warned that a pivot away from exports to the EU would force Britain to “shift away from producing the things it’s been relatively good at”, such as financial services.

He said this would damage both the UK and 27 nation bloc, hitting growth and pushing up prices.

Over in America, the latest employment stats have just landed.

They show that the number of vacancies across the US fell by around 300,000 in May, to 5.7 million. That could be a bad sign for the economy.

But there’s good news too; The number of hires rose to 5.5 million in May, a gain of 429,000.

Kathleen Brooks of City Index suspects that Broadbent is still firmly in the ‘no change’ camp at the Bank of England.

She says:

His speech in Aberdeen, the seat of the UK oil industry, gave no direct reference to his views on the outlook for UK monetary policy, however, he was very concerned about the UK’s trade prospects after Brexit, something that is most likely shared by the export-orientated audience in Aberdeen.

It doesn’t seem like a stretch to assume that if Broadbent is concerned about Brexit’s impact on trade then he is unlikely to make things harder for exporters by voting to raise interest rates any time soon. Thus, the hawks on the committee, now just McClafferty and Saunders, could remain in the minority for some time.

Reminder, the next Bank of England meeting is on August 3rd.

Updated

City trader Stewart Hampton has a good take on the Broadbent speech, and why he didn’t cover interest rates.

Here’s one last chart from Ben Broadbent’s speech, which looks at globalisation.

It shows how world trade slumped in the great depression and during the second world war (no surprise really), and then grew, in fits and starts, after WW2 ended.

Globalisation

Broadbent sees four lessons:

  1. One is that the current extent of world trade isn’t entirely novel and should in some ways be seen as a recovery. World trade had grown very strongly under the classical gold standard, during the second half of the 19th century. The same goes for the capital flows that financed these exchanges. The catastrophes of the world wars, and the intervening Great Depression, put all that into reverse. Partly as a natural consequence of economic contraction, partly thanks to outright protectionism, trade volumes fell sharply between 1914 and 1950, even relative to world GDP.
  2. Second, although the conditions for a revival began to be laid during the 1950s it wasn’t until the 1960s and early 1970s that trade costs started to fall, and trade intensity to rise, in earnest. In this first phase of (re-)globalisation, during the 1970s and 80s, much of the growth in trade occurred between developed economies.
  3. Third, there was a further and very marked rise in trade intensity during the 1990s and the early part of the last decade, as developing economies entered the world trading system.
  4. Finally, you can see clearly how world trade has stalled, relative to GDP, since the financial crisis a decade ago.

Broadbent speech: snap reaction

Ben Broadbent’s speech is a full-throated defence of the benefits of trade, say City experts.

Mohammad Jamei of UK Finance, the trade body, is tweeting the key points:

European credit strategist Tomas Hirst says Broadbent has shone a light on the problems caused by Brexit

Here’s Bloomberg’s Lucy Meakin:

The FT’s Gavin Jackson tweets:

And here’s Peter Thal Larsen, economics editor at Breaking Views.

Ben Broadbent also outlines how the poorest Britons would suffer if trade with the EU was badly damaged by Brexit.

He starts by reminding his audience in Aberdeen about the Corn Laws, which drove up the cost of food from abroad - lining landowners pockets but hurting the less well-off (whose meagre incomers were swallowed up by essentials)

Then he shows these charts:

Bank of England chart

And here’s what it means:

Much of the work on trade and inequality focuses on the potentially differential effect on wages and employment. The gross costs of trade may not be evenly distributed.

As Chart 11 demonstrates, however, the gross benefits of lower import prices are probably skewed as well. On average, things that are more tradable are also consumed disproportionately by the less well-off.

It turns out this pattern is common to all developed economies.

Chart 12 is taken from a recent study by Fajgelbaum and Khandelwal (2016), describing what would happen to relative consumer prices, and thereby the distribution of income, if international trade with the developing world were suddenly shut down. In every country, including the UK, it’s the less well-off who would be worse affected by the consequent rise in prices.

Updated

I’m no fashion expert, but Ben Broadbent’s tie does remind me of the Queen’s anti-Brexit hat. It’s certainly a similar share of EU blue.....

Ben Broadbent has also brushed up his grasp of the UK economy by visiting a Scotch whisky distillery.

The pound has also shed its early gains against the euro, falling back to 88.5p, from 88.25p.

Larry Elliott: The deputy governor isn't barking.....

Ben Broadbent’s failure to discuss interest rates in Aberdeen may be a sign that he’s planning to vote for ‘no change’ next month.

Larry Elliott, our economics editor, explains:

Those looking for clues as to how Ben Broadbent will vote in next month’s crunch meeting of the Bank of England’s monetary policy committee from his speech in Aberdeen needed the detective skills of Sherlock Holmes.

Threadneedle Street’s deputy governor was expected to provide his thoughts on whether interest rates should be raised or left at their current level of 0.25%, but instead devoted his address to the benefits of international trade.

But this was surely a case, as in the mystery solved by Holmes, of the dog that didn’t bark.

Broadbent voted for no change at the MPC’s last meeting and the fact that he didn’t mention interest rates once in his speech suggests strongly that he will vote the same way again in August.

Simon French of Panmure Gordon agrees....

Updated

Broadbent dodges rate debate

After all that build-up, Ben Broadbent’s speech doesn’t actually discuss UK monetary policy at all!

The pound had shed all its early gains, falling back below $1.29, on disappointment that the deputy governor hasn’t given any hints about when he might vote to raise interest rates.

Broadbent warns Brexit could hurt UK trade

Breaking! Ben Broadbent, deputy governor of the Bank of England, is on his feet in Aberdeen now.

And his message to the Scottish Council for Development and Industry is that Britain will suffer if its existing trade links with the EU are weakened by Brexit.

Broadbent is talking about classical economics, reminding his audience of Adam Smith’s work in the Wealth of Nations and the idea that international trade can be a win-win situation, not a zero-sum game.

Broadbent adds that David Ricardo’s Principles of Political Economy took this idea further...

What matters for trading patterns, he explained, was not just absolute advantage – whether a domestic sector was more productive than its peers in other countries – but also its productivity relative to other sectors at home (“comparative advantage”).This was important, because it meant that, in principle, a country could have lower productivity across the board, in the production of every good, and still end up as a net exporter of some of them.

So what does that mean for today?

Over to you, Dr Broadbent....

Well, obviously the EU economies are highly developed, so our trade with Europe – which is extensive – is less skewed towards labour intensive goods and services than that with developing economies. Nevertheless, it has allowed for a great deal of specialisation. And if the theme of this talk is that the benefits of trade involve imports as much as they do exports, the same point applies. Put simply, a significant curtailment of trade with Europe would force the UK to shift away from producing the things it’s been relatively good at, and therefore tends to export to the EU, and towards the things it currently imports and is relatively less good at.

He also provides this chart , showing how Britain has a “comparative advantage” in areas like financial services, but not in food and heavy-duty machinery.

Ben Broadbent's speech

So if trade links suffer, Britain will make less money from its service sector, and have to replace EU imports with domestic products. At a price.

And of course, the same is true of the EU (but on a smaller scale).

Broadbent concludes:

All else equal, the first shift (i.e. away from services exports) would tend to lower UK income, the second to raise certain costs (that is, of food and machinery). And, albeit on a smaller scale, relative to their (much larger) GDP, the same would be true for the EU16.

Trade really is mutually beneficial and less of it costs us all. That these truths are a couple of centuries old, and not always widely accepted, doesn’t make them any less true.

Updated

Excitement is building in the City as investors await Ben Broadbent’s speech.

The pound is a little higher, at $1.2915, up nearly half a cent today.

The Bank of England’s session on the importance of numeracy hasn’t yielded much hard news, I’m afraid.

The best I can find is this warning from BoE chief economist, Andy Haldane:

Greece to put toe back into the financial markets

Greek Prime Minister Alexis Tsipras speaking in parliament today.
Greek Prime Minister Alexis Tsipras speaking in parliament today. Photograph: Petros Giannakouris/AP

Over in Greece the finance ministry has embarked on plans to return to bond markets – possibly as early as next week - following the disbursement yesterday of €7.7bn in bailout funds.

Helena Smith reports from Athens

Greek finance ministry officials are mulling issuing up to €3.5bn worth of five-year bonds with a yield of between 4.75% to 4.85 % in what would amount to a taster-tap of the markets.

Investors who bought Greece’s previous five-year debt, in 2014, would be invited to hand in their existing bonds and invest in new longer-dated paper. The issue would seek to capitalise on the optimism generated by the completion of the country’s last bailout review and concomitant release of funds.

Well-placed sources say they want to make the move before the International Monetary Fund announces on July 27 whether it will participate in Greece’s current bailout programme.

As the Washington-based body has said this will depend on adequate debt relief measures being agreed beforehand – an unlikely step before Germany’s federal elections in late September – Athens is keen to avoid negative debt sustainability publicity clouding a potential bond issue. The issue would be of huge symbolic value spawning further faith that Greece is back on the road to normality, officials say.

Carillion's value halves after Monday profit warning

Construction and support services firm Carillion is having another bad day after yesterday’s profit warning, which sent the shares plunging 39%.

The shares are down a further 20% today, slumping to 93p – their lowest level since 2000 – and wiping out half the company’s market value since Monday morning’s announcement. It is now worth just over £400m.

Carillion is battling rising debts and cashflow problems and is struggling to stay within its borrowing limits. Analysts say it will have to tap investors for money through a big (£500m) rights issue; it’s already canned its dividend.

They were taken aback by the £845m writedown announced yesterday, which relates to several big PPP contracts in the UK and the cost of pulling out of several Middle Eastern countries. Carillion’s chief executive Richard Howson stepped down with immediate effect and interim CEO Keith Cochrane has been tasked with overseeing a “comprehensive review of the business and the capital structure,” until a permanent successor is found. He is due to report back to investors in September.

Carillion has built the expansion of Liverpool FC’s main stand at Anfield and is working on the Royal Liverpool University hospital, but has decided not to bid for of big construction projects any more and will focus on maintaing roads, railways, government buildings and military bases instead.

The FTSE 250 firm has blamed last year’s Brexit vote and election, coupled with a slowdown in the Middle East, for its woes, but some of the problems go back further (note for example the soaring costs on the tram-train link between Sheffield and Rotherham). Construction of the Royal Liverpool University hospital has been beset with delays, most recently after after workers found “extensive” asbestos on site and cracks in the new building. Carillion also blamed bad weather...

Updated

Bankers discuss Brexit plans

Over in Paris, some of the world’s top bankers have been discussing their plans for Brexit at a financial forum.

Stuart Gulliver, CEO of HSBC, told the audience that HSBC would move 1,000 jobs from the City of London to France if Britain left the single market (reiterating comments made in January).

Gulliver said:

“There is about 1,000 jobs out of 43,000 that are employed in the UK that will be unlawful for our activities to be carried out of the UK, if it’s hard Brexit,”

Gulliver also backed plans from Emmanuel Macron, the new French president, to shake up France’s labour market,

“The package of reforms suggested last week is very, very positive.”

That will please the French government mightily, as it attempts to persuade highly paid financial workers to shift from London to Paris.

Jamie Dimon, the head of JP Morgan, told the conference that his bank is preparing for a hard Brexit (which would mean City banks losing their passporting rights across the EU).

Boris Glass, senior economist at S&P Global Ratings, has a gloomy take on Britain’s economic prospects in today’s report.

Glass says:

“Growth is set to remain on a moderate trajectory as imported inflation squeezes household budgets and uncertainty about the outcome of the EU exit negotiations dampens investment.”

On Brexit, S&P is concerned that Britain could suffer a ‘cliff edge’ departure from the EU. There could be little time to agree a new relationship, especially if the two sides can’t agree the ‘divorce bill’ first.

If negotiations stall, the pound could slump again, driving inflation higher, it adds.

My colleague Zoe Wood has spotted protests outside Marks & Spencer’s AGM, and a light-fingered investors inside the meeting!

Does that count as a special dividend?

Updated

S&P warns UK economy is slowing

Water Street, home of Standard & Poor’s rating agency, in New York

Credit rating agency Standard & Poor’s has just added its voice to the chorus of anxiety around Britain’s economy.

In a new report, S&P warns that UK economic growth is likely to slow over the next two years.

It believe rising inflation, due to the weak pound, will hurt domestic spending without giving exporters the boost they need.

Here are the key points:

  • We expect that a decline in U.K. real wages this year, followed by moderate rises at best next year, will weigh on household spending growth.
  • A boost to net exports from the weaker pound is unlikely to offset weakness in domestic demand.
  • We forecast GDP growth will slow to 1.4% this year and 0.9% in 2018. Brexit uncertainties pose downside risks to this forecast.
  • We expect the Bank of England’s current ultra-accommodative stance to continue over the medium term, and no rate hike before mid-2019.

Ben Broadbent’s speech has just been pushed back to 1.30pm, from noon.

Here’s the latest from the Bank of England:

Ben Broadbent: Speech at the Scottish Council for Development and Industry during regional visit to Scotland (13:30), Aberdeen. Text to be released. (Private, invitation only)

Pearson and Marks & Spencer have helped to drag the FTSE 100 into the red this morning.

The blue-chip index is down 49 points, or 0.7%, at 7320. That means its underperforming the rest of Europe.

The strengthening pound is also weighing on shares in London (as a stronger sterling is bad for multinationals).

European stock markets this morning
European stock markets this morning Photograph: Thomson Reuters

Connor Campbell of SpreadEx says today’s appearances by Haldane and Broadbent could cause ructions:

In what looks like is going to be a pretty dull day, sterling may end up being the focus given that the main events are a panel appearance from Bank of England chief economist Andy Haldane and a speech from deputy governor Ben Broadbent.

The former sparked a sterling surge in June after switching from dove to hawk, while the latter is yet to make his stance clear, meaning any rate hike titbits could be of great interest to the pound.

Publishing group Pearson has slumped to the bottom of the FTSE 100 fallers, after selling 22% of its Penguin Random House, the world’s biggest publisher, to Bertelsmann.

The sale has yielded almost $1bn for Pearson, which is planning to return £300m to shareholders.

The City seems unimpressed with the deal, though, sending Pearson shares down 6.8% to 642p.

Sterling has crept higher this morning as traders get ready for Ben Broadbent’s Aberdeen speech to hit the wires at noon precisely.

The pound has risen by 0.2% against the US dollar, to $1.2904. It’s up a similar amount against the euro, at €1.132.

Ipek Ozkardeskaya, senior market analyst at London Capital Group, suspects that Andy Haldane could also lift the pound, if he discusses monetary policy at today’s event on numeracy.

She says:

Haldane has recently voiced his preference for higher UK rates to cool down the inflationary pressures.

His speech could give a boost to the pound-bulls, yet may not suffice to gain over the critical $1.3045 resistance.

We have encouraging news from Italy.

Italian industrial production rose by 0.7% in May, beating forecasts of a 0.5% rise and reversing April’s 0.5% decline.

That’s also better than the UK, where output fell by 0.1% during May.

Mike van Dulken of Accendo Markets is impressed:

On an annual basis, output was 2.8% higher than a year ago:

Updated

Marks and Spencer on Oxford Street in London

In the City, shares in Marks & Spencer have dropped by 1.5% after it released an underwhelming statement ahead of today’s shareholder meeting.

M&S reported a 1.2% drop in clothing and home sales in the last quarter, and a 0.1% decline in food sales.

The company insists its strategy is ‘on track’ (it’s trying to wean itself off price cuts, to boost profitability rather than turnover).

But analyst Louise Cooper isn’t impressed:

Kathleen Brooks of City Index is also concerned that M&S is falling behind other food retailers.

The best way to sum up M&S’s Q1 sales was disappointing. Not only did the clothing and homewares sector see another 1.2% drop in sales, the second consecutive decline, but the all-important food sector also saw a decline in sales, dropping 0.1%, whereas estimates had looked for a pick-up of 0.6%.

Unsurprisingly, the share price has dropped at the UK open, as investors’ lose confidence in the outlook for the UK high street stalwart.

M&S shares are down 5p at 333.4p.

Reuters have done a preview of the Ben Broadbent speech:

Bank of England Deputy Governor Ben Broadbent will deliver a speech on Tuesday, giving investors a chance to hear the views of an interest-rate setter who has not yet commented publicly since a narrow vote to keep rates unchanged last month.

Broadbent is due to speak in Aberdeen during a regional visit to Scotland, the BoE said in its weekly schedule of speaking events by top officials.

Several analysts have said the views of Broadbent - who is deputy governor for monetary policy - will be key to assessing the chances of a first BoE rate hike in a decade.

The central bank’s Monetary Policy Committee split 5-3 as it decided to keep rates on hold at their record low of 0.25 percent last month, a tighter than expected vote.

All eight current members of the MPC have spoken since that meeting except for Broadbent and new committee member Silvana Tenreyro who took up her post this month.

Kit Juckes of Société Générale agrees that Ben Broadbent’s speech in Aberdeen today could shift the pound, if he drops any interest rate hints:

Mr Broadbent is potentially a market-mover as we watch to see if anyone else is switching to a more hawkish bias on UK monetary policy.

The agenda: Broadbent speech could move the markets

Ben Broadbent in his office at the Bank of England.
Ben Broadbent (and his impressive collection of ties) in his office at the Bank of England. Photograph: David Levene for the Guardian

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

In the battle between hawks and doves at the Bank of England, Ben Broadbent has kept his head down and his cards close to his chest. But that might all change today, when deputy governor Broadbent gives a speech in Aberdeen at noon.

Broadbent’s views on interest rate policy could be crucial at the Bank’s next meeting, in August. Economists believe that up to three policymakers could vote for the first interest rate rise in a decade.

Three more, including governor Mark Carney, are likely to vote to leave borrowing costs at their current record low of just 0.25%.

So that means that Broadbent, and new member Silvana Tenreyro, could swing August’s vote.

And excitingly, the public really don’t know what Broadbent thinks about the tricky balancing act facing the Bank of England as it juggles rising inflation, falling real wages, and an economy gripped by Brexit worries.

The pound could surge if Broadbent hints at voting for a rate rise, or fall if he says Britain still needs the boost of record low rates.

Sam Hill of RBC Capital Markets explains why investors will be watching closely.....

At this stage we would anticipate that Mark Carney, Jan Cunliffe and Gertjan Vlieghe will vote for an unchanged Bank Rate at the August meeting, with Andy Haldane, Michael Saunders and Ian McCafferty expected to vote for a hike.

This has put the focus clearly on Broadbent, whose post-election purdah views remain unknown up to this point. If Broadbent signals his views are more aligned with the hawks, short-term UK interest rate expectations are likely to jump again. Conversely, if the Deputy Governor maintains a balanced emphasis to his comments the risk of a near-term rate hike in the UK should recede a little.

However, the views of new MPC member Tenreyro remain unknown, as does the identity of the ninth voter, with the other Deputy Governorship, for Markets and Banking, remaining vacant at this stage following Charlotte Hogg’s departure.

Broadbent’s colleague Andy Haldane is also appearing on a panel today, on numeracy (something the BoE’s chief economist should be familiar with....).

Haldane shook the City up a few weeks ago by hinting that he could vote for a rate rise soon, so we’ll watch out for any market-moving comments from him today.

Also coming up today...

Haldane and Broadbent aren’t the only central bankers out and about today. Benoît Cœuré of the European Central Bank is speaking in Frankfurt around lunchtime.

High street stalwart Marks & Spencer is holding its annual general meeting today, at Wembley Stadium. Campaigners are likely to lobby the company to start paying the living wage, and to stop advertising in a certain newspaper....

European finance ministers will meet in Brussels today for an Ecofin meeting. They’ll be discussing the EU’s action plan to create a capital markets union, and boost the availability of funding to small firms.

We also find out how many job vacancies are available in the US; a good sign of the health of the labour market.

In the City, recruitment firm Pagegroup and insurance firm GoCompare are both reporting results.

European stock market are expected to open a little higher, with the FTSE 100 tipped to gain just nine points.

Here’s the agenda:

  • 8am BST: Ecofin meeting of EU finance ministers begins
  • 9am: Italian industrial production figures for May
  • 11:00am BST: Bank of England’s Andy Haldane appears on a “Essentials of Numeracy” panel.
  • 12:00pm BST: BoE deputy governor Ben Broadbent speaks in Aberdeen
  • 1pm BST: ECB board member Benoît Cœuré speaks in Frankfurt
  • 3pm BST: US JOLTs survey of vacancies released

Updated

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