Daily update
Daily update
- The interminably tedious EU-UK divorce is back, with UK Prime Minister Sunak heading to Munich on Sunday. The intention is to lurk around on the fringes of a conference in the hope that someone will stop by for a chat on Northern Ireland. Do markets care? Directly, not much. Indirectly, there might be speculation about the implications of any deal for UK political stability.
- UK retail sales are also due. UK retail sales differ from US retail sales data in two key ways. UK data helpfully excludes inflation (weirdly, the US does not), but UK data weirdly excludes bars and restaurants (helpfully, the US does not). Credit card data suggests UK consumers were cutting back on buying goods, but prioritizing having fun down the pub.
- US import and export prices are due. These are not likely to be of focus to investors. The inflation story in the US and elsewhere is more a domestic profit margin story than it is about currency moves and import prices.
- In Europe, there are final French consumer price inflation numbers, which are not likely to attract any market interest. There is some ECB speak, which is certain not to attract any market interest.
