Good Morning!

There isn’t too much to say this morning that hasn’t already been covered earlier in the week. They left me in charge of formatting yesterday though, so there were a couple of broken links! Apologies for that, please see below for those:

New York Times on Biden’s offshore wind plans

The Guardian on crypto possibly becoming a systemic risk if leveraged bets start becoming more of a thing

A pretty cool visualisation of the makeup of the global financial ecosystem.

Other news of interest: UK ministers have welcomed the EU proposals and were surprised at the lengths the EU had gone to. The warm language on both sides is currently masking the issue of the red line of the ECJ, but as we said yesterday, hopefully they can put enough other processes in place between dispute and an ECJ ruling to make it palatable for both side. Still, the warm language isn’t stopping a number of EU states working on a backup plan in case a deal doesn’t get done. The FT report that leading EU countries are pressing Brussels to have tough retaliatory measures at the ready should we decide to carry out our threat to suspend the current protocol. They’re pressing for the measures to be considerable and possibly include curbing our access to European energy, imposing export tariffs, or in extreme circumstances terminating the trade agreement. So let’s hope the good will prevails!

Adele has released her first music for six years, with the song already clocking up millions of streams since the midnight release. If, however, you prefer your tones a little less dulcet, I can highly recommend the latest instalment of the WTFX podcast where I sit down with Ricardo Pineiro. Ricardo is a partner at leading renewables investment manager Foresight Group and has been actively investing in green energy projects for the last ten years, with a very broad knowledge of the current and future technologies that are going to play a huge part in overcoming the climate crisis. We talk about our journey to Net Zero, what to expect from COP26, a health check on the progress that we’re making and much more. Here’s the Spotify link whilst Apple podcasts link can be found here.

We start today with a risk-on appetite that started in yesterday’s US session, has sustained through the Asian markets and hopefully keeps going to the close of the European bell this afternoon – if not beyond. Equity markets are higher and risk appetite in FX markets is leading to a weaker dollar. On the data sheet; US retail sales stands out as the item that might upset the apple cart, though expectations are that they will underperform compared to last month, so at least hopes aren’t high to start with.

Have a great weekend.


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