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Trend Conditions Remain Bullish

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Extending Lows After the Close

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Reversing Overnight Risk-Off Tone

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Remains Vulnerable

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Pres Biden Budget Proposal Ests

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Needle Still Points South

MARKET NEWS TOP STORIES

MNI INTERVIEW: BOE Seen Choosing Flexible Tightening Strategy

Doubts over sustained inflation could argue for a flexible approach to tightening, NIESR Research Manager Corrado Macchiarelli tells MNI.

MNI BRIEF: BOE Vlieghe Says Keep Stimulus In Place

Outgoing MPC member says current stimulus needs to be kept for several quarters at least an 'probably longer'.

Political Risk

Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower

Latest global polling from YouGov on trust in COVID-19 vaccines shows widespread trust in the two most prominent mRNA vaccines from Pfizer/BioNTech and Moderna, while Johnson & Johnson's single-dose vaccine, Russia's Sputnik-V, and the UK's Oxford/AstraZeneca vaccines all scored lower in the trust ratings. The lowest scoring vaccines of all were the Sinopharm and Sinovac vaccines developed in China, and Covaxin, developed in India.

Chart 1. How safe, or unsafe, do you think the [X] vaccine is? Net safety shown.

Source: YouGov. 6-25 June 2021. N.b. Each dot represents one country's net safety rating.

  • Trust in the Pfizer and Moderna vaccines is almost uniformly high across the board, with Bulgaria and France two outliers on the low side. However, both of these countries have high levels of vaccine hesitancy in general, with all other vaccines also receiving low trust scores from these nations.
  • The UK is by some distance the most trusting of the AstraZeneca vaccine, perhaps not surprising given that it was the backbone of the country's rapid initial rollout. Trust in the US (where it is not approved) and many EU member states (where it has been either pulled from rollout or pulled from younger people) is also low.
  • In a number of western states, vaccine uptake is beginning to plateau as those vulnerable to the coronavirus are increasingly double-vaccinated while younger people aged 18-30 are not coming forward in significant numbers to receive the vaccine.

36,389 New COVID-19 Cases, Down For Second Consecutive Day

The UK recorded 36,389 new COVID-19 cases in the last 24 hours, down from 39,906 the previous day and marking the second consecutive day of declining new case numbers.

  • The seven-day new case growth rate now stands at 11.4%, down from 24.3% yesterday.

Interview W Ex-Italy PM Letta On Europe's Debt Pact

MNI interviews former Italian prime minister Enrico Letta about Europe's debt pact -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com

Beijing Sanctions Former US Officials Incl Ex-Commerce Sec Wilbur Ross

The Chinese Foreign Ministry has announced the imposition of sanctions on seven US individuals or entities, including Commerce Secretary under President Trump, Wilbur Ross.

  • Beijing states that the imposition of sanctions is due to the business advisory on Hong Kong issued by the US gov't earlier in July, and act as counter-sanctions to those imposed by the US on Chinese officials in the Hong Kong liaison office.
  • The advisory gave a warning to US firms operating in Hong Kong that they "...face risks associated with electronic surveillance without warrants and the surrender of corporate and customer data to authorities. Businesses that rely on a free and open press may face restricted access to information. Individuals and entities should be aware of potential consequences of certain types of engagement with sanctioned individuals or entities. Businesses operating in Hong Kong may face heightened risks and uncertainty related to PRC retaliation against companies that comply with sanctions imposed by the United States and other countries, including through enforcement of the PRC's Countering Foreign Sanctions Law."

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