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Talking points this morning: Data and shipping (1/2)

UK
  • A couple of talking points worth noting in UK markets this morning.
  • First, the disappointing GDP data earlier. It's not bad enough to be a game changer, but with so much priced into the short sterling strip in terms of hiking expectations at present, its helping to hold the short sterling strip steady while the Euribor and Eurodollar strips move a bit lower.
  • Second, there has been more focus on the supply constraints story this morning with multiple news outlets discussing the backlog at UK ports. The HGV driver shortage that is being seen across Europe (but is most acute in the UK) is causing delays to moving container shipments out of ports. Containers are being delivered into ports but not being moved out fast enough due to the lack of drivers.
  • Felixstowe port (which is the UK's busiest container port, handling around 36% of 20' and 40' stand containers) had to stop accepting the return of empty containers for a couple of days last week. This had a knock-on effect at the London Gateway Port (second busiest UK container port, 22%) which for a day also had to stop empty returns.
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