05/07/2021
The week following payroll numbers is relatively quiet for news flow but given the first Friday of the month was so early we have PMIs/ISM from the service sector to look forward to today and tomorrow, ahead of next week's start of Q2 earnings season. Outside of that, DB's Jim Reid notes that the main event of the week will be the release of the last FOMC minutes (Wednesday) given the surprise move at the meeting. Elsewhere a gathering of G20 finance ministers and central bank governors (Fri) will be interesting, especially after the news that 130 countries had signed up to the minimum tax agreement last week. Finally the development of the delta variant is never going to be too far from the top of the headlines. It has certainly put a dampener on the reopening trade for now. The U.K. is at the top of the global charts for new cases again, yet it seems to be powering ahead towards a full reopening two weeks today. So this is going to be an enormous test case as to whether heavily vaccinated countries can live with the virus.
