Today's financial news

Tuesday 20th June

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A slow start to the week as markets are nervously awaiting economic data

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China’s next cut

A meeting between US State Secretary, Blinken, and Chinese President, Xi Jinping, has gone some way to reassuring the markets that the ongoing geopolitical tensions between the US and China may ease. China is still widely expected to make a cut to a key interest rate today, which should hopefully stimulate growth and the markets following a sluggish start to the week.

Falling grocery prices

Grocery prices have dropped in both the UK and Germany. Food is one of the driving factors behind the rising inflation at the moment, which central banks are seeking to tackle with ongoing interest rate changes. Many are hoping that this data will stimulate both European and UK markets, which have both had a slow start to the week. 

Singapore vs Wirecard

Singapore has been the first nation to give prison sentences to ex Wirecard employees. The German fintech company, which specialised in payments, collapsed in June 2020 after it emerged that over €2bn of its declared revenue had been entirely falsified. The court proceedings are ongoing in Munich, Germany. But with other senior members (including the CEO) facing charges like fraud and embezzlement, it’s unlikely to be the last. 

Sources: Reuters, IG markets, Financial Times, NASDAQ, Reuters

Zoe Burt