Industrial exports to the EU are increasing despite Brexit warnings

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Thank you for being with us today. We start with data showing that British manufacturers boosted trade with the EU last year.

More than half of the trade from the UK last year went to the bloc, despite warnings that Brexit would hurt exporters.

5 things to start your day

1) Britain faces years of stagnation due to high interest rates, according to Treasury model projections EY Item Club says extreme hikes will condemn the economy to slow growth

2) British Airways owner backs green jet fuel maker Teesside in net zero impulse | IAG will help the startup set up the UK’s first commercial sustainable fuel plant

3) BT Challenger Cityfibre competitor’s losses doubled to £210m | Rising interest rates are putting more pressure on debt-backed broadband rollouts

4) Elon Musk pledges to cancel the Twitter logo | Replacing the highlighted blue bird indicates that the Everything App renaming is underway

5) Russia’s Economy on Brink as Putin’s War Chest Empty | The country’s monetary fortress is collapsing as oil profits plummet and the workforce flees conscription

What happened overnight

Asian stocks have braced for a week full of earnings excitement and central bank meetings that are likely to see interest rates rise in Europe and the US, and perhaps the end of the monetary tightening cycle in both.

The entire markets are priced in a quarter point higher than the US Federal Reserve and the European Central Bank, so the focus will be on what Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde say about the future.

The odd man will be the Bank of Japan meeting on Friday and it is believed that it is likely to maintain its ultra-loose policy, but some Western banks speculate to adjust the attitude of yield curve control.

Asian stocks rose after Wall Street ended another week of victories, with Tokyo’s Nikkei 225 index adding 1.2% to 32,696.65, while Hong Kong’s Hang Seng fell 1.4% to 18,808.59.

The Shanghai Composite Index rose 0.1%, to 3,170.30. In Seoul, the Kospi Index rose 0.4%, to 2,621.56. Australia’s S&P/ASX 200 Index rose 0.1 points, at 7,319.60.

The SET index in Bangkok rose 0.2 percent and the Sensex index in India rose less than 0.1 percent.

Later in the day, PMIs for the UK, Eurozone and US will come out, giving a sense of how different economies performed in July.

Andrew Griffiths, Economic Secretary to the Exchequer, is writing today to banks about concerns of accounts being closed over people’s political views, following the row over Nigel Farage.

Elon Musk said he will remove the Twitter trademark and replace it with X as soon as today.

Domino’s Pizza and Liberty Global will offer results in the United States later today.

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