G.morning. With only 10 days left until the end of the transition period, another deadline missed in trade talks between the UK and the EU has sent markets into a tailspin, sending the pound down 33 to 1.33.
If that is not enough for Christmas week, the EU plans to impose a travel ban on Britain, preventing the spread of a vicious corona virus that has forced 18 million to lock up and close ports in the UK’s southeast. FTSE futures point 1.6pc lower 30 minutes before opening.
5 things to start your day
1) Tier 4 threatens more job losses as retailers demand more relief. Shops in London and the Southeast are usually the busiest trading hours of the year.
2) Deloitte is one of 18,000 Solar Winds Hack victims. IT company Cisco has also been hit by a massive cyber attack, which is believed to have given the Russian government nine months to access US government documents.
3) Shell crews marooned in tanks for Christmas. The group will remain stranded at sea until January 4 to prevent the spread of the cove.
4) Businesses are begging to know when the pains will end. Retailers are on their knees as customers close orders and reopen stores after Boris Johnson cancels Christmas.
5) Universities are struggling to survive the winter. Courses and campuses may go, and some companies are struggling to avoid going bust after avoiding government bail.
It happened overnight
Asian stocks fell and sterling fell on Monday over a new corona virus strain that was covering much of the UK as a deal was finally struck in the long-awaited US stimulus bill.
The pound fell from 1.2 pc to 3 1.3352 after several European countries closed their borders to the UK, leaving the country in a tight lock to fight a new corona virus.
Prime Minister Boris Johnson will attend an emergency response meeting on Monday to discuss international travel and cargo flow in and out of Britain.
Since it does not have a Brexit deal to cut 1.1 pc in the FTSE futures, Eurostocks 50 futures are expected to rise to 1.7 pc.
Outside Japan, the broadest index of MSCI’s Asia-Pacific stocks hit a record high of 0.2 PCs last week. Japan’s Nikkei cut early gains to 0.4pc, the highest since April 1991.
Coming up today
Corporate: AWM of IWG
Economy: CBI Distribution Business Survey (UK); Consumer Confidence (Eurozone)