Good morning. The FTSE 100 is set to open in the red as Boris Johnson prepares to announce his roadmap for lifting the coronavirus lockdown.
The plan is expected to involve four steps which will see a gradual reopening of society and the economy from next Monday.
5 things to start your day
1) Alistair Darling warns Sunak off tax raid: the former Chancellor who oversaw Britain’s initial response to the financial crisis explains why it is too early to attempt to rebalance the books.
2) UK plc dividends suffer 41pc pandemic plunge: Payouts from banks and oil giants suffered the most, according to data that tells investors to brace for a slow return to pre-Covid levels.
3) Mark Carney joins board of US payments start-up: Stripe welcomes former Bank of England governor as it negotiates a new funding round that could leave it with a $100bn valuation.
4) More John Lewis stores at risk of closure: the employee-owned retailer is under pressure to slash costs after huge losses.
What happened overnight
The bond selloff continued Monday as Treasury yields climbed and sovereign debt in Australia and New Zealand slid on concerns about faster inflation, tempering stock market optimism from positive vaccine news.
Benchmark 10-year Treasury yields climbed to the highest in about a year. A gauge of Asian stocks edged lower, erasing earlier gains amid a surge in metals that could fan price pressures. Japanese shares outperformed while other key markets lagged. S&P 500 and European futures dipped after the U.S. index slipped Friday.
Copper hit the highest in more than nine years in a sign of optimism about the global recovery. Crude oil climbed to $60 a barrel as the market assessed the fallout from the big freeze across Texas. Bitcoin notched another record over the weekend, spurring a rally in the shares of Asian cryptocurrency stocks.
Coming up today
Ifo survey (Germany)