Welcome to the Economic Corner – where we update you on all the biggest global economic announcements.
• First up on the Economic Corner is a major update coming in from the Downing Street. British Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison agreed on broad terms of a trade deal over dinner. This is the first trade deal to be negotiated from scratch since the UK left the EU.
• The UK government said that membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) could provide British farmers with huge opportunities.
• Moving on to the Minutes of the Monetary Policy Meeting of the Reserve Bank Board --- Members started their discussion of international economic developments by noting that the global outlook had improved over recent months and risks to the global economy had become more balanced.
• COVID-19 case numbers had fallen in many advanced economies as vaccination rates had risen, and containment measures were being eased.
• Turning to domestic economic developments, members noted that the Australian economy was transitioning from recovery to expansion with more momentum than previously anticipated.
• The European Union is testing investors’ appetite to fund nearly $1 trillion of debt over five years as it seeks to finance its recovery from the coronavirus pandemic.
• Next up is a good news on the vaccine efficiency front -- Novavax’s Covid-19 vaccine remains effective when administered at the same time as a flu jab. The phase 3 trial was carried out on 431 people in the UK.