United States

After tumbling last week on concerns that between damage from Harvey and Irma, losses for the P&C space would be devastating, today the broader insurer space is breathing a sigh of relief after the Hurricane's damage reportedly underwhelmed, especially following some especially dire observations over the weekend from the likes of Torsten Jeworrek, member of the board of the German reinsurance giant Munich Re, who on Sunday said that Hurricane Irma is proving to be a “major event” for Florida and the insurance industry.

Update (8:00am ET): As it travels over the Florida Panhandle, Irma has been downgraded to a tropical storm. Yet it continues to produce some wind gusts that are near hurricane force.

Tropical Storm #Irma Advisory 49A: Now available on the NHC website. https://t.co/VqHn0uj6EM

— NHC Atlantic Ops (@NHC_Atlantic) September 11, 2017

* * *

In a somewhat quieter week for economic news, this week's focus is on BoE and SNB policy meetings as well as on inflation releases in US, UK, China and others. Other releases of note include retail sales in the US, UK and China along with industrial production in US, Eurozone & China.

Key events:

And we're back at all time highs.

In the latest indication that the US is desperate to reach a diplomatic compromise over North Korea, even if it means appeasing Beijing and Moscow, Reuters reports that while the UN Security Council is set to vote on Monday afternoon on a U.S.-drafted resolution to impose new sanctions on North Korea over latest nuclear test, as discussed on Friday, the new draft no longer proposes blacklisting North Korean leader Kim Jong Un, while also dropping a proposed oil embargo - something Beijing had vocally opposed - and instead intends to impose a ban on condensates and natural g