High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Beijing scrapped a rule limiting prices of pre-owned homes in popular district
South China Morning Post with the report today:Authorities in Beijing have scrapped a rule that limited the listing of prices of pre-owned homes in Haidian district, a move intended to boost demand and prop up the country’s slumping property market. In Haidian, a...
PBOC sets USD/ CNY reference rate for today at 7.1894 (vs. estimate at 7.2783)
The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its trading...
Goldman Sachs on 3 developments that will slow US growth to a crawl in Q4 2023, just 1.3%
Goldman Sachs with a very subdued outlook for US economic growth into the end of the year, this in summary:Three developments are set to temporarily slow growth:resumption of student loan paymentsthe federal government looks more likely than not to temporarily shut...
PBOC is expected to set the USD/CNY reference rate at 7.2783 – Reuters estimate
People's Bank of China USD/CNY reference rate is due around 0115 GMT.The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate...
Coindesk says the CEO of Binance US has left the firm, one third of workforce has been cut
Binance.US CEO Brian Shroder has left the crypto exchangeThe company has eliminated one-third of its workforce.Coinbase citing a spokesperson for the firm. Binance hold themselves up as being on the side of the little guy, not like establishment firms. But, they still...
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Japan August PPI +0.3% m/m (expected +0.1%)
Japan PPI, AKA Corporate Goods Price Index.This is 'wholesale' level inflation, the price that firms charge each other for products (more on this under the screenshot) the annual rate, at 3.2%, slowed in August for the eighth straight monthJuly was revised down to...
More on the apparent leak of an ECB rate hike coming on Thursday
The bombshell dropped earlier, sending EUR/USD higher in very earl Asia:A little more now via Reuters citing that unnamed source for the info: The ECB's quarterly projections, set to be to presented to its Governing Council on Wednesday, will put inflation north of 3%...
Reuters September Tankan: Manufacturers Index +4 (prior +12) Non-Manu +23 (prior +32)
Not a good set of results:Big manufacturers Sept sentiment falls sharply to 4 from August's 12 Service sector mood slumps the most since 2020, to 23 from 32 in August Both sectors see subdued outlookDecember Manufacturing index seen at +4non-manufacturing seen at...
JP Morgan analyst says Fed willing to sacrifice economy to kill inflation, “like the ECB”
Bob Michele, CIO and global head of fixed income and commodities at JPMorgan Asset Management spoke with Bloomberg TV. Says the Federal Reserve is signalling that it is willing to hurt the economy by prioritizing inflation-over-growth:They're telling us that they're...
New Zealand data – Food Price Index (August) +0.5% m/m (prior -0.5%)
+8.9% y/yprior +9.6%---The New Zealand Food Price Index (FPI) is a measure of the changes in the average price of food items sold in New Zealand.calculated and published monthly by Statistics New Zealandthe FPI tracks the prices of a basket of food items that...
Heads up for Biden to speak Thursday – on the economy
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Newswire says US government reportedly looking to offload almost USD13bn of mortgage bonds
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Carlyle CEO says the FOMC will hike rates one more time this year
David Rubenstein is CEO and co-founder of the Carlyle Group, a US-based private equity, alternative asset management and financial services firm (Federal Reserve Chair Powell was an employee at the firm).Says the FOMC will do one more interest rate hike this yearsays...
Goldman Sachs on why the S&P 500 could go higher than their 4500 target
Goldman Sachs’ chief U.S. equity strategist David Kostin was speaking in an interview on Tuesday. He said it’s possible the S&P 500 overshoot his 12-month target of 4,500 ... “The upside potentially would be that rates fall a little bit”arguing that lower rates...
US August CPI due today – preview – final piece of the puzzle for the FOMC meeting
The data is due at 8.30 am US Eastern time. Preview comments via CIBC:August CPI will be the final piece of the puzzle for the Fed ahead of its September meetingWe expect the last few soft readings to start to form a trend, with core CPI in August expected to come in...
Fed rate cut in early 2024? “I don’t think that’s going to happen” says Mohamed El-Erian
Mohamed El-Erian, Allianz’s chief economic advisor ,spoke with CNBC on Tuesday, says an assumption that the Federal Open Market Committee (FOMC) is going to be able to cut rates early next year is wrong:“I don’t think that’s going to happen.” El Erian says its likely...
SocGen raised its S&P 500 price target for the end of 2023 to 4,750 (from 4,300)
Reuters reporting, citing a Société Générale note. SocGen raised its S&P 500 price target for the end of 2023 to 4,750 from 4,300. in coming months, calls for a recession will be "deleted/delayed" "... we stay bullish near term." support for the S&P 500 coming...
Bond King Gundlach says the Fed is done raising rates
DoubleLine Capital CEO Jeffrey Gundlach was speaking at the Future Proof conference Tuesday at Huntington Beach, California.said the Fed’s tightening cycle should come to an end as the economy slows down further “I think they are done. We have enough economic...