Chinese state media outlet the Securities Times had an article today saying that restriciton in place in the past are no longer appropriate. restrictive policies such as housing purchase restrictions, loan restrictions, and sales restrictions in the real estate market...
Coming up from the Fed on Wednesday – Beige Book and Collins, Logan speaking
Speakers from the Federal Open Market Committee (FOMC) on Wednesday include Collins and Logan.1230 GMT, which is 0830 US Eastern time: Federal Reserve Bank of Boston President Susan Collins speaks on the economy and policymaking and participates in a...
BOJ’s Takata says Japan is seeing early signs of hitting 2% inflation
Bank of Japan's Takata:says Japan is seeing early signs of hitting 2% inflationsays Japan's economy is recovering moderatelysays he believes that the Bank of Japan must patiently maintain easy monetary policy given the very high uncertainty on the outlookAt the same...
Australian data: Q2 GDP +0.4% q/q (vs. expected +0.3%)
Economic growth data from Australia in the April to June quarter of 2023.+0.4% q/qexpected +0.3%, prior +0.2%+2.1% y/yexpected 1.8%, prior 2.3%The Chain Price Index inflation indicator is at -2.2% for the quarter. A better-than-expected result for the growth data...
PBOC sets USD/ CNY central rate at 7.1969 (vs. estimate at 7.3097)
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 says a risk is that China faces a more persistent, Japan-style, slowdown
Goldman Sachs compares the Chinese economy to the US economy, noting its now revised its US recession forecast down to 15%, from 20%.More on this here:GS also eyeing a stronger USD:On China though, not so optimistic:China faces short- and long-term challenges from its...
Bank of Canada preview – on hold at 5%. Look to fade USD/CAD rallies.
The Bank of Canada meet on Wednesday, 6 September 2023. The decision is due at 1400 GMT, which is 10 am Eastern time. The consensus is for the Bank of Canada to hold its key interest rate steady at 5.00%. Earlier previews: Preview comments from CIBC:the downside...
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CBA expect the first RBA rate cut in Q1 24, but the risk is for later
Commonwealth Bank of Australia analysts after yesterday's RBA decision. In summary:cash rate steady at 4.10% in September, the third consecutive on hold decisionA tightening bias was retained, with uncertainty around services inflation still top of mind. China risks...
Morgan Stanley says US investors are pricing in too much optimism in equities
Michael Wilson, Morgan Stanley's chief investment officer, sounding the warning on US stock prices again. Summary points from a client note:Breadth remains weak for S&P 500 and NasdaqAI beneficiaries continue to support US investors are pricing in too much...
Coinbase will launch a new lending platform that’s aimed at large institutional investors
Crytocurrency exchange Coinbase Global has told Reuters that its launching a digital asset lending platform.to be aimed at large institutional investorsReuters adds that Coinbase has raised US$57 million for its new crypto-lending platform according to a regulatory...
Japan official with verbal intervention on yen – Kanda “won’t rule out response”
Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda. He is the guy who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan's 'top currency diplomat'. Seeing speculative moves in forex, speculative...
US Commerce Sec expects no change to Trump’s China tariffs until review completed
U.S. Secretary of Commerce Gina Raimondo comments from an interview tih CNBC:says does not expect any changes to the US tariffs imposed on China by the Trump administration until the ongoing review but the US Treasury is completeNeither do I. The tariffs Trump imposed...
Expect worry over a US government shut down to begin again – September 30 funding deadline
Remember all the folks screaming about how awful a US government shutdown and potential default would be?And then Fitch listened and downgraded the US on governance worries?And then all those folks screaming about a default laughed at Fitch? Plonkers. Anyway, here we...
NAB expect one final RBA interest rate rise, +0.25% in November
The Reserve Bank of Australia remained on hold at its meeting on Tuesday:Of Australia's four big banks ANZ, CBA and Westpac have forecast no further cash rate rises from the Reserve Bank of Australia. National Australia Bank, however, is still tipping one more, at the...
Westpac forecasts for AUD/USD revised down, USD supported by higher Fed
Westpac note on the Fed, China, and the Australian dollar. The US economy and the equity market have proved much more resilient to the FOMC’s tightening cycle than earlier anticipated.Our expectation for (US) inflation ... 6–month annualised inflation back at 2.0% by...
Chile’s central bank lowered its benchmark interest rate to 9.5% from 10.25%
Banco Central de Chile with a 75bp rate cut.a 100 bp cut was the consensus expectedcites falling inflation, was 6.5% in July, down from 7.6% in June (peaked just over 14% in August 2022) ... "The macroeconomic scenario has evolved as anticipated, projecting that...
Morgan Stanley on sticky US inflation: “more worried about 2024 than about 2023”
An analyst at Morgan Stanley Investment Management is worried about persistent US inflation:“I’m more worried about 2024 than I am about 2023” “Right now, the monthly year-over-year inflation numbers are coming down, but that’s going to get tougher next year. The bar...
Forexlive Americas FX news wrap: US dollar hits the highs of the year against JPY and AUD
Markets:Gold down $13 to $1925US 10-year yields down 9.9 bps to 4.27%WTI crude oil up $1.12 to $86.67S&P 500 down 0.4%USD leads, AUD lagsThe US dollar was strong as North American traders returned from a holiday. The driver was bond yields as they rose for a...
Bank of Japan monetary policy board member Takata is speaking Wednesday, 6 September 2023
At 0130 GMT on Wednesday, 6 September 2023, which is 2130 US Eastern time on Tuesday 5 September, Bank of Japan board member Hajime Takata delivers a speech and afterwards holds a news conference.We don't hear from Takata much, the last time I have a record of him...