There was certainly much anticipation and for the dip buyers, they would be glad that Nvidia did not disappoint. Tech shares led the way in trading yesterday ahead of the earnings release and they are doing so again now. Here's a snapshot of US futures at the...
“The split between the Fed hawks and doves continues to grow”
An analyst at Brown Brothers Harriman on the split at the Federal Reserve:The split between the Fed hawks and doves continues to grow. By our admittedly unofficial count as of this writing, the doves are comprised of Williams, Harker, Goolsbee, Barkin, and Bostic...
Australian bank CEO says Australia unlikely to enter recession, housing market holding up
CEO of one of Australia's 'big four' banks, National Australia Bank, says Australia is not likely to enter a recession. He cites the housing market having held up more strongly than expected after the Reserve Bank of Australia interest rate rises. NAB, ANZ, CBA and...
ICYMI – Hundreds of ships stuck after Turkey closed Strait due to fires
Bloomberg (gated) had the report that Hundreds of ships were left unable to move between the Black Sea and the Aegean after Turkey closed the Dardanelles Strait to clear the area for planes fighting nearby forest fires.Around 300 vesselsThe Coastal Safety Directorate...
ForexLive Asia-Pacific FX news wrap: Bank of Korea leaves benchmark rate at 3.5%
It was another subdued forex session in Asia today ahead of the speech from Federal Reserve Chair Powell coming on Friday at 10.05 am US Eastern time. News and data flow was basically non-existent relevant to major FX rates. USD/JPY had a minor swing, down in the...
August Inflation data coming up from Japan tomorrow
High frequency, and timely, data from Japan tomorrow wth Tokyo area CPI for this month. National-level CPI data for August will follow in about three weeks, it takes longer to gather and collate the national data.Tokyo CPI is a sub-index of the national CPIIt measures...
South Korea’s central bank held its benchmark rate unchanged at 3.5% today
The Bank of Korea held its benchmark policy rate at 3.5%, itsbeen unchanged since the start of the year. The decision today was in line with expectations of surveyed economists, all 43 were expecting no change to the BoK base rate. Bank of Korea Governor Rhee comments...
Nomura on Chinese yuan weakness, 7.50 is not far away!
Craig Chan, global head of FX strategy at Nomura spoke on Bloomberg TV. He discussed the yuan and what measures the PBOC can use to support the currency.I pulled out some of the key points, it was a good piece covering a lot of ground. I've typed it out below without...
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Kyle Bass says investing China is a bad idea now, “profits are not going to westerners”
Kyle Bass is founder and principal of Hayman Capital Management, and he is not keen in sinking investment capital into China at present. He spoke with financial media in the US on Wednesday, highlights:China is allocating resources to state-owned enterprisesChina is...
PBOC sets USD/ CNY reference rate for today at 7.1886 (vs. estimate at 7.2791)
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...
PBOC is expected to set the USD/CNY reference rate at 7.2791 – 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...
Fed’s Jackson Hole symposium full agenda will be available Thursday, Powell speaks Friday
The Fed’s annual Jackson Hole Symposium begins with a dinner on Thursday, 24 August 2023. The full agenda will be made available at 6 PM US Mountain Time, which is 8 PMEastern time. This year’s topic is ““Structural Shifts in the Global Economy”. More on this:This...
USD/JPY intervention is a clear risk near 150, “hard to ignore”
The Bank of Japan will intervene in USD/JPY if Japan's Ministry of Finance instruct it. The Ministry's Vice Finance Minister for International Affairs Kanda is the official who will tell the BOJ to intervene, when he judges it necessary. He is often referred to as...
JP Morgan says Artificial Intelligence (AI) will not save the US economy from a recession
The head of JP Morgan’s of US equity and quantitative strategy appeared overnight on CNBC in an interview. He said advances in AI will not be enough to avert a US recession. said AI will drive "massive productivity gains for the broader economy", but placed a timeline...
China has cut the number of economic statistics it publishes by more than 50%
Since China's President Xi came to power in late 2012 China has reduced the number of economic statistics it publishes by more than 50%.The most recent headline on this was China's decision to longer publish youth unemployment rates:China has been, rightfully,...
Boeing says manufacturing quality issue on the 737 Max will cause delivery delays
Boeing has identified a potentially widespread manufacturing quality issue on the 737 Max Boeing says it does not consider the issue to be an immediate threat to the safety of flight for the in-service fleet However, the company is at a minimum planning for near-term...
UBS say “Higher gold prices are delayed, not canceled”. Year-end forecast is USD 1,950
UBS on the headwinds for gold (UBS refer to these as 'short-term'):surprisingly resilient US economic data & concerns over the Federal Reserve’s likely responsefed fund futures ... markets are pricing roughly even chances of another rate hike by Novemberhas pushed...
Bank of America says another stock market indicator flashing bullish, highest in 18 months
Bank of America refers to the number of stocks where consensus earnings estimates have risen is advancing relative to the number where estimates have fallen.BoA have their proprietary Global Earnings Revision Ratio, its rise is bullish for stocks, particularly for...
North Korea says its satellite launch failed, will try again in October
North Korea launched a satellite in the early AM. It says the launch failed at the third stage and it plans another launch in ocot. Says the failure was not from a serious problem. And if someone else pays for it, perhaps via having their Bitcoin stolen.MoneyMaker FX...