The editorial says that the phrase insisted by China's leaders in 2016, being "houses are for living in, not for speculation" should continue to carry more weight especially now. The phrase was removed from the Politburo statement last month and could be interpreted...
PMI data the focus in Europe today
It is a slower start to the day after the more mixed showing in markets yesterday. The dollar also traded somewhat more mixed with the euro losing ground while the yen advanced as Treasury yields are holding more tentative after having seen 10-year yields move to its...
JP Morgan concerned about sticky inflation, “Central banks could stay higher for longer”
A note from JP MOrgan with the transmission channel from stick inflation to higher for longer rates and thus a lid on the equity market. “we stick to our long-held view that inflation will keep moderating, we worry that there is no cushion here anymore, most are fully...
JPMorgan says earnings estimates appear too optimistic, wary of the downside in equities
JPMorgan says earnings estimates appear too optimistic, citing the most recent earnings season with soft profit growth and less upbeat corporate guidance:firms are seeing demand and prices soften, accompanied by ongoing margin pressure"The consensus 2024 EPS growth...
ForexLive Asia-Pacific FX news wrap: AUD, NZD, CAD catch a small bid
Higher AUD/USD on the session - rising iron ore price in China a tailwindThere are rumours that some Chinese banks are freezing some savings accounts - PBOC deniesBank of America S&P500 technical analysis, 4325 and 4200 as the next two major levelsFund manager...
Higher AUD/USD on the session – rising iron ore price in China a tailwind
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,...
There are rumours that some Chinese banks are freezing some savings accounts – PBOC denies
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,...
Bank of America S&P500 technical analysis, 4325 and 4200 as the next two major levels
A snippet commentary from Bank of America technical analyst in the benchmark US S&P500 index:“The SPX broke first support at 4450 and closed below its rising 13-week MA at 4410 for the first time since late March. The August 2022 peak and late June low provides...
Fund manager says Fed Chair Powell will err on the side of hawkishness at Jackson Hole
Analysts at US-based fund manager Invesco with their outlook for Federal Reserve Chair Powell speaking at Jackson hold on Friday, August 25 (he speaks from 10.05 am US Eastern time)“I expect Fed policymakers to err on the side of hawkishness at their symposium in...
PBOC sets USD/ CNY mid-point today at 7.1988 (vs. estimate at 7.3050)
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...
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Japan Jibun preliminary August PMIs: Manufacturing 49.7 (prior 49.6) Services 54.3 (53.8)
Manufacturing 49.7, an improvement but still in contractionprior 49.6Services 54.3, improved from July and a strong resultprior 53.8Composite 52.6prior 52.2USD/JPY is not a lot changed, down a few points after the report. -Commentary from the report:Growth across the...
Two tankers (one LNG, the other, oil products) collided in the Suez Canal
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,...
PBOC is expected to set the USD/CNY reference rate at 7.3050 – 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...
Goldman Sachs’ $86 oil forecast, weighing up supply & demand factors, bank is net bullish
Goldman Sachs commodity analysts take a look at the "risk developments" to their forecast for $86 oil by December 2023.On net, the risk developments ... have been bullish-to-mixed over the past monthThe bullish developments are:The arrival of inventory drawsThe key...
Manufacturing & Services Australian preliminary PMIs for August remain in contraction
Judo Bank / S&P Global flash PMIs for Australia in August 2023 are both poor. Manufacturing and Services remain in contraction for a second consecutive month.Commentary from the report, in brief:a cyclical slowdown in the Australian economy is underway with...
UK Govt transferred over 14bn GBP to the BoE, largest transfer ever, to cover QE losses
The UK Treasury sent over 14.3bn GBP to the Bank of England in July, which is the biggest state transfer on record, to cover losses on the Bank's QE stepstransfers have totalled more than 30 bn GBP in the past 11 monthsNumbers come from the UK's Office for National...
590,000 b/d TMX crude pipeline in Canada will likely start commercial “later” in Q1 2024
Via media reports (Argus) comes news of the 590,000 b/d Trans Mountain Expansion (TMX) crude pipeline in western Canada will likely start commercial "later" in the first quarter next yearits entering the final stages of the project a specific in-service date is not...
New Zealand Q2 Retail Sales -1.0% q/q (expected -2.6%)
Consumers have been cutting back in New Zealand in the face of rapid and sustained interest rate hikes. The last two meetings of the Reserve Bank of New Zealand have been a bit of a relief with the Bank leaving the cash rate on hold. Retail sales -1.0% q/qexpected...
Swiss gold exports down due to lower shipments to China, India
Data from Switzerland on gold shipments in July: Swiss gold exports fell 2% in July from June exports to China fell by 19% in July to their weakest since May, 2022to India fell by 60% to their lowest level since April, 2023Info via Reuters overnight ICYMI. More here....