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Japanese media (Kyodo news agency) carried the report overnight. In summary:Japanese government set to announce a fresh economic stimulus package in OctoberAiming it to support wage hikes by firms and mitigate energy billsPM Kishida will order up a draft package by...
The ISM Services PMI was in the spotlight:And it didn't disappoint:Yes, 54.5 was a big beat of the consensus, but of even more impact was the fact that it beat the highest estimate made by analysts heading into the release. The range was 51.1 to 53.9, so the 54.5 was...
Coming up at 0130 GMT, 2130 US Eastern time, Bank of Japan board member Junko Nakagawa to deliver a speech and hold a news conference later. The last time we heard from her was back in February if memory (and Google) serves.Links here:There has been a lot of water...
Goldman Sachs are with most in the market in expecting the Federal Open Market Committee (FOMC) to leave the fed Funds rate unchanged at the September meeting. November is the meeting after this and that one is more complicated for the Fed. GS say that another skip in...
Lisa Cook has been confirmed as a Federal Reserve Governor. Lisa Cook---Background to the Federal Reserve Board of Governors, the governing body that oversees the Federal Reserve System, the US central bank.The Board is composed of seven membersMembers are by the US...
After better economic data once again from the US:US equity indexes sold off:Dow Jones Industrial Average -198 points (-0.57%)S&P 500 - 0.7%Nasdaq Composite -1.06%Treasury yields climbed, yield on the 2-year Treasury note was up about 6 basis points last I saw,...
Deutsche Bank think a US recession is more likely than the hoped-for "soft landing", citing the risk the Federal Open Market Committee (FOMC) tightening interest rates too much. "Given that inflation peaked significantly above target, the Fed should err on the side of...
The decision was expected by markets:From RBC's response, analysts at the bank note that while headline CPI has slowed, the BoC's preferred core measure remains persistently above the 2% target. Inflation is likely to gain in the near term: Wage growth is still...
S&P 500 forecasts from analysts at UBS:in Q4 the index will remain rangebound, hitting 4500 by the end of 20234700 by June of 2024UBS say that:resumption of student loan paymentsa cooling labour marketthat will both weigh on economic growth.On profit expectations...
Info comes via Reuters reporting on a decision by the US Interior Department.said it would cancel oil and gas leases in a federal wildlife refuge that were bought by an Alaska state development agency in the final days of former President Donald Trump's administration...
The inventory data from the private survey is out now, official data (usually) comes out on Wednesday morning (US time), but this week due to the holiday Monday it'll be Thursday morning.--Expectations I had seen centred on:Headline crude -2.1 mn barrelsDistillates...
Chinese trade data for August is due today. Its listed at 0300 GMT but that time is variable for this data point, any time around there is a good bet. The July trade data was awful, both imports and exports fell. We had a special guest poster covering that last...
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,...
Markets:Gold down $9 to $1916US 10-year yields up 3.1 bps to 4.30%WTI crude oil up $0.99 to $87.68S&P 500 down 34 points to 4468EUR leads, GBP lagsThe overall moves in the FX market today weren't large but there was significant movement under the surface. It...
Yesterday's blockbuster column in Nikkei touched on some sensitive issues in China. The weekly column on China from Katsuji Nakazawa has a mixed history but if this one is true, it would mean that Xi Jinping is under some real pressure.The column argues that Xi's...
OIl dailyOil is getting harder to ignore, both as a macro factor and for its own sake. WTI settled up 85-cents today to $87.54. It's another high settlement dating back to November.The breakout from the 2023 range has been confirmed now and the only question is where...
Most Districts indicated economic growth was modest during July and AugustConsumer spending on tourism was stronger than expected but other retail spending continued to slow, especially non-essentialSome Districts highlighted reports suggesting consumers may have...
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,...
Masato KandaCredit Agricole explores the rising tensions surrounding the USD/JPY exchange rate, particularly in the wake of strong warnings from Japan's Vice Minister of Finance, Masato Kanda. The report considers whether a move to 148 in USD/JPY could compel the...
It's been a one-way trade in the US stock market since the strong ISM services reading and it's continuing. Last week, I highlighted the possibility of a head-and-shoulders pattern shaping up on the S&P 500 and today's drop adds to the case.We're still a long ways...