Dealogic data cited by media reports on the cascade of debt payments due in the near term. A prolonged slowdown has hit housing prices amid collapsing sales and delays to the construction of new apartments. The government has stopped short of any bailouts, but its...
Goldman Sachs is watching for Chinese stock markets to trade up
Goldman Sachs cites internal broker data tracking China ADRs. GS say their data showed signs of capitulation selling in the first 3 weeks of August but that's diminishing. We are starting to see some institutions use recent weakness as a buying opportunity.Goldman...
Saudi Arabia is expected to announce next week that its extending its crude oil output cut
Via the most recent Bloomberg survey of oil analysts, 20 of 25 expect that Saudi Arabia its current current 1 million-barrel oil output cutback for at least one more month.Bloomberg add that several delegates from the Organization of Petroleum Exporting Countries and...
ANZ forecast that USD/JPY is more likely to reach 150 than 140 in the coming month
This summary of an ANZ note is via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. ANZ analysts forecast that USD/JPY is more inclined to reach...
US Justice Department is investigating the use of Tesla funds to build a house for Musk
US Federal prosecutors are investigating the use of Tesla TSLA funds to build a house of glass for Elon Musk. U.S. Attorney's Office for the Southern District of New York is seeking further information about the secret project, known as “Project 42”The glass home is...
Chinese authorities have asked Citic, CCB to help stabilize struggling shadow bank
A unit of Citic Group and CCB Trust, which is backed by China Construction Bank have been asked to examine the books of Zhongrong International Trust Co.This could be the precursor to a state-led rescue of the shadow lender.The background to this is the woes at...
Barclays says US stock market pullback in August was a buyers strike
Barclays on the losses for US stocks this month:says the August pullback was more due to ‘buyer’s strike’, a lack of buying by traders rather than reducing exposure to risk. “The August pull-back was more due to buyers’ strike than a broad de-risking” “Sentiment and...
Federal Reserve is quietly demanding that regional lenders shore up liquidity planning
The Federal Reserve has issued a batch of private warnings to lenders with assets of $100 billion to $250 billion.This is part of increased efforts to tighten supervision, Bloomberg News reported. Bloomberg is gated, the news wire citing people familiar with the...
Australia’s monthly CPI data – slowing rate of inflation is an “encouraging development”
Australian July inflation data was published yesterday, dropping well under the median estimate:ING on the result:The headline inflation rate has now fallen below 5% which will encourage thoughts that the RBA tightening cycle has peaked - though progress over the next...
China ICYMI – A PBOC official says banks should step up lending to private companies
From Wednesday afternoon China time, comments from a People's Bank of China official urging banks to step up lending to private companies.PBOC will ask financial institutions to set annual targets for services to private firms and vigorously expand loans to companies...
Forexlive Americas FX news wrap 30 Aug: USD recovers after a move lower stalls.
The US trading session started with the USD mixed. There were 5 separate currencies within 0.13% of the greenback, with a modest overall bias to the upside. The ADP employment report came in weaker than expectations at 177K vs 195K estimate. The recent misses for that...
Brent oil: Barclays lowers its 2023 price forecast to $84 (from $87), raises 2024 forecast
Barclays lowered its Brent oil price forecast for this year to $84 per barrel down by $3 from its previous forecastits Q4 estimate of $92 a barrel Brent remained unchanged Barclays expects a deficit of 670,000 barrels per day (bpd) on the oil market this year, and a...
AUDUSD back near unchanged. Sellers had their shot. Buyers had their shot. Both missed
The AUDUSD sellers had their shot in early US trading below a swing area between 0.6453 to 0.6458. They missed.The subsequent move to the upside then moved through the high from last week at 0.6784, but could not extend above the high from 2 weeks ago at 0.65228....
Nasdaq gains for a fourth straight day
After the ugly reversal following Nvidia earnings on Friday, there were predictions of further pain for the Nasdaq. Instead, it's risen for four straight days and closed at the highest since August 1. A big rally on Friday could even put it in positive territory for...
Economic calendar in Asia 31 August 2023 – China August PMIs (any green shoots?)
PMIs from China's National Bureau of Statistics (NBS) are the data focus today. China's official Manufacturing PMI is expected to have contracted for the fifth month in a row. The Non-Manufacturing PMI is expected to have slipped a little from July. Its not all bad...
Trade ideas thread – Thursday, 31 August 2023
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,...
US dollar perks up as risk trades consolidate
The US dollar is up off the floor as US stocks give back some gains. Tomorrow is the final day of August so month-end flows have likely been a factor this week and Credit Agricole earlier in the week suggested there would be some USD buying.At one point stocks had...
Mexican central bank boosts growth forecasts
USDMXN monthlyThe move to re-shore production to North America has been a tailwind for Mexico and for the Mexican peso. The central bank boosted its forecast for growth this yer and slightly raised inflation as well:Sees 2023 GDP at 3.0% vs 2.3% priorSees 2024 GDP at...
WTI crude futures settle at $81.63
Crude oil futures are settling at $81.63. That's up $0.47 or 0.58%. The high price reached $82.05. The low price was at $80.88.The weekly cruel inventory data was released earlier today and showed a huge drawdown of -10.584M versus expectations of -3.267M. That comes...
The USDCHF moves lower for the 2nd consecutive day but stalls ahead of MA target
The USDCHF is falling for the 2nd consecutive day and in the process has moved below its 100 bar moving out on the 4-hour chart at 0.87923, but stalled the fall ahead of the 200 bar moving average at 0.873336. The low price also tested the low from 2 weeks ago at...