Over the weekend we had the official PMIs showing manufacturing contracting:China August Manufacturing PMI 49.1 (expected 49.5), Services 50.3 (expected 50.0)ICYMI - China's official August manufacturing PMI fell to its lowest since FebruaryThe manufacturing result at...
Japan Q2 capex recap fuels optimism for a domestic recovery, and case for more BOJ hikes
Japanese corporate spending on plant and equipment surged in the second quarter:Analyst takes I'm seeing are noting the data is fuelling optimism for a domestic-led recovery and bolstering the case for more interest rate hikes from the Bank of Japan in the coming...
China Caixin Manufacturing PMI August 2024: 50.4 (expected 50.0, prior 49.8)
Over the weekend we had the official PMIs:China August Manufacturing PMI 49.1 (expected 49.5), Services 50.3 (expected 50.0)More detail:The private, Caixin S&P Global manufacturing PMI is much better, coming in at 50.4.From the report, in summary:Demand picked up...
HSBC with two reasons the USD should strengthen
HSBC is looking for a bounce for the USD, saying that:1. The dollar looks to have weakened excessively relative to dovish expectation for Fed rate cuts2. Says the economy in the US does not warrant the market pricing of the rate of Fed easing (referring to...
Australian job ads down 2.1% m/m in August (prior -2.7%)
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Australian data – Q2 Business Inventories +0.1% (expected -0.1%, prior +1.3%)
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Australian July Building Permits +10.4% m/m (2.5% expected)
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Australia Melbourne Institute Inflation August 2024 -0.1% m/m (prior 0.4%)
Australia Melbourne Institute Inflation August 2024 -0.1% m/m (prior 0.4%), its first drop in 6 monthsand 2.5% y/y for a three-year low (prior 2.8%)Trimmed mean inflation gauge flat m/m in Augustlowest in 10 monthsand 2.2% y/y, a 32-month low of 2.2% (vs. 2.6%...
PBOC sets USD/ CNY reference rate for today at 7.1027 (vs. estimate at 7.1030)
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China with harsh words for the European Union – says be fair and objective
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Jibun Bank Japan manufacturing purchasing managers index 49.8 in August (vs. 49.1 prior)
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PBOC is expected to set the USD/CNY reference rate at 7.1030 – 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...
Japan Q2 business capex +7.4% y/y (vs. expected +9.9%)
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Yen on the move in early Asia Monday trade
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Australia August Manufacturing PMI 48.5 (prior 47.5)
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ICYMI – China’s official August manufacturing PMI fell to its lowest since February
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CME Globex Labor Day holiday hours – open Sunday evening for Tuesday trade date
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Reserve Bank of Australia Governor Bullock is speaking twice in the week ahead
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ICYMI – Goldman Sachs raised their Q3 US GDP estimate to 2.7% (q/q annualized), from 2.5%
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Economic calendar in Asia Monday, September 2, 2024 – China manufacturing PMI
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