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,...
AUD, NZD, CNH all down: China PMI disappoints, worries re Country Garden potential default
CAD lower also. EUR and GBP dribbling along lonwer for the ride too. China's PMI was ugly:And Country Garden has a coupon payment due today, a USD one, that it missed in early August - the 'grace period' expires in the hours ahead.:In addition to those currencies...
Chinese developer Country Garden has only hours to meet US$22.5mn payments
Chinese developer Country Garden Holdings missed coupon payments in early August. The 'grace period' for the first of these finished up today and tomorrow (September 5 and 6)builder has about U$187 billion of total liabilities it has a combined US$22.5 million in...
Goldman Sachs have revised the probability of a US recession even lower, to 15% (from 20)
Goldman Sachs have been consistently revising their probability of a US recession in 12 months lower and lower. They have been consistently under consensus too . Good for them. Have it at 15% now, from most recent forecast at 20%.Goldman Sachs chief economist Jan...
Chinese Caixin Services PMI for August 51.8 (expected 53.6, prior 54.1)
Composite 51.7prior 51.9That's a disappointing services PMI. The yuan has been hit on it:From the Caixin report:Latest PMI data signalled a softer expansion in service sector output in China during August. Business activity increased at the slowest pace in eight...
Think tank: UK should boost capital markets with pensions. (What could possibly go wrong?)
UK think-tank New Financial says higher minimum contributions to pension schemes and regulatory reforms to bolster London's capital market and boost the flow of money from pensions into investments is a good start, but more is needed to avoid pensioners having too...
Australian data, Q2 Current Account +7.7bn AUD (vs. expected +8.1bn AUD)
Q2 Current Account +7.7bn AUD expected +8.1bn AUD, prior +12.3bn AUDAustralia's net exports will add 0.8% to Q2 GDP (this data point is due Wednesday at 11.30 am Sydney time)expected +0.3%---Background info on the "current account"refers to a component of a country's...
PBOC sets USD/ CNY central rate at 7.1783 (vs. estimate at 7.2703)
The 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...
New Zealand data – ANZ Commodity Price Index for August -2.9% m/m (prior -2.6%)
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 First Lady Jill Biden tested positive for COVID-19, experiencing mild symptoms
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,...
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More on China setting up a new body to support the private sector
I posted on this on Monday, news out of China’s National Development and Reform CommissionA little more on this now:NDRC said it would set up a bureau to coordinate policies across different government bodies and help development of the private economynew bureau will...
Japan Jibun Bank August Services PMI 54.3 (prior 53.8)
<!--> --> <!--> --> Services: 54.3prior 53.8Composite: 52.6prior 52.2Flash reading here:Last week we had the final manufacturing number:Earlier from Japan, the biggest y/y drop in household spending since February of 2021: ADVERTISEMENT - CONTINUE...
Brent oil – US Treasury official says price cap on Russian oil continues to work
Bloomberg convey remarks from a senior US Treasury official on the price cap imposed on Russian oil exports by the US and its allies:the US is judging the policy’s performance by whether it’s allowing buyers across the world to negotiate bigger discounts for Russian...
PBOC is expected to set the USD/CNY reference rate at 7.2703 – 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...
Australian final PMIs for August: Services 47.8 (prior 47.9) Composite 48.0 (prior 48.2)
Judo Bank / S&P Global Australian PMIs for August, the final results:Services 47.8 vs. prior 47.9 Composite 48.0 vs. prior 48.2The Manufacturing was published last week:The preliminaries are here:All three firmly in contraction does not auger well. On Wednesday...
Australia data – ANZ Roy Morgan weekly consumer confidence 78.7 (prior 78.1)
Australian Weekly ANZ Roy Morgan Consumer Confidence survey.ANZ comment:July monthly CPI, which showed falling annual inflation, likely supported the lift, as did the start of what we think will be an extended pause from the RBA.78.7 is an 18-week high. And still...
Japan data – July Household spending -2.7% m/m (expected +0.7%)
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,...
Australian union plans full 2 week strike at Chevron’s LNG facilities if demands not met
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,...
UK data for August showed BRC sales higher than July but Barclay consumer spending lower
Conflicting headlines out of the UK:British retail consortium August total sales +4.1% y/y vs July +1.5% British retail consortium August like-for-like sales +4.3% y/y vs July +1.8% Barclay UK August consumer spending +2.8% y/y vs July +4.0% the bank blamed on a...