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Thursday evening news from China:China's Industrial Bank says it'll cut its yuan deposit rates by 10-25 basis points, effective from Friday, 1 September 2023.one-year deposit rate will be cut by 10 bps to 1.75%two-year deposit rate will be cut by 20 bps to 2.00%three-...
Chinese state media, Xinhua, had the news that the State Council issued a statement that China will further reduce individual income tax for those who have children to raise or elderly to support.the measure includes higher additional deductions for individual income...
SPX intradayUS equities gave up gains in the final 15 minutes of trading to finish narrowly negative. That caps a losing month for US exchanges but it wasn't as bad as it was midway through August. Yields fell this week and that sparked a turnaround in tech.As for...
The official PMIs from China on Thursday were a mixed bag with an improvement but still contraction for manufacturing and a slip lower but still expansion for services:Today it's the privately surveyed PMI from Caixin/S&P Global. This is expected to be still in...
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,...
Bitcoin was already down about 4% before the latest news hit on the SEC delaying decisions on bitcoin spot ETFs from WisdomTree, Invesco and Valkyrie.The delay was largely expected so there might be a 'sell the rumour, buy the fact' trade in the works here. But it's...
nonfarm payrollsWe won't have to wait long for the non-farm payrolls report as the calendar turns to September on a Friday. There's a big quirk in the August jobs report, as the initial data tends to run below the consensus. It's missed to the downside (before...
Russia's Novak offered a cryptic hint about what's coming to the oil market next today, saying that OPEC+ will decide on future policy next week. That's not something that was on the schedule but leaves the market uncertain of what's to come. Initially the reaction...
Nasdaq Comp dailyThe S&P 500 and Russell 2000 are flat today but the Nasdaq is up another 0.5% in the fifth straight day of gains. Memory and chipmakers are leading the way:WDC +6.6%MU +3.1%AVGO +2.8%INTC +2.2%But Amazon +2% and Shopify +9.6% are other tech...
Vietnamese electric vehicle manufacturer unexpectedly emerged as one of the most valuable carmakers in the world. When we are writing this article, VinFast’s capitalization is being exceeded only by Tesla and Toyota. But chances are, you've likely never even heard of...
Last week the market was placing higher odds on the ECB hiking rates than leaving them unchanged at the Sept 14 meeting but now there's just a 30% chance of a hike. What changed?Three stories have done the majority of the lifting:On Friday, an 'ECB sources' report...
Latest data from July and Aug point towards economic deceleration in Q3 and probably in Q4We need to keep working to get inflation back to the 2% targetSeptember decision is still up for debateData in the next days is key to the ECB decisionWe are at the finishing...
RBC Capital Markets anticipates that the Bank of Canada (BoC) will maintain its key interest rate at 5.00% in its upcoming September policy meeting. Despite a hawkish tone in the July statement and Monetary Policy Report (MPR), Governor Macklem struck a more balanced...
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,...
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,...
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,...
It's not entirely clear what Novak is referring to here but he said that Russia agreed with OPEC+ of further actions. He might be referring to an extension of Russian cuts or a larger OPEC deal. There are some ticks lower in oil on these headlines but I think the...
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,...
USDJPY 10 minsThe US dollar has battled back today as better economic data pushes back against the idea the economy is rapidly slowing. USD/JPY is still lower on the day -- down 20 pips -- but has rebounded to 146.05 from 145.64. It's part of a broader bid in the US...
Reuters' influential 'secondary sources' oil survey is out and highlights rising Iranian production. The country isn't subject to OPEC quotas because of sanctions declines.The Biden administration -- which blocked the Keystone XL pipeline -- has instead turned a blind...