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 as total new orders resumed growth, with stronger demand for intermediate goods Exports declined for the…
Protests have broken out across Israel after the country’s military recovered the bodies of six hostages it said Hamas had killed in Gaza. Israel’s largest labor group has called for a strike, saying the “entire Israeli economy will shut down” Monday, per CNN. Prime Minister Benjamin Netanyahu faces fresh anger from critics who say he is prolonging the war rather than prioritizing…
Data from Japan’s finance ministry for spending on plant and equipment in April-June 2024: +7.4% y/y expected +9.9%, prior +6.8% for the q/q, +1.2% Capex is an input to the GDP data for Q2 due on September 9 Other data showed sales rose 3.5% y/y, while recurring profits rose 13.2% y/y Japan Inc. does not appear to faring too…
AUD/USD trades stronger around 0.6770 in Monday’s early Asian session. The US Fed’s closely watched inflation measure rose 2.5% YoY in July. China’s NBS Manufacturing PMI declined to 49.1 in August; Non-Manufacturing PMI rose to 50.3 in the same period. Chinese August Caixin Manufacturing PMI will be released on Monday, which is expected to improve to 50.0 vs. 49.8…
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This week our currency strategists focused on inflation and GDP data, specifically from Australia and the U.S. for potential high quality setups. Out of the four scenario/price outlook discussions this week, two discussions arguably saw both fundie & technical arguments triggered to become potential candidates for a trade & risk management overlay. Check out our review on those discussions…
Mon: US & Canada (Labor Day), EZ & UK Final Manufacturing PMIs (Aug), Chinese Caixin Manufacturing PMI Final (Aug) Tue: Swiss CPI (Aug), Swiss GDP (Q2), Turkish CPI (Aug), US ISM Manufacturing PMI (Aug), Final Manufacturing PMI (Aug) Wed: BoC & NBP Policy Announcements; Australian GDP (Q2), Chinese Caixin Services PMI (Aug), EZ & UK Composite/Services Final PMIs (Aug),…
The Dow Jones clipped a new record high bid to round out the trading week. US PCE inflation held steady in July, teasing investors without giving further hope. Coming up next week: US long weekend, PMI figures, and another NFP print. The Dow Jones Industrial Average (DJIA) tipped into a fresh record intraday high on Friday, echoing Monday’s record-setting…
WTI crude oil daily There has been some talk that the planned OPEC+ barrel return would be pushed back but it’s still coming, according to a report from Reuters that cites six sources. I’m not terribly surprised by the messaging. US oil companies set budgets in Sept/Oct and OPEC surely doesn’t want them to set out to increase production…
