- Libya's Al Waha Company says it will start partial reduction in production
- WTI extends gains with news that Libya will be stopping all production and exports
- Earnings in focus this week again with Nvidia
- Germany received a tip-off about potential Russian sabotage act at a NATO site
- FX not playing ball with commodities and equity performance today
- Atlanta Fed GDPNow sitting at 2%
- Germany Aug Ifo business climate index 86.6 vs 86.0 expected
- Heads up that this week is month-end
- Weekly update on interest rates expectations
- Riksbank meeting minutes
- Markets hold to a view of >100 bp of cuts for the Fed by year-end
- What are the main events for today?
- Swiss Non-Farm Payrolls 5.499 vs 5.484M prior
- Conditions for sustained USD weakness not fully in place
- Japan leading indicator -2.1 vs -2.6 prior
- Equity and bond expectations divergence likely to be bullish for the USD
- India GDP seen at 6.9% in April to June vs 7.8% in previous quarter
- Most commodities are trading in the red apart from oil
Markets:
- JPY leads, NZD lags on the day
- European equities flat; S&P 500 futures up 0.15%
- US 10-year yields up 2 bps to 3.81%
- Gold up 0.36% to $2,521
- WTI crude up 2.69% to $76.84
- Bitcoin down 0.48% to $63,953
It was a classic quiet Monday session with little in terms of market moving data releases. The only highlight was the German IFO reading which came out basically in line with estimates.
The only major news was the Libyan eastern-based government declaring the closing down of all oil fields and halting production and exports as a force majeure announced in response to the attempts to take over the central bank by the Tripoli-based government.
In the markets, there’s been very little movement with just crude oil getting the attention following the Libyan news as the price shot 1.5% higher and counting.
