- ECB Muller says confidence growth in Sep cut but after that is less certain
- EU commission chief says must play stronger role in defence
- AUD the strongest and CHF the weakest
- Japan's MOF reports zero yen intervention from July 30 to Aug 28
- Eurozone flash HICP YY 2.2% vs 2.2% expected
- ECB Kazaks says open to discussing a September cut
- BoE consumer credit 1.215B vs 1.300B expected
- Spanish current account balance 5.02B vs 5.56B prior
- China regulator to guide Alibaba towards better compliance and service quality
- German Unemployment Rate 6.0% vs 6.0% expected
- ECB Rehn says falling growth and inflation makes case for a Sep rate cut
- What are money markets expecting from September's central bank decisions
- ECB's Schnabel urges caution and emphasizes data-driven policy
- Swiss KOF indicator 101.6 vs 100.6 expected
- French producer prices YY -5.4% vs -6.0% prior
- French GDP QQ final 0.2% vs 0.3% expected
- French prelim HICP YY 2.2% vs 2.1% expected
- What are the main events for today?
- Deepening downturn expected in China's property market for 2024-2025
- UK nationwide house prices YY 2.4% vs 2.9% expected
- German import prices MM -0.4% vs 0.0% expected
- Japan housing starts YY -0.2% vs -0.1% expected
- Japan construction orders YY 62.8% vs -19.7% prior
- BofA looking for EUR outflows and USD inflows
- Mostly messy day for sentiment so far
- What do we have coming up for the calendar today
Markets:
- CAD leads, CHF lags on the day
- European equities higher; S&P 500 futures up 0.44%
- US 10-year yields flat at 3.856%
- Gold down 0.05% to $2,519
- WTI crude up 0.29% to $76.18
- Bitcoin up 0.19% to $59,474
It was a quiet session with subdued moves across the markets. The newsflow was once again a bit dull as the only notable release was the Eurozone Flash CPI which came out in line with estimates.
ECB speakers continue to support a September cut, which is fully priced in anyway, but they emphasize data dependency for the next cuts. The attention will now switch to the US PCE report due in an hour but it's unlikely to trigger big moves unless we get strong deviations from the expected figures.
It's all about the next week as we will get many top-tier economic indicators and the most important NFP report of the year.
