• MON: UK Holiday; Japanese Industrial Operating Profit (Prelim/July), Chinese NBS Manufacturing & Non-Manufacturing PMI (Aug), Japanese Consumer Confidence Index (Aug), German CPI (Prelim/Aug), Import Prices (July), Canadian Producer Prices (July), US Dallas Fed Manufacturing Business Index (Aug), New Zealand Import/Export Prices (Q2)
  • TUE: RBA Monetary Policy Decision; South Korea GDP (Q2/R); Chinese Caixin Manufacturing PMI (Aug/F);  EZ, UK and US Markit Manufacturing PMI...

Highlights include Fed’s Jackson Hole conference; RNC; US personal spending/consumption, consumer confidence; Aus capex; NZ retail sales; Canada GDP, BOK rate decision

  • European equities are subdued this morning in-spite of a firmer open on a strong Asia-Pac lead
  • Fed's Evans (Voter, Dove) says after the rate cuts, the Fed should leave policy on hold for some time, says there is a limit to what Monetary Policy can achieve
  • In Hong Kong a protestor has reportedly been shot in the chest as the situation continues to escalate
  • PM Johnson says we are going to make a very good offer but are not going to produce the proposals now that will be made in Brussels
  • RBA...

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  • MON: UK Mortgage Lending and Approvals, Dallas Fed Manufacturing Index
  • TUE: Japanese Unemployment and Industrial Production, Australian Building Approvals, German Import Price Index and GFK Consumer Climate, Eurozone Consumer Confidence (F),...
  • FOMC stood pat on rates, dot plot showed median forecast is for no change in rates in 2019 although nearly half expected lower rates
  • Fed stated it will closely monitor developments and removed its pledge to be “patient”.
  • BoJ kept monetary policy settings unchanged as expected
  • Boris Johnson maintained the lead in the third Conservative leadership vote, Rory Stewart eliminated
  • Looking ahead, highlights include BoE and...
  • US President Trump increased tariffs from 10% to 25% on USD200bln of Chinese goods; however, he did comment that a trade deal is possible this week
  • Major European Indices [Euro Stoxx 50 +0.8%] are firmer following the choppy overnight action as sentiment turned risk-on as market’s remain hopeful that a deal can be secured
  • Looking ahead, highlights include US CPI, Canadian Building Permits & Jobs Report, Fed's Brainard, Bostic & Williams, ECB's...
  • Sunday: Spanish Election.
  • Monday: EZ consumer confidence; US PCE/personal spending.
  • Tuesday: German unemployment; EZ flash Q1 GDP, regional EZ CPIs; Canada GDP; US consumer confidence, pending home sales, Chicago PMI; NZ employment.
  • Wednesday: Europe Labour Day Holiday; UK, US mfg PMI; US ADP employment, construction spending, ISM mfg, FOMC.
  • Thursday: China Caixin mfg PMI; EZ mfg PMI; UK construction PMI;...
  • Mon: China Caixin Services PMI, UK GDP, Eurogroup meeting
  • Tue: OPEC Monthly Report, RBNZ Interest Rate Decision, Japanese PPI
  • Wed: Riksbank Interest Rate Decisions, UK CPI, EU Industrial Production, US CPI, Japanese GDP
  • Thu: Brexit Meaningful Vote, Indonesian Interest Rate Decision, US PPI, Eurozone GDP & Employment, China Trade Balance
  • Fri: China CPI, UK Retail Sales, Eurozone Trade Balance, NY Empire State Manufacturing Index, Uni of Michigan

Key Events 

  • Monday: ECB Forum on Central Banking begins
  • Tuesday: RBA Minutes
  • Wednesday: BoJ Minutes, Brazil Rate Decision
  • Thursday: BoE Rate Decision, SNB Rate Decision, Norges Bank Rate Decision, Banxico Rate Decision, Eurogroup Meeting
  • Friday: Japan CPI, OPEC Meeting, EZ PMIs, Canadian CPI 


On 21 June, the JMMC will meet ahead of OPEC’s 174 the Meeting on 22 June, and then a...