Newsquawk

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  • Asian equities traded cautiously as the region took its cue from the losses seen across most global counterparts
  • Chinese Caixin Manufacturing PMI (Aug) 53.1 vs. Exp. 52.6 (Prev. 52.8); highest since January 2011
  • USD-selling persisted in Asia trade in which the DXY retreated below 92.00 to extend on 2-year lows
  • RBA left the Cash Rate Target unchanged at 0.25% and the 3yr yield target at 25bps as expected
  • EU Chief Brexit Negotiator Barnier is unwilling to open discussions on Britain’s latest...
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  • European bourses are modestly firmer but off highs as month-end approaches
  • DXY is attempting to stage a recovery as FX peers remain mixed amidst the UK Summer Bank Holiday
  • US FDA Commissioner Hahn commented that he is willing to fast track a vaccine for COVID-19
  • Chinese PLA troops reportedly violated previous consensus achieved between China & India and undertook a provocative military movement
  • Chinese PMIs were mixed but all remained in expansionary territory for August
  • Looking...
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  • 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...
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  • Asian equity markets were mostly higher amid tailwinds from last Friday’s gains on Wall St; Japan outperformed
  • ByteDance will need the Chinese government’s approval to sell TikTok’s US operations
  • US is to declassify documents today which will provide detail regarding security assurances to Taiwan
  • UK is reportedly prepared to walk away from Brexit trade discussions if the EU does not back down on its demand for UK to align with EU state aid...
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  • Japanese PM Abe announced a surprise resignation due to ill health; will remain as PM until successor is announced
  • European equities see mixed trade, with futures modestly softer, whilst E-mini S&P briefly topped 3,500
  • USD/JPY fell in wake of news of PM Abe’s resignation; DXY losses accelerated amid JPY strength bolstering major peers
  • Bytedance instructed TikTok engineers to draw up US shutdown contingencies and that it is making separate plans to compensate TikTok's US employees and vendors...
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  • Japanese PM Abe is reportedly planning to resign due to health reasons, according to NHK; press conference scheduled for 09:00BST
  • Asian bourses eventually traded mixed; E-mini S&P rose above 3,500, Nikkei 225 briefly fell as much as 2.5%
  • USD/JPY fell in wake of news of PM Abe’s resignation; DXY losses accelerated amid JPY strength
  • China’s military said a US warship has been expelled near the Paracel Islands in the South China...
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  • European stocks drift lower despite a lack of fresh catalysts ahead of Fed Chair Powell
  • US Republicans are reportedly refining the new 'skinny' stimulus proposal which would not include stimulus checks and would be valued at USD 500bln
  • US Defense Secretary Esper said Beijing has repeatedly failed to keep promises to adhere to international laws
  • In FX, DXY remains propped up around 93.00, antipodeans outperform; UST curve is fractionally flatter
  • Looking ahead, highlights include US GDP (2nd...
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  • Asian equity markets traded mixed after failing to take full impetus from the fresh record highs stateside
  • US Defense Secretary Esper said Beijing has repeatedly failed to keep promises to adhere to international laws, whilst a US official stated that US actions regarding the South China Sea are a mere start
  • EU Trade Chief Hogan confirmed reports that he is to resign as EU Trade Commissioner
  • UK officials have warned that negotiations with...
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  • European bourses modestly strengthened from a soft open after a weak APAC handover amidst quiet newsflow
  • NHC says Laura is set to rapidly strengthen to a Category 4 hurricane
  • Salesforce (CRM) beat on top and bottom lines and are some 12% higher in the pre-market
  • DXY holds 93.00 with major peers mixed but overall little changed
  • UST yields are continuing yesterday’s bear-steepening with USD 51bln 5yr supply in focus before tomorrow’s Jackson Hole
  • Looking ahead, highlights include US...
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  • Asian equity markets traded cautiously amid a lack of fresh macro drivers and following on from the somewhat choppy performance of US counterparts
  • In FX, the DXY rebounded from support around 93.00, dragging EUR/USD towards 1.18 and GBP/USD below 1.3150
  • WTI crude futures plateaued just south of the USD 43.50/bbl level following the prior day’s advances; output disruptions remain in focus
  • US President Trump's Administration is reportedly...
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  • European bourses remain positive after a mixed APAC lead with US futures modestly positive as well
  • USTR Lighthizer and Treasury Secretary Mnuchin spoke with China Vice Premier Liu He on Monday regarding implementation of the Phase 1 trade agreement
  • Officials from both sides see progress and are committed to taking next steps required to ensure success of the deal
  • DJIA Reshuffle: Salesforce.com (CRM), Amgen (AMGN) and Honeywell (HON) are to replace ExxonMobil (XOM), Pfizer (PFE) and Raytheon (RTX) as...
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  • Asian equity markets traded mostly higher as the region took impetus from the fresh record highs on Wall St
  • USTR Lighthizer and Treasury Secretary Mnuchin spoke with China Vice Premier Liu He on Monday regarding implementation of the Phase 1 trade agreement
  • Officials from both sides see progress and are committed to taking next steps required to ensure success of the deal
  • The DXY was softer but remained above 93.00, EUR/USD reclaimed 1.18...
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  • Equities build on a firm APAC handover as newsflow slows this morning
  • FDA authorized the emergency use of convalescent plasma as treatment for hospitalized COVID-19 patients
  • President Trump is considering fast tracking the UK vaccine which is currently being developed by AstraZeneca before the election, although AstraZeneca later denied this
  • US President Trump raised the prospect of decoupling from China in which he suggested the US doesn’t have to do business with China
  • Crude is supported...
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Highlights include Fed’s Jackson Hole conference; RNC; US personal spending/consumption, consumer confidence; Aus capex; NZ retail sales; Canada GDP, BOK rate decision

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  • Asian equity markets traded mostly positive and E-mini S&P topped 3,400
  • US FDA authorized the emergency use of convalescent plasma as treatment for hospitalized COVID-19 patients
  • China launched the emergency use of COVID-19 vaccines which are going through clinical trials
  • Australia's Victoria State Premier is to allow the extension of the state of emergency for a year & New Zealand extended the Auckland Level 3 lockdown restrictions;...
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  • Sentiment largely undeterred on EZ flash PMIs but currently bourses are mid-range and modestly firmer in quiet newsflow
  • EZ PMIs were softer than expected, with French Manufacturing dropping into contractionary territory
  • UK Retail Sales & PMIs were strong; however, DXY remains firm above 93.00 as Cable gave up 1.32 but EUR/USD just retains 1.18 – Brexit updates have been downbeat, but nothing fundamentally new
  • US House Speaker Pelosi says...
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  • Asian equity markets traded mostly positive as the region benefitted from the tech-led gains on Wall St
  • Brexit talks are set to end without a breakthrough this week, albeit the UK has reportedly submitted a draft FTA
  • In FX markets, the DXY gave back some gains, providing mild reprieve for EUR/USD and GBP/USD
  • US House Speaker Pelosi says the timing is not right for a smaller coronavirus relief bill
  • Looking ahead, highlights include UK retail sales, EZ, UK & US flash PMIs, Canadian retail...
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  • Sentiment remains soft after less accommodative FOMC minutes and US-China tensions remain in focus
  • China's Foreign Ministry have decided Hong Kong will be suspending agreements with the US on some areas of legal cooperation
  • Australia is reportedly to block China's Mengniu Dairy's proposed AUD 600mln takeover of a number of Australian dairy brands, FT
  • FX sees the DXY modestly firmer but meandering around 93.00 with major peers subdued as such and antipodeans taking the brunt; NOK was unfazed by an...
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  • Asian equity markets traded lower across the board amid headwinds from Wall St where stocks faltered in the aftermath of the less accommodative than expected FOMC Minutes
  • FOMC minutes mentioned the ongoing framework review but lacked any timing of its release and there also appeared to be no clear consensus regarding forward guidance
  • There was also opposition to YCC as most members judged yield caps and targets would likely provide only modest benefits in the current environment
  • US and Chinese trade...
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  • A non-committal European session thus far with bourses within ranges and modestly firmer at present
  • President Trump stated that he postponed talks with China and does not want to talk with China right now
  • Brexit trade discussions are reportedly set to stall again after Brussels dismissed UK demands for continued wide-ranging EU access for British truckers
  • Lowes (LOW) beat on EPS & revenue and highlights that sales momentum continues into August
  • US Oil Fund (USO) has received a Wells...
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  • Asian equity markets sustained the mixed lead from their counterparts on Wall St where the S&P 500 and Nasdaq notched fresh record intraday highs
  • President Trump stated that he postponed talks with China and does not want to talk with China right now
  • Brexit trade discussions are reportedly set to stall again after Brussels dismissed UK demands for continued wide-ranging EU access for British truckers, according to the FT
  • In FX, the DXY was granted some reprieve overnight with EUR/USD capped...
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  • European bourses have been erring marginally higher throughout the session, with similar performance for US futures; amidst quiet newsflow
  • DXY remains pressured and dropped briefly to a new YTD trough, as such major FX peers are largely firmer this morning
  • Senate Republicans are planning to propose a slimmed down relief bill which is expected to include USD 10bln for the USPS and USD 300 in boosted unemployment benefits till December 27th
  • Oracle (ORCL) has reportedly joined the pursuit to purchase...
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  • Asian equity markets traded mixed following a similar indecisive performance for stocks on Wall St
  • Oracle (ORCL) has reportedly joined the pursuit to purchase TikTok's US operations
  • In FX, the DXY further retreated below 93.00, broadly providing support to its major counterparts
  • White House Chief of Staff Meadows said he has not spoken with House Speaker Pelosi in over a week regarding COVID...
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  • European stocks are choppy amidst minimal news-flow, Spain’s IBEX underperforms; US futures modestly firmer
  • US President Trump issued a new order on ByteDance to divest itself of any assets used to support the TikTok app in the US within 90 days.
  • One source suggested the US-China meeting was delayed as US wanted more time to allow China to increase US import; another referenced a conference of senior Communist Party leaders
  • US House Democrats are to hold a caucus-wide conference call this morning...
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  • Asian equity markets began the week somewhat mixed following the indefinite postponement of the US-China trade agreement review talks
  • The US-China six-month review of the trade agreement was delayed due to scheduling issues and a new date was not yet set, according to sources
  • US President Trump increased pressure on ByteDance and is said to be looking at pressuring other Chinese companies including Alibaba
  • In FX, DXY was subdued around 93.00, EUR/USD breached 1.1850 and GBP/USD briefly reclaimed...
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