US EARLY MORNING: Equity futures are a little better than flat; quiet trading conditions being seen ahead of this week's Jackson Hole symposium

US index futures are trading with modest gains. Weekend newsflow was thin. The PBoC disappointed overnight with a smaller-than-expected rate cut (see below), but surprisingly left its 5yr rate unchanged. German PPI data failed to garner any meaningful reaction (see below). There is a feeling that traders are awaiting this week's key risk events, with Fed Chair Powell due to deliver remarks from Jackson Hole on Friday, where traders will be looking for a steer on near-term policy changes. The data slate is very quiet on Monday, with little by way of scheduled events. Treasury yields are wider by 2-4bps, with the long-end underperforming. The Dollar Index is slightly below neutral. Crude futures are trading firmly, however; Unions at Woodside Energy's offshore gas platforms plan to strike by September 2nd over pay and conditions if their demands are not met by Wednesday, and that could disrupt LNG shipments from Australia's major exporter, reports note. 


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21 Aug 2023 - 09:30- Data- Source: Newsquawk

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