Summary：Potential trade easing boosted the market. Let''s reading papers releasing from Jackson Hole!
Euro Session:Asia time saw A share a poor session mainly dragged down by the medicine sectors while the warm tone swiped through Chinese name USD bonds with frequently "lift'' on Bloomberg screen. An ex-commissioner of BOJ said the rang of 10yr JGB could be allowed to +-0.4%, which was shrugged off by the market easily. Based on their sneaky style, BOJ could taper its JGB purchase subject to the constraint that Yen does not appreciate rather than a further widening of the acceptable range.
EU equities opened mixed as the same as EGBs. After being boosted somewhat by the stronger EU current account balance, EUR and GBP continued to on sideway. And USCNY tended to the downside after the report that US could press China to let the YUAN appreciate.
5 o''clock EC HICP was just ok with no big fuss.
Economy data:4:00, ECB current account balance SA 23.5bn, prior 22.4bn revised up to 24.4bn.
5:00, EC HICP final 2.1% yoy vs 2.1%, preliminary 0.3% mom vs -0.3%, prior 0.1%.
core HICP final 1.1% yoy 1.1% , preliminary 1.1%.
US Session:In most part of US session, UST could be seen in treading water with a generally risk off bias until breaking headlines from the WSJ on trade talks, which led to a recovery in risk , pulling 10s back to unchanged on the session as equities jumped to their highs of the sessions. The report said that China and the US have a roadmap toward an easing of tensions began with this week’s low level meetings being the first in what will hopefully be a series of meetings, making basements for a summit at “multilateral meetings in November.” As to equity and FX, Indu, SPX and NASDAQ were higher and the USD was weaker following the trade report.
Economy data:
8:30, Canada July CPI 3.0% yoy vs 2.5% yoy. But core readings 1.9% yoy vs 2.0% yoy.
10:00,US August preliminary U of Michigan sentiment index 95.3 vs 98,prior 97.9.1. The expectations component held steady at 87.3 in August but the current conditions index slipped nearly 7 points to 107.8. US 1yr ahead inflation expectations index was unchanged at 2.9%, while the 5-10yr ahead index rose from 2.4% to 2.5%.
Key Data And Events Ahead:
Tuesday: UK PSNB ex banks
Wednesday: South Africa CPI, FOMC Meeting Minutes
Thursday: Japan Manufacturing PMI
France Markit Manufacturing PMI
France Markit Services PMI
Germany Markit Manufacturing PMI
Germany Markit Services PMI
Eurozone Markit Manufacturing PMI
Eurozone Markit Services PMI
US Markit Manufacturing PMI
US Markit Services PMI
US: Jackson Hole Economic Symposium (23-25 Aug)
Friday: Japan CPI
Japan CPI Ex Fresh Food
Japan CPI Ex Fresh Food, Energy
Germany GDP Q2
US Durable Goods Orders
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