Morning wrap

  • Saudi Aramco informed that it would take weeks or even months before the majority of output was restored at the Abqaiq crude processing plant; oil prices are down roughly 1% this morning retracing a touch of yesterday’s gargantuan gains

  • US stocks finished Monday’s trading lower with Dow Jones leading the losses and falling 0.5%, while SP500 and NASDAQ fell 0.3%; rather gloomy sentiment is also seen in Asia where Chinese indices are down 1% while other major indices have been little changed so far

  • The Aussie dollar leads the losses in the FX market (-0.4% down against the US dollar) after the RBA minutes confirmed that a rate cut in October was rather a done deal; the NZ dollar is also down 0.2% against the greenback

  • The US and Japan have already reached an initial agreement on tariffs, President Donald Trump informed

  • Argentina's central bank modified its capital control rule as to allow sovereign bond payments to be made abroad

  • Australian house price index fell in Q2 by 0.7% QoQ, the consensus had called for a 1% QoQ decline

  • New Zealand’s Westpac consumer confidence index ticked down in Q3 to 103.1 from 103.5

  • Japan informed it would consider releasing its oil reserves in coordination with the IEA and other countries; the country has reserves for over 230 days of its consumption

Hang Seng seems to be poised to head lower in the coming days as the price has failed to break above its short-term resistance. Source: xStation5
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