Morning wrap


  • US equity markets finished yesterday’s trading with some gains as NASDAQ rose 0.4%, SP500 rose 0.3% and Dow Jones ticked up 0.1%

  • On the other hand, a somewhat mixed picture is seen in Asia, while Chinese equities along with Korean KOSPI are recording modest gains, Australian index along with Japanese NIKKEI are falling 0.2%

  • In the FX market we see the NZ dollar to be the largest loser being 0.4% down against the greenback while NOK and AUD are also declining by 0.3%; quite limited moves have been seen in EMs as of yet

  • Oil prices are slightly down this morning after tumbling on Tuesday in response to comments from newly appointed Energy Minister Prince Abdulaziz bin Salman that Saudi Arabia has already restored 50% of its lost crude output; he also added that normal production levels would be restored in weeks

  • Japanese exports declined 8.2% YoY in August, while imports dipped as much as 12% YoY, expectations had called for -10% and -10.7% respectively

  • New Zealand’s current account balance for Q2 ticked up to -3.4% of GDP from -3.6% of GDP, in line with expectations

  • In July, Japan remained the largest foreign owner of US Treasuries with its holdings rising to a more than two-year high, according to the US Department of the Treasury

Meanwhile, the GBPUSD managed to stay above 1.2410 on Tuesday, hence boosting its odds to keep rising in the near-term. On the other hand, a lot will hinge on the Fed later today. Source: xStation5
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