- Saylor’s Strategy acquired US$2.46bn worth of bitcoins last week
- Goldman Sachs expects September Fed rate cut, up to 50bp if jobs mkt slips further
- China S&P Services PMI July 2025: 52.6 (expected 50.2)
- Australian June Household spending +0.5% m/m (prior +1.0%)
- PBOC sets USD/ CNY central rate at 7.1366 (vs. estimate at 7.1667)
- New Zealand data – July Commodity prices -1.8% m/m (prior -2.4)
- Trump will be on CNBC Squawk Box Tuesday 8am US time – pre mkt
- Japan’s Akazawa is yet to confirm the tariff agreement with the US
- Japan final Services PMI for July 2025 53.6 (prior 51.7)
- BoJ June minutes: to continue raising policy rate if economy, prices move in line forecast
- ICYMI – Société Générale warns of bubble risk if S&P 500 gets above 7500!
- Trump firing stats office head ignites concerns the US becoming “Latin America or Turkey”
- Australia S&P Global July final services PMI 54.1 (prior 51.8)
- UBS warns U.S. credit markets are too complacent as junk bond spreads near decade lows
- BoA stick with Fed rate hold call despite market pricing in September cut on weak job data
- ICYMI – EU delays retaliation against Trump tariffs for six months
- Hong Kong’s central bank FX intervened yet again to support the HKD
- US CFTC launches push to allow spot crypto trading on registered futures exchanges
- Investinglive Americas FX news wrap 4 Aug. US stocks nearly erase the employment tumble
- ICYMI – Morgan Stanley expect a modest pullback in US stocks in Q3, 10%
- US stocks close near session highs. Nasdaq back above 100 hour MA
- Fed’s Daly comments – be careful of the narratives pundits are choosing
- Fed’s Daly says two FOMC rate cuts in 2025 seem appropriate
News and data flow was relatively light during the session, though a few notable developments emerged.
Federal Reserve Bank of San Francisco President Mary Daly adopted a more dovish tone in her latest remarks. While she emphasised that a September rate cut isn’t guaranteed, the overall shift in language leaned in that direction. As expected from a central banker, her comments included several caveats, but the change in tone was still evident.
From Japan, the Bank of Japan’s June meeting minutes were released. They offered no surprises, and given the BoJ has since updated its forecasts in July, the minutes were largely outdated.
In China, the privately surveyed July services PMI came in well above expectations and stronger than June’s reading. The report cited robust demand and a rebound in export orders.
In FX, the US dollar was broadly stronger, with the euro, Aussie, and kiwi among the notable underperformers. USD/JPY was more mixed, and as of writing, is little changed on net after earlier swings. Japan’s trade negotiator Akazawa is reportedly heading back to the US to clarify the recent trade “deal”, suggesting further negotiations are likely.
Asia-Pacific equity markets are trading higher across the board, following a strong bounce on Wall Street to start the week.
Australia
(S&P/ASX 200) +1%
Hong
Kong (Hang Seng) +0.02%
Japan
(Nikkei 225) +0.6%
Shanghai
Composite +0.4%
Take care to be aware of this, Trump appearing on market-TV Tuesday morning US time:
This article was written by Eamonn Sheridan at investinglive.com.