- ANZ forecast another 25bp rate cut from the RBNZ at its November meeting
- Japan – LDP delays Diet session as coalition talks with Komeito remain deadlocked.
- Musk’s xAI seeks $20 bn funding. Nvidia investing and backing GPU-linked financing model.
- Big session coming up from the Fed – FOMC minutes, Barr, Kashkari, Musalem, Goolsbee speak
- Recap: RBNZ surprises with 50-bp cut, hints at more easing as growth falters
- Spot gold priced above US$4000 for another record high
- Wall Street Journal report on the US dollar “debasement trade” (ps USD higher today 😉 )
- NZD/USD lower after larger-than-expected Reserve Bank of New Zealand interest rate cut
- RBNZ cuts New Zealand cash rate by 50bp, more than expected
- India resumed yuan payments for Russian oil: Improved India-China ties, Russia sanctions
- Reports that Trump to do a TACO on mass firings of Federal employees
- “French bonds remain uninvestable”
- Japan wages data, August. Nominal pay higher, real (inflation adjusted) pay lower
- Its after 8am in Tokyo, be on alert for yen verbal intervention comments from officials
- Nvidia is among equity investors in Musk’s xAI chip deal
- Japan’s auto-led downturn drives first fall in manufacturing sentiment in four months
- BofA data show slower job growth and rising jobless claims despite steady wage gains
- French election risk & political uncertainty could stall the euro’s climb toward $1.20
- Goldman’s Kaplan says gold’s $4,000 rally is a “red light” warning about US fiscal stress
- Uber is facing another round of investigation over how it handled sexual assaults
- Major GPS disruption reported in Gulf region
- Trump will not be providing financial support to farmers due to government shut down
- Oil – private survey of inventory shows a headline crude oil build higher than expected
- investingLive Americas market news wrap: Carney and Trump make nice. Yen rout continues
- Fed’s Miran says neutral rate buffeted by huge and unusual population shocks
The standout news of the session was the Reserve Bank of New Zealand’s surprise 50-basis-point rate cut to 2.50%, a three-year low. Markets had expected a 25-bp move. The RBNZ also left the door open to further easing, highlighting policymakers’ concern over the fragile state of the economy. The New Zealand dollar fell, with AUD/NZD climbing to its highest level in three years.
Gold extended its rally above US $4,000, while the yen weakened further, sending USD/JPY above 152.50.
In Japan, the LDP postponed the extraordinary Diet session to October 20 or later after new party leader Sanae Takaichi and Komeito chief Tetsuo Saito failed to reach agreement on continuing their coalition — delaying the vote to confirm a successor to former Prime Minister Shigeru Ishiba.
The U.S. dollar strengthened broadly, with the euro, sterling, Australian, Canadian, and Swiss francs all losing ground.
Asia-Pac
stocks:
- Japan
(Nikkei 225) -0.06% - Hong
Kong (Hang Seng) -1.04% - Shanghai
Composite Closed for Golden Week holidays. Chinese markets reopen tomorrow. - Australia
(S&P/ASX 200) 0%
This article was written by Eamonn Sheridan at investinglive.com.