Fed Governor Bowman called for rate cuts at all remaining 2025 meetings, citing labour market weakness over inflation risks. China’s July CPI and PPI were released, while FT reported Nvidia and AMD will give 15% of China chip sales revenue to the US for export licences — news that failed to dent tech sentiment. Markets were quiet with Japan on holiday, the USD a touch softer, and FX in tight ranges.
- Trump says hopes China will quickly x4 it orders for soybeans (quadruple)
- New Zealand Prime Minister Luxon says US tariff relief is unlikely
- BTC/USD is back above US$121K
- Ether on the move: ETH/USD to its highest since December 2021
- Deutsche Bank sees July US CPI slowing to 0.1% as markets watch core inflation trend
- Michigan Governor Whitmer tells Trump tariffs are hurting Michigan autos
- PBOC sets USD/ CNY reference rate for today at 7.1405 (vs. estimate at 7.1845)
- China seeking to cut lithium production – fears of oversupply
- China July PPI falls 3.6%, CPI flat: Weak demand, housing slump keep deflation fears alive
- Reserve Bank of Australia expected to cut its cash rate this week by 25bp
- Report that Nvidia, AMD to pay 15% export tax to US govmnt getting more widely reported
- ICYMI – On Saturday Fed Governor Bowman called for 3 FOMC rate cuts this year
- ES and NQ (and others!) are open on Globex, both are up
- US equity index futures are about to open – to HUGE news … not in a good way
- Japan is on Mountain Day holiday today – markets are closed. US bond trade impacted.
- Reports that Nvidia and AMD to pay 15% of China chip sale revenues to US government
- FT reports on Putin Trump meeting, Putin “has no intention of winding down the war”
- Iran bans nuclear site visits ahead of IAEA talks after strikes, demands new terms
- US eyes October deadline to seal trade deals. Canada, Mexico, Switzerland seek terms.
- Monday open levels, indicative FX prices, 11 August 2025
- Newsquawk Week Ahead: US CPI, US Retail Sales, China CPI, RBA, Aussie & UK Jobs
- China July data – China’s consumer price inflation flat y/y, but higher than expected m/m
- Fed Board Governor Bowman calls for September rate cut, and another two by year end
We had a few market-relevant developments over the weekend. US Federal Reserve Governor Michelle Bowman, who dissented from the FOMC’s July decision to hold rates steady, said in a Saturday speech that she favours rate cuts at each of the remaining 2025 meetings — in September, October, and December. She argued that weakness in the US labour market outweighs the risk of renewed inflation.
From China, July CPI and PPI data were released (details in earlier posts). The biggest headline of the day came in early Asia hours, with the Financial Times reporting that Nvidia and AMD have agreed to hand over 15% of their China chip sales revenue to the US government in exchange for export licences. While this might have been expected to weigh on the stocks and NASDAQ futures, both saw modest gains after the news.
Elsewhere, news flow was extremely light. In the US, a defence official said the military is preparing for a possible order from President Trump to activate part of the D.C. National Guard for deployment in Washington. Japanese markets were closed for a holiday, dampening liquidity. The US dollar was slightly softer, with major FX pairs trading in narrow ranges.
Asia-Pac
stocks:
Australia
(S&P/ASX 200) +0.28%
Hong
Kong (Hang Seng) +0.26%
Japan
(Nikkei 225) … closed for a holiday
Shanghai
Composite +0.5%
This article was written by Eamonn Sheridan at investinglive.com.