- Akazawa, said trade agreement between the US & Japan is not a legally binding commitment
- Wells Fargo case for Bank of Japan (BoJ) to keep interest rates unchanged in September
- Japanese stocks have fallen their most in four months following Friday’s Wall Street rout
- More on Goldman Sachs Brent crude oil forecasts, as low as US$56
- Fresh concerns that Trumps dismissal of BLS head a strategy to undermine CPI data
- Australian private survey monthly inflation accelerates sharply in July, hit 19-month high
- PBOC sets USD/ CNY reference rate for today at 7.1395 (vs. estimate at 7.1774)
- China’s rare earth curbs squeeze US defence supply chain, send costs soaring amid tensions
- ANZ point to weaker demand in the US economy for why the oil price dropped
- Trump says he’s sent US nuclear submarines to the region of Russia
- How Firms Set Prices and What It Means for Inflation
- Goldman Sachs leaves its 2026 Brent crude oil forecast unchanged at US$56 after OPEC
- J.P. Morgan warns of economic risks from politicisation of U.S. labor data
- Carney and Trump to meet – Canada hopeful that for a deal that would lower tariffs
- Chief economic adviser at Allianz points to slowing US wage growth, widening inequality
- There is a double dose of Bank of Japan insight due this coming week, when will they hike?
- US equities have opened little changed to kick off the new week of trading
- US economy on the verge of a recession says Moody’s Chief Economist – Fed can’t rescue
- Weekend Fed Williams – “very much an open mind” on September rate cut. I have comments!
- Morgan Stanley on US inflation, tariffs to hit initially in 3-5 months,further in 8 months
- AUD traders heads up – its a (partial) holiday in Australia today, Monday, August 4, 2025
- Newsquawk Week Ahead: Highlights include US ISM Svs PMI, BoE, Canada Jobs, China Trade
- Monday open levels, indicative FX prices, 04 August 2025
- If you thought this round of non-farm payrolls revisions was bad, wait until September
- OPEC agrees to increase production by 548K bpd for September, as expected
- Fed’s Williams say’s he’ll have “very much an open mind” on September meeting rate cut
Oil futures opened the week with a gap down after OPEC+ confirmed over the weekend it would raise output by 548,000 barrels per day in September—an increase that was broadly expected. The initial weakness in oil prices gradually faded over the session as the gap was steadily filled.
USD/JPY was active, rising from just above 147.00 to test highs just below 148.00. Japan’s chief trade negotiator, Ryosei Akazawa, downplayed the recently announced US-Japan trade agreement, stating it is not a legally binding commitment and cautioning against taking all US commentary on the deal at face value. His remarks cast doubt on the enforceability and substance of the agreement.
Japanese government bond yields declined, raising concerns about demand ahead of Tuesday’s 10-year JGB auction. Equities in Japan posted a sharp drop, with the Nikkei logging its steepest fall in four months. Elsewhere in the region, Asia-Pacific equities traded mixed.
In currency markets, broader G10 FX ranges were limited, with the US dollar regaining some stability following Friday’s sharp losses.
News flow was light. From Australia, a private inflation gauge from the Melbourne Institute showed a sharp reacceleration in July, with both headline and core measures rising at their fastest pace in 19 months.
Geopolitical developments also featured, with President Trump confirming that his special envoy Steve Witkoff will travel to Russia next week. The visit comes ahead of a fresh round of US sanctions and amid rising tensions with Moscow. Meanwhile, Trump and Canadian Prime Minister Mark Carney are expected to speak in the coming days as trade and tariff frictions continue to simmer.
This article was written by Eamonn Sheridan at investinglive.com.