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MarketPulse - The Beat of the Global Markets - Economy
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Australian dollar lower, CPI expected to ease
The Australian dollar continues to lose ground against the greenback. Australia will releaase second-quarter inflation on Wednesday and both headline and core CPI are expected to ease. The markets have priced in a rate cut at the August meeting and if inflation fell in Q2, it will likely cement a rate cut.
Asia midday: Global markets mixed as US-EU trade deal lifts Wall Street, JPY slides further, CHF/JPY (Chart of the day)
Asian stocks mixed as US-EU trade deal boosts sentiment; Nikkei dips on Japan politics, gold steadies before FOMC, and US-China talks resume in Stockholm, JPY extends losses with CHF/JPY as Chart of the day
UK posts soft PMIs, retail sales expected to rebound, pound edges lower
UK Services PMI dropped to 51.2 and the Manufacturing PMI improved to 48.2, which points to contraction. In the US, Services PMI heated up to 55.2, which indicates strong expansion. Manufacturing moved back into contraction territory as the PMI fell to 49.5. UK retail sales are expected to bounce back in June, after posting declines in May.
Asia midday: Asia stock markets pull back as USD rebounds, Hang Seng Index (Chart of the day)
Global equities paused after a seven-day rally as Asia-Pacific markets pulled back on profit-taking and a stronger US dollar, Hang Seng Index (Chart of the day), Gold slipped further toward key support levels amid rising dollar strength.
Martkets welc ome Japan trade deal, Google/Tesla earnings, BoE chief pushes back
The Japan-US trade deal is a big win for President Trump and has put the markets in a risk-on mood. Google and Tesla earnings will be carefully watched and BoE Governor Bailey pushed back against calls to ease banking regulations
BoE's Bailey tells Reeves hands off banking system
BoE Governor Bailey warned the UK government not to dismantle the banking system structure. Bailey was responding to criticism from Finance Minister Reeves, who has urged financial regulators to ease up on regulations in order to boost growth and investment.
ECB holds rates as expected, euro steady
The ECB held rates today for the first time in over a year, a decision that was widely expected. The central bank pointed to "exceptionally uncertain" economic conditions for its cautious decision. Still, investors expect at least one more rate cut before the end of the year.
Asia midday: Asian stocks rise on AI optimism, US-EU trade hopes, EUR/GBP (Chart of the day) bullish trend intact as ECB looms
Asian markets track Wall Street gains as Tesla slides on earnings miss and Alphabet rises on AI strength. US indices hit fresh highs amid US-EU trade optimism and Trump’s AI orders. Nikkei nears record, yen rallies, gold dips toward key support, EUR/GBP (Chart of the day) bullish trend intact as ECB looms
Asia midday: Nasdaq 100 outperformed, Nikkei 225 pull-back hit key support (Chart of the day)
The US dollar surged to a two-month high as a US-EU trade deal triggered euro weakness, while US tech stocks extended gains led by Nvidia. Asia-Pacific markets mostly declined, with Japan’s Nikkei (Chart of the day) and Hong Kong’s Hang Seng under pressure. Gold rebounded slightly amid a pause in the dollar rally.
US and Japan reach trade deal, Japanese yen steady
Japanese Prime Minister Ishiba is expected to step down next month, as the fallout continues from Sunday's parliamentary election. The US and Japan announced they have reached a trade agreement, in which the US will impose a 15% tariff on Japanese goods.
EU and the US reach a deal, euro slips
US President Trump can add another feather to his cap after reaching a trade agreement with the EU. The US will impose 15% tariffs on most European imports and the EU has agreed to spend hundreds of billions in investment in the US. The euro moved higher immediately after the deal was announced but has reversed directions.