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Risk aversion is weighing on global indexes, and global bond yields climbed to 15-year highs today (with modest declines in Australia).

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Friday News
  • Risk aversion is weighing on global indexes, and global bond yields climbed to 15-year highs today (with modest declines in Australia).
  • According to ICI, US money-market assets hit record $5.57 tln in week to August 16. US 30-year Treasury yields rise to 4.426%, the highest level since 2011.
  • Asia-Pacific (APAC) markets traded lower today, with concerns about China’s real estate sector continuing unabated
  • A bankruptcy filling was filed in a New York court by Evergrande, China’s second-largest developer in 2021.
  • Nomura lowered expected 2023 China GDP from 5,1% previously to 4,6%
  • HangSeng lost 1.46% with the KOSPI down 0.85% and an identical 0.85% retreat on Japanese Nikkei
  • Fitch Ratings indicated that US core inflation remains strenuously high and well above the Fed’s target although CPI disinflation accelerated in the US and Eurozone in Q2 2023
  • Standard&Poors says that US speculative-grade corporate default rate could rise to 4.5% by June 2024 due to higher interest rates – much more difficult environment for unprofitable companies
  • UK retails sales came in weaker than expected with 3,2% y/y decline vs 2,1% exp. drop and – 1% previously. Core retails sales is 3,4% down y/y, market expected 2,4% fall after – 0,9% in previous reading
  • Oil prices remain flat at the start of Friday’s session, with brent contracts settling near $84
  • EURUSD rebounds slightly and is trading at 1.088 after yesterday’s test of the 1.0859 area. The USDIDX dollar index is trading near monthly highs
  • The Chinese yuan strengthened against the dollar, following the announced PBoC interventions but as of the last few hours USDCNH is losing again
  • The Japanese yen weakened against the U.S. dollar after consumer inflation in Japan showed a slowdown, supporting further policy stimulation by the BoJ. USDJPY loses 0.3%
  • Strong US dollar pressured precious metals but futures contracts on silver are up 0,8% today, and GOLD is testing $1890 level
  • Cryptocurrencies lose heavily after unconfirmed news of Elon Musk’s sale of his entire BTC holding worth nearly $370 million and the US court’s approval of the SEC’s appeal against Ripple.
  • In the night crypto market was in panic, now Bitcoin stopped declines at $26,400. Surprisingly altcoins are in much better sentiment

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