– In spite of upbeat moods seen on Wall Street yesterday, today’s Asian session was mixed. Nikkei gained, Kospi and S&P/ASX 200 dropped and indices from China traded mixed
– European index futures point to a slightly lower opening of the cash session today
– Evergrande missed a coupon payment on its offshore bonds yesterday. The company is now in a 30-day grace period during which it can repay overdue interest without being in default
– According to Fitch, medium-sized banks from China are the most exposed to property sector and are therefore at biggest risk in case of Evergrande collapse
– Nomura has cut its forecasts of Chinese 2021 growth from 8.2% to 7.7%, citing new environmental policy as well as higher commodity prices (mainly coal)
– Japanese core CPI inflation moved from -0.2% to 0.0% YoY in August, in-line with expectations
– Flash Japanese manufacturing PMI for September came in at 51.2pts , down from 52.7 pts previously. Services index improved from 42.9 to 47.4 pts
– White House has reportedly told US federal agencies to prepare for government shutdown amid lack of new funding bill
– According to UK media, UK government is considering ordering soldiers to drive gasoline tankers amid shortage of drivers. BP said yesterday that it may start rationing petrol in the UK due to lack of drivers
– GBP and AUD are the best performing major currencies while CAD and JPY lag the most
– Precious metals and oil trade higher while industrial metals struggle to find common direction
US dollar halted the advance that was in play ahead of the FOMC meeting. EURUSD managed to bounce off a mid-term support zone, marked with 38.2% retracement of the post-pandemic upward move (1.1700 area).Speeches from Fed members later in the day may offer some volatility on the main currency pair.
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