French inflation higher, ECB Schnabel / BoE's Pill / Bostic / All eyes on core PCE and Payrolls tom

PVM take on UBS earnings report below

French consumer prices reached a 12-month inflation rate of 5.7%, up from 5.1% in July, Portugal comes in at 5.3% vs 4.3% prior, EU data out shortly, EU 5.3% YoY

Euro zone growth is weaker than predicted just a few months ago but this does not automatically void the need for more rate hikes, especially as markets are undoing some of the European Central Bank's work, ECB board member Isabel Schnabel said

Military coups were a regular occurrence in parts of Africa in the decades after independence. But after a period of relative democratic stability, there are indications they are on the rise/Gabon now

China manuf index rose to 49.7 (more than expected), while non manuf slightly down to 51

Japanese ministers eat Fukushima fish to show it's safe after nuclear plant wastewater is discharged

BoE's Pill: MPC emphasis is on sufficiently restrictive, No room for complacency on inflation, The squeeze on our consumption and living standards from rising mortgage rates won’t reach peak till at least the end of 2025. This is a new world, which will persist through the next general election

Atlanta Federal Reserve Bank President Raphael Bostic laid out a case on Thursday against any further U.S. interest rate hikes, saying monetary policy is already tight enough to bring inflation back down to 2% over a "reasonable" period

Apple has set Sept. 12 as the date for its biggest product-upgrade event of the year, when it’s set to unveil the iPhone 15 line and next-generation smartwatches

Amazon CEO in warning to staff who defy return-to-office policy

NVDA closes on all time highs, sky is the limit looking at forecasters ! UST yields slightly softer on U.S GDP and ADP payrolls, 'peak rates' narratives underpinning markets

UST 2y is down about 20bps this week, on softer data, taking the Nov pricing out, let's see how low core PCE comes in at this afternoon, and payrolls tomorrow important too >>> On a YoY basis, rents suggest that CPI Shelter growth should slow significantly in the coming months

USDollar, should soften a little on weaker macro and thus 'softer yields', the supply issue of bonds over next few months is big, although a known known!

Equity markets more or less took back most of the early August weakness, on this softer data or 'goldilocks' moment as some seems to already be talking about (more about short-term positioning IMHO >>> ECB's Schnabel and this week EU inflation data is jumping back up, which is a worry... stagflation!