Spanish core CPI rises to 6.1% YoY (est was 6.0%), Germany's Brandenburg Aug CPI 7.1% YoY vs 6.3%
JOLTs Job Openings decreased from 9.582 million in June to 8.827 million in July and the Conf Board Consumer Confidence declined from 117 in July to 106.1 in August (>>2y UST yields dropped about 10-15bps to current 4.92%) >> The JOLTS report missed analyst estimates by a wide margin, highlighting the negative impact of rising interest rates -biggest 3-month drop in US job openings on record, Powell talked about employment 15x last Friday.. next up ADP, PCE and NFP
US wants to work with China to address concerns such as climate change, AI, fentanyl crisis, said US Commerce Secretary Gina Raimondo when meeting Chinese Premier Li Qiang
Japan's inflation is "clearly in sight" of the central bank's target, its board member Naoki Tamura said on Wed, signalling the chance of an end to negative interest rates early 2024
Biden touts drugs chosen for Medicare price negotiation: ‘We’re not gonna back down’
Chinese banks to cut existing mortgage rates as property crisis deepens
Russia targets Kyiv with the biggest overnight missile attack since the spring
Netflix: Streamer's expansion into gaming is 'natural extension'
First bitcoin ETF could be coming soon as court rules in favor of Grayscale over SEC
Germany : In den Sozialkassen schlummert ein finanzielles Desaster/Welt
FDIC plans to boost oversight on US midsized lenders : The FDIC plans to boost oversight of US midsized lenders and require them to better prepare for potential failures. Banks with as little as $100 billion in assets will have to issue enough long-term debt to cover capital losses in times of severe stress. However, only the largest and most-complex firms will be subject to total loss-absorbing capacity requirements, or TLAC
Markets :
Bad news (JOLTS and consumer confidence) was good news for markets y'day, NQ in particular, oversold levels in markets gone in short-term ! just like this
USD dipped initially and should continue softer, IF next sets of data show similar signs of slowdown... CROSSJPY's closing in on higher levels again into month-end, metals rallied further, Silver charts all out again with that potential big break up
Bonds moved a bit but honestly the deciders coming up now with ADP, PCE and NFP >>> UST supply will remain huge over next couple of months!
Bad news is good news, or so the market thinks | Saxo Market Call (podbean.com) and PowerPoint Presentation (podbean.com)
David Rosenberg on X: "To see a JOLTS report show declines in openings, hires and quits and an increase in layoffs is a 4 SD event. It has happened the grand total of 4% of the time in the past and just 2% when the economy was not in a recessionary state (maybe it is!)." / X (twitter.com) it's 1 data, let's see if it's backed up by ADP, PCE and NFP ..
German economic policy is a clutter of contradictions and misguided shibboleths. The coalition government is offering exorbitant subsidies to profitable American and Asian semiconductor companies at a cost of €3.3m (£2.8m) per job, radically departing from Germany’s ordoliberal traditions of market primacy.
Biden touts drugs chosen for Medicare price negotiation: ‘We’re not gonna back down’ | The Hill --- more details here Jon Cooper on X: "🚨BREAKING: The federal government just identified the first 10 medications that will be subject to direct price negotiations with pharmaceutical manufacturers, as part of a major new initiative to reduce prescription drug costs in Medicare. The list includes a pair of… https://t.co/GQHyd8m09l" / X (twitter.com)
County in China offers cash 'reward' for newlywed couples if bride is aged 25 and under | World News | Sky News a bit desperate!
have a great day
Team PVM