Global Markets:
- Asian stock markets: Nikkei down 0.50 %, Shanghai Composite lost 0.75 %, ASX gained 0.15 %, Hang Seng fell 0.25 %
- Commodities: Gold at $1108 (+0.45 %), Silver at $14.53 (+0.20 %), WTI Oil at $44.40 (-0.50 %), Brent Oil at $48.65 (-0.80 %)
- Rates: US 10 year yield at 2.19, UK 10 year yield at 1.83, German 10 year yield at 0.66
News & Data:
- China Retail Sales (YoY) Aug: 10.8% (exp 10.6% prev 10.5%)
- China Industrial Production (YoY) Aug: 6.1% (exp 6.5% prev 6.0%)
- PBOC Fixes Yuan Reference Rate At 6.3709 (prev 6.3719)
- BIS Fears The Financial System Is "Acutely Vulnerable" To US Monetary Tightening
- Goldman Sachs: Not expecting the Fed to hike rates this week
CFTC Positioning Data:
- EUR shorts 81K vs 68K shorts prior week
- GBP shorts 18K vs. 11K shorts prior week
- JPY shorts 7K vs 16K shorts prior week
- CAD shorts 49K vs 55K shorts prior week
- CHF shorts 7K vs. 8K shorts prior week
- AUD shorts 53K vs 56K shorts prior week
- NZD shorts 12K vs 8K shorts prior week
Markets Update:
Over the weekend, China released its Retail Sales and Industrial Production data. While the Retail Sales figures beat expectations, Industrial Production rose only 6.1 % versus expectations of a 6.5 % increase. Asian stock markets are mostly lower this morning and price action in the Shanghai Composite has been choppy. In FX, all of the major currencies have gained against the US Dollar. The Pound and the Yen had the best performance overnight, while the Australian and Kiwi Dollar were struggling a bit. While there are plenty of important data releases this week, the focus will definitely be on the FOMC meeting on Thursday.
Upcoming Events:
- 08:15 BST – Swiss Retail Sales
- 08:15 BST – Swiss PPI
- 09:00 BST – Italian CPI
- 10:00 BST – Euro Zone Industrial Production
The Week Ahead (Key Events):
Tuesday, September 15th
- 02:30 BST – RBA Meeting Minutes
- 07:30 BST – Bank of Japan Press Conference
- 09:30 BST – UK CPI
- 10:00 BST – German ZEW Economic Sentiment
- 13:30 BST – US Retail Sales
- 14:15 BST – US Industrial Production
Wednesday, September 16th
- 09:30 BST – UK Unemployment Rate
- 09:30 BST – UK Claimant Count Change
- 10:00 BST – Euro Zone CPI
- 13:30 BST – US CPI
- 13:30 BST – Canadian Manufacturing Sales
Thursday, September 17th
- 08:30 BST – SNB Rate Decision
- 09:30 BST – UK Retail Sales
- 13:30 BST – US Building Permits
- 13:30 BST – US Initial Jobless Claims
- 15:00 BST – US Phily Fed Manufacturing Index
- 19:00 BST – FOMC Rate Decision & Statement
- 19:30 BST – Fed Chair Yellen speaks
Friday, September 18th
- 13:30 BST – Canadian CPI
