Late on Friday, US Treasury released its semi-annual currency report without naming any country a manipulator and a toned down view of China. Last time in April, China, Japan, Korea, Taiwan, Germany, and Switzerland were singled out for "Monitoring List". China has since met the criteria related to trade surplus and a threshold of 3% on current account, while Japan, Korea, and Germany were also seen with sufficiently large current account and trade surplus. US Treasury still sees global growth remaining soft relative to recent historical averages, with expected modest increase in 2017. Weekend China press focused more on govt addressing the risks of rising debt levels among corporates and financials.At the BRICS summit in India, China Pres Xi expressed concern that global economy is going through a "treacherous recovery" due to both internal and external factors, adding that "BRICS countries have somewhat slowed down in economic growth and have faced a number of new challenges in development." BOJ Gov Kuroda warned that core CPI will remain at 0% or below for a while, even as financial system is maintaining stability and economy continues to recover moderately as a trend (standard BOJ assessment); Earlier, Nikkei speculated the BOJ may reduce its CPI forecast for FY17/18 to low 1.0-1.5% area from 1.7% prior when it unveils its update on growth and inflation in 2 weeks.
Nikkei +0.30% Hang Seng -0.57% CSI -0.11% Shanghai +0.01%
Eur$ 1.0984 CNH 6.7441 CNY 6.7330 JPY 104.22 GBP 1.2158 CHF 0.9895 RUB 62.9948 WTI$ 50.23 (-0.24%)
S&P -0.29% EuroStoxx -0.40% FTSE -0.17% Dax -0.27% SMI -0.33%
Macro :
- BOE’s Shafik Says GBP Fall May Push Up Inflation: Mercury
- Fed’s Dudley Sees Rate Increase This Year: Wall Street Journal
- Germany Exploring Mechanism to Limit Foreign Takeovers: WamS
- Hedge Funds Buy BrightHouse Debt in Restructuring Bet: Telegraph
- Boris Johnson Wrote Brexit Could Cause Economic Shock: Times
- 2 former traders at Izzy Englander's Millennium have reunited to launch a new hedge fund
- Fed’s Rosengren Says U.S. Economy Headed for Hot Labor Market
Keep an eye on :
- ADN LN : Crispin Odey Ends 3-Yr Short of Aberdeen Asset Mgmt: Telegraph
- AIR FP : Airbus in ‘Constructive Talks’ With Leonardo on MBDA: Il Sole
- AIR FP : Poland Mulls Making Helicopter w/ Ukraine: Macierewicz to WSieci
- AAPL US : U.S. Said to Ban All Samsung 7 Phones on Airline Flights
- AAPL US : Alitalia Bans Samsung Galaxy Note 7 From All Its Flights
- BAS GY : BASF Petronas Invests 2b Rgt in New Malaysia Plants: Bernama
- BIM FP : Biomerieux to Contest Lawsuit Over Lyme Disease Tests
- BP/ LN : BP to Decide on U.S. Wind Power Expansion This Yr: FT
- BPM IM : Approved meger-One newly issued Banco BPM share for each Banco Popolare share, One newly issued Banco BPM share for 6.386 BPM shares
- CABK SM : Caixabank Reviews Strategic Plan 2015-18: El Confidencial
- CBK GY : Commerzbank Mulls Listing ETF, Derivatives Unit: Euro Am Sonntag
- CON GY : Acquires auto supplier Konrad Hornschuch, has annual sales of approx €410M, has 1,800 employees and operates four manufacturing sites in German and the US.- no details
- COTY US : Coty Said to Be Near GBP400m-Plus Purchase of U.K.’s GHD: Sky
- DL NA : Delta Lloyd's largest shareholder Fubon (10%) might put in a bid - NRC.NL
- DBK GY : Deutsche Bank Is Asked to Change Business Model in U.S.: Welt
- ENG SM : Enagas Agrees to Boost Stake in Transportadora de Gas Del Peru
- GALP PL : Galp Chairman Americo Amorim Resigns; Replaced by Paula Amorim
- JMAT LN : +ve article in FT on battery division
- LDO IM : Airbus in ‘Constructive Talks’ With Leonardo on MBDA: Il Sole
- MC FP : Audemars Piguet Chairwoman Has Never Considered Sale: SZ
- NG/ LN : National Grid Said to Select Macquarie, Fosun as Canadians Drop
- UG FP : PSA Said to Cut 2,133 Jobs at French Sites, Franceinfo Says
- PMI IM : Popolare Milano Approves Merger With Banco
- RMG LN : Most Royal Mail Workers Reject Chance to Sell Shares: Sky
- SYNN VX : Sinochem Chairman Has Been Driving ChemChina Merger Talks: FT
- TWTR US : Salesforce CEO Benioff Says Twitter ’Not Right Fit’: FT
- UCG IM : UniCredit Said Near Partial Stake Sale of Bank Pekao: WSJ
- VIV FP : Vincent Bolloré Boosts Stake in Vivendi to More Than 20%
- VOW3 GY : VW Seeks 10% Cut in 2017 Indirect Overhead Costs: Automobilwoche
- VOW3 GY : Post-VW Scandal Move to Allow German Class-Actions Falters: SZ
- WHL LN : William Hill to Continue Merger Talks With Amaya: Telegraph
- ZURN VX : Zurich Could Be a Buy If Operations Are Simplified: Berenberg