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Shanghai Composite is headed for its first losing session in 10 days after a surprisingly disappointing HSBC flash PMI. Manufacturing was expected to expand for the 2nd consecutive month but instead plunged into contraction, falling to its lowest level in 11 months. HSBC economist cited a renewed fall in total new business and workforce reduction, along with falling import prices as a result of oil-driven disinflation. Comments from Fed Vice Chair Fischer in today's US session reinforced last week's message that any monetary policy adjustment would be gradual, if not distant. Unlike the past tightening campaign when the Fed raised rates at every meeting, Fischer said this time rates could move up and down. Fed-speak during the Asian hours has been considerably less dovish. Fed's Bullard spoke to FT, reiterating that rates need to start rising as soon as possible to prevent the risk of "asset price bubbles with devastating consequences". Fed's Williams, who previously tilted toward the more dovish side, noted the economy is looking much better and that the Fed should be forward looking on policy without waiting for inflation to hit 2%. Similar to Fed Chair Yellen last week, Williams added the recent rally in USD had a large impact on economic forecasts, but that rates should rise despite the green back strength.
Nikkei-0.21% Hang Seng -0.25% Shanghai +0.2%
RUB $58.92 WTI $46.80(-1.37%) Brent $55.57 EURCHF 1.057 CHF 0.9679
EUR$ 1.0921 S&P +0.06% EuroStoxx +0.19% Dax -0.025% SMI +0.09%
Macro
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