Good morning, and welcome back. In the US, ten-year Treasury yields are holding near last week’s levels, equity futures are setting up for a modest advance at the open, and the dollar is trading near a three-week low against most of its major rivals. The euro is trading lower given that there’s been no appreciable unwinding in geopolitical risk after presidents Trump and Putin emerged from a meeting...

• Consolidation. US equities drifted back a bit on Friday, but still rose over the week. USD a little softer. AUD & NZD ticked up modestly.• Event Radar. RBNZ expected to cut rates again (Weds). Global PMIs are due (Thurs). US Fed Chair Powell speaks at Jackson Hole (Fri night AEST). Global Trends A subdued end to last week across markets as macro and geopolitical forces pushed and pulled on various...

• US PPI. Much stronger than expected US producer prices rekindled inflation fears. US yields rose, as did the USD. AUD back below 1-month average.• AU jobs. Employment report broadly inline with forecasts. Unemployment hovering just above 4%. Supports the case for gradual RBA easing.• Data flow. China activity data due today. In the US, retail sales & industrial production out tonight. Data could...

• Positive vibes. Global equities pushed higher with markets factoring in a series of US Fed rate cuts. USD softer. AUD & NZD edge a little higher.• AU jobs. Volatile employment report released today. Labour demand is cooling. Will the AU jobs data rebound or is a new (weaker) trend forming?• US data. Producer prices & jobless claims out tonight. US retail sales & import prices due Friday....