CNY

Financial markets are in stasis this morning ahead of a series of monetary policy speeches at the Jackson Hole Economic Symposium. Treasury yields are up slightly and equity futures are licking their wounds after yesterday’s buy-on-rumour, sell-on-news dynamic in Nvidia shares saw the major indexes lose altitude. Trade-weighted measures of the dollar are holding near three-month highs as market participants bet Federal Reserve chair Jerome Powell will deliver a relatively-hawkish “higher for longer” message, followed by a more dovishly-cautious one from the European Central Bank’s Christine Lagarde. Both the euro and pound are oscillating around key technical levels, and modest...

Investor demand for US assets continues to grow at an untrammelled pace this morning as signs of softness emerge in other areas of the global economy. Ten-year Treasury yields are down roughly six basis points to 4.26 percent, but benchmark rates are declining much more rapidly in the UK and euro area after a series of purchasing manager surveys pointed to wider weakness and diminished the case for further monetary tightening. The dollar is stronger against all of its major rivals – with the Japanese yen marking the lone exception. US equity futures are higher ahead of an earnings release...