SGD

• Positive vibes. Risk markets supported by signals last nights ECB rate hike could be the last, more policy easing in China, & positive US retail sales.• EUR & GBP softer. The shift in relative yield spreads has weighed on EUR & GBP. AUD has held its ground, with AUD/EUR & AUD/GBP rising.• Data pulse. Also helping the AUD was a positive local employment report. Today, the market focus will be on the August China activity data. It has been a busy 24hrs with several data releases and policy decisions coming through. On net, the events have supported risk sentiment...

• Mixed signals. US equities a bit lower, bond yields mixed, while oil rose. EUR rebounded following a ‘hawkish’ news article. AUD consolidates.• US inflation. The latest US CPI report is released tonight. Headline inflation is set to jump because of oil, but core inflation is predicted to slow.• Diverging trends. Australian consumer sentiment remains low, but business conditions improved. The local jobs data is released tomorrow. Markets were generally well contained overnight as participants await tonight’s US CPI report (10:30pm AEST). In bonds, the US 2yr yield drifted a bit higher (+3bps to 5.02%), while long end yields moved...

Quiet markets. Equities consolidated on Friday. US yields & oil ticked up. In FX, the USD is tracking at high levels, with the AUD hovering just above its 2023 lows.JPY focus. Japanese officials continue to ramp up the rhetoric about JPY weakness. BoJ Governor Ueda also gave a rather ‘hawkish’ interview.Event risks. AU business conditions, US CPI, AU employment, US retail sales, the ECB meeting, & the China activity data are due this week. Without any fresh economic news global markets were restrained on Friday. Across equities, the US S&P500 was slightly higher (+0.1%), while the European EuroStoxx50 outperformed (+0.4%)...