- Renewed concerns over trade and global growth saw risk-off sentiment extend its way through to Asia. Yet the theme appears confined to equity and bond markets.
- Equity indices and futures are in the red, the US10Y hit its lowest level since September 2017 and the AU10Y fell below RBA’s cash rate for the first time since January 2015. Still, gold is struggling to catch a bid and is back below $1280 after failing to break above last week’s high. Crude oil has yet to find it footing and WTI has fallen to $58.50 a barrel.
- NZ was initially the strongest major following a less-gloomy business outlook survey, with 8.5% of respondents expecting business to grow in 12 months (7.1% prior). Whilst outlook remains historically pessimistic, it’s gaining traction from its 10-year cycle low printed in August. CHF and AUD are currently the strongest major, JPY and USD are the weakest.
- US treasury states that no major trading partner met currency manipulation criteria. Although they urge China to take necessary steps to avoid a persistently weak currency. Meanwhile a Chinese Communist Party newspaper warns that Chia is set to use a rare earths export ban to strike back in the trade war.
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