Money Monday

Market Data

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Global

*Data as of 4pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia:

• Asian equities traded lower across the board on Monday. Hong Kong's equities, led by property stocks, faced significant declines. Mainland benchmarks were also lower but managed to recover slightly from their lowest points by the close.

• Country Garden Holdings, one of China's largest property developers, suspended trading in corporate bonds in mainland China starting from August 14. The company had missed international bond payments the previous week, adding to mounting property concerns in China.

• China's trust product investors reported missed payments, with three firms indicating late on Friday that they hadn't received payments on multiple high-yield investment products issued by companies linked to Zhongzhi Enterprise Group, which manages around CNY1 trillion ($138 billion) in assets.

• Tesla made another round of price cuts in China, raising concerns about an electric vehicle price war.

• India increased its imports of Russian crude due to supply cuts.

Europe, Middle East, Africa:

• European equity markets were mostly higher.

• Bond traders expressed fears of a hawkish pivot by the ECB amid a return of European energy concerns. While European Natural Gas prices are significantly lower compared to their peak last year, worries persist that rising energy costs could lead to a resurgence of headline inflation. On a positive note, EU gas storage levels were over 86% full as of July 31, approaching around 90%.

• The UK's July inflation data was scheduled to be published on Wednesday. A Reuters poll of economists expected the annual rate to fall to 6.7% from the previous 7.9%, which would bring it slightly below June's reading of 7.9%.

The Americas:

• With high prices and high-interest rates, the median age for first-time homebuyers has increased to 36.

• Treasuries might continue to experience turbulence as long as the Fed's path remains unclear.

• Nikola announced the suspension of sales and the recall of all-electric trucks after an investigation into recent fires.

• US Steel rejected a nearly $7.5 billion unsolicited offer from Cleveland-Cliffs and indicated that it would explore strategic options.

The Week Ahead:

• Monday:

• Tuesday:

  • Industrial Production (China)

  • Retail Sales (US)

• Wednesday:

  • Consumer Price Index (UK)

  • Gross Domestic Product (EA)

  • Building Permits (US)

  • Industrial Production (US)

  • FOMC Minutes (US)

• Thursday:

  • Initial Jobless Claims (US)

• Friday:

  • Retail Sales (UK)

  • Harmonized Index of Consumer Prices (EA)

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.