Trading Tuesday

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

• PBOC announces further support for Chinese property developers, extending pressure on lenders to help beleaguered developers

• Australian Westpac-MI consumer sentiment index climbed to 81.3 in July from 79.2 in June. Index marginally above pandemic lows with consumers finding solace from soft May inflation data.

• Taiwan Stock Exchange (TWSE) head Sherman Lin forecasts 40 IPO applications this year, most since 2013, as EV, cloud computing and biotech firms seek listings.

• RBNZ expected to leave official cash rate (OCR) unchanged at 5.50% at its 12-Jul policy meeting

• South Korea exports down 14.8% in first ten days of July

Europe, Middle East, Africa

• UK’s labor report - Unemployment rate at 4.0% versus consensus 3.8% and prior 3.8%; Unemployment Benefit Claims up 25.7k vs. -8.6k expected. We’re seeing the tide changing in the UK where employment is concerned. But, wage growth matches record high, keeping BoE under pressure.

• ZEW Sentiment Reports came out for Germany and the Eurozone, both falling more than expected. Germany Sentiment data came in at -14.7 vs. -8.5 prior; and the Eurozone came in at -12.2 vs. -10 prior. We’re seeing a gradual reversal of sentiment.

• Bundesbank chief Nagel says ECB can get inflation under control with a hard landing

The Americas

• Uber Technologies announces Nelson Chai plans to step down as CFO

• Microsoft confirms it is elimination additional jobs

• Nasdaq announces special rebalance after biggest tech firms saw their index weighting rise above 50%

• US consumer debt rises at slowest pace in more than two years

• Prime brokerage data from Goldman Sachs shows that hedge funds have the lowest weighting to the US stock market since the records began in 2013 while raising their bets on European stocks to the highest-ever level.

• SF Fed study says soft landing and 2% inflation achievable mainly by reducing job vacancies rather than increasing unemployment.

• We had quite the roster of Fed speakers yesterday. Three Fed officials back more rate hikes, Bostic says Fed can afford to be patient. Cleveland Fed's Mester sees two more rate hikes this year as reasonable. NY Fed's Williams does not expect a US recession but pretty slow growth

The Week Ahead:

• Wednesday:

  • US Consumer price index

  • US Core CPI

• Thursday:

  • US Initial jobless claims

  • US Producer price index

  • US Federal budget

• Friday:

  • US Consumer Sentiment

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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.