General Trend:

  • China June trade balance expected to be released at approx. 700 GMT (3:00 AM EST)
  • China Q2 GDP and June data (including industrial production) due for release on July 15th (Monday)
  • Singapore GDP unexpectedly contracted in Q2
  • Asian government bond yield track Thursday’s rise in US Treasury yields
  • Government officials from Japan and South Korea due to meet on July 12th amid trade dispute

Headlines/Economic Data

Australia/New Zealand

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  • ASX 200 opened flat
  • (NZ) New Zealand Jun Business Manufacturing PMI: 51.3 v 50.4 prior

China/Hong Kong

  • Shanghai Composite opened -0.1%, Hang Seng -0.1%
  • (CN) China Vice Premier Liu He: Pressures on economy are ‘normal;’ China to further expand its opening up – Chinese press
  • (US) June Los Angeles and Long Beach port complex inbound containers handled were -5.1% y/y, US/China trade dispute noted – financial press
  • (CN) China local government financing vehicle (LGFV) Tianjin Binhai said to delay sale of US dollar denominated bonds – US financial press
  • (CN) China PBoC Open Market Operation (OMO): Skips for the 15th consecutive; Net drain CNY100B v drain CNY100B prior
  • (CN) China PBOC sets yuan reference rate: 6.8662 v 6.8677 prior
  • (CN) China June Smartphone Shipments Y/Y: -5.0% v +1.3% prior – China Industry Academy


  • Nikkei 225 opened +0.4%
  • (JP) Japan Cabinet Sec Suga: Will review facts with South Korea at meeting [on July 12th] but will not negotiate
  • (JP) DRAM prices rebound citing Japan export curbs – Yonhap


  • Kospi opened +0.1%


  • (TH) Thailand Central Bank confirms it will issue measures on short-term capital flows: Increases reporting requirements for non-residents’ holdings of debt securities
  • *(SG) SINGAPORE Q2 ADVANCE GDP Q/Q: -3.4% V +0.5%E (largest contraction in ~ 7 yrs); Y/Y: 0.1% V 1.1%E (slowest annual growth since 2009)

North America

  • (US) Fed’s Williams (moderate, voter): the economy is in a good place; recent data is more mixed amid slower job gains and still low inflation
  • (US) Fed’s Quarles (hawk, voter): US economy is in a strong position based on data; there are some significant risks out there- CNBC interview
  • (US) Fed’s Brainard (voter, dove): Supports softening the rate path due to risks and low inflation


  • Thomas Cook [TCG.UK]: Announces injection of £750M from Fosun Tourism
  • (IR) US has decided not to impose sanctions on Iran at this time, no reason has been initially given for the decision – US Press

Levels as of 1:20 ET

  • Nikkei 225, +0.1%, ASX 200 -0.3%, Hang Seng +0.3%; Shanghai Composite +0.4%; Kospi +0.2%
  • Equity Futures: S&P500 +0.2%; Nasdaq100 +0.2%, Dax +0.3%; FTSE100 +0.3%
  • EUR 1.1273-1.1249 ; JPY 108.61-108.31 ; AUD 0.6994-0.6970 ;NZD 0.6683-0.6657
  • Gold +0.2% at $1,409/oz; Crude Oil +0.6% at $60.56/brl; Copper +0.4% at $2.698/lb
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