General Trend:

  • Shanghai Composite rose by less than 0.5% during morning session, financials rose while IT shares declined
  • Gainers in Australia include Financial and Consumer firms

Headlines/Economic Data

Australia/New Zealand

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  • ASX 200 opened flat
  • (AU) Reserve Bank of Australia (RBA) offers to buy total of A$1.0B in bonds v A$500M prior
  • (NZ) New Zealand Institute of Economic Research (NZIER) Shadow Board reiterates that it considers negative OCR as not necessary; [comments on QE] this stimulus was considered more appropriate beyond the upcoming meeting [on Aug 12th].
  • (NZ) New Zealand Aug Prelim ANZ Business Confidence: -42.4 v -31.8 prior; Activity Outlook:-17.0 v -8.9 prior
  • (NZ) Reserve Bank of New Zealand (RBNZ) buys NZ$370M v NZ$290M prior in government bonds as part of QE v NZ$370M sought

China/Hong Kong

  • Hang Seng opened -0.6%, Shanghai Composite -0.4%
  • (CN) China PBOC Gov Yi Gang noted the need to maintain a moderate financial aggregate, focus on stabilizing enterprises to ensure employment; Reiterated PBOC policy to be more flexible, appropriate and targeted – Chinese press interview
  • (CN) CHINA JULY CPI M/M: +0.6% V -0.1% PRIOR; Y/Y: 2.7% V 2.6%E; PPI Y/Y: -2.4% v -2.5%e
  • (HK) US levies sanctions against Carrie Lam and 11 Chinese officials over China’s Hong Kong policy (from Aug 7th)
  • (CN) China PBOC sets Yuan reference rate: 6.9649 v 6.9408 prior
  • (CN) China PBoC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v Injects CNY10B in 7-day reverse repos prior; Net Injection CNY10B v Net drain CNY10B prior


  • Nikkei 225 closed for holiday


  • Kospi opened +0.1%
  • (KR) South Korea sells 5-year Govt bonds at avg yield 1.1% v 1.13% prior

Other Asia

  • (PH) Philippine Central Bank (BSP) Diokno: Reiterates sees no further reasons for additional policy rate cuts at this time; Possible there are no more cuts for rest of 2020

North America

  • (US) President Trump signs executive orders on extending unemployment relief, deferring US payroll taxes, and restricting evictions – Press
  • (US) Follow up: President Trump says he has heard mostly positive things about his executive actions on coronavirus relief; Payroll tax cut may be permanent
  • (US) On Sunday, US Treasury Sec Mnuchin reiterated that he was open to a narrower stimulus agreement; Pelosi also said to appear to be willing to consider narrower deal – US media
  • (US) Fed’s Evans (dove, non-voter) reiterated another coronavirus aid package is incredibly important; noted the most pessimistic economic projections assume there is no support for state and local governments – financial press
  • Roper Technologies [ROP]: Reportedly in talks to acquire Vertafore for $5.5B – Press

Levels as of 1:20 ET

  • Nikkei 225, closed, ASX 200 +1.7% , Hang Seng -0.2%; Shanghai Composite +0.8% ; Kospi +1.5%
  • Equity S&P500 Futures: +0.3%; Nasdaq100 flat, Dax +0.4%; FTSE100 +0.3%
  • EUR 1.1798-1.1773 ; JPY 105.95-105.72 ; AUD 0.7173-0.7147 ;NZD 0.6612-0.6591
  • Gold +0.5% at $2,028/oz; Crude Oil +1.5% at $41.83/brl; Copper +0.3% at $2.8087/lb
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