The Day Today

"The Day Today" - 24th April 2019

  • Oz core inflation 1.4 was the weakest reading since series began in 2003, this is an average of the trimmed mean and weighted median, headline was 0.0% vs expected 0.2%
  • Mnuchin and Lighthizer head to China as trade talks restart on the thorny issue of intellectual property
  • Kim Jong Un arrives in Russia for summit with Putin
  • US target 32 oil tankers trying to enter government held areas in Syria although the oil price pullbacks from highs due to confidence on spare capacity
  • Brazil pension reform has passed a crucial first test
  • US equities record high close,

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"The Day Today" - 23rd April

  • Abe set out on an 8 day trip to Europe, US and Canada to talk about trade, ahead of China’s visit to Tokyo to discuss their “Belt and Road” initiative all part of stepping up trade talks as said last week by Motegi,

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"The Day Today" - 18th April 2019

  • Hedging costs (i.e. doing FX swaps) to own US Tsys results in negative yield FT – see chart below
  • Oz jobs strong 25.7k vs expected 15k
  • Pinterest IPO values it at $12.6bn but the price is 12% lower than private share sale of 2 yrs ago
  • WSJ reports US/China trade talks could be signed off by Trump/Xi on May 27th
  • Fed’s Harker says one rate hike “at most” this year
  • Fed’s Bullard “yield curve will steepen”
  • Fed’s Logan “the FOMC made an important decision in January to continue to implement policy in an ample-reserves regime”
  • Herman Cain will not withdraw reports the WSJ
  • Turkey artificially boosts reserves with swaps reports the FT
  • Fitch affirms Australia at AAA outlook stable
  • North Korea newswire reports Kim test fired a new weapon
  • Indonesia assets rally as Joko Widodo appears to lead in the election but this is counter to other equity markets in Asia overnight
  • Japan Nikkei PMI Manufacturing 49.5 from 49.2 last time
  • Former Pope Benedict blames clerical child abuse on the swinging sixties in a 6000 word essay in the Klerusblatt
  • Pig brains partially revived four hours after death
  • PBoC 6.6911 (6.7110)
  • Option expiries today include EURUSD 1.1300 (1.4bn) 1.1320 (1.1bn) 1.1325 (2.1bn) 1.1350 (1.2bn),

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"The Day Today" - 16th April 2019

  • RBA minutes dovish as it says if inflation does not pick up a cut in interest rates would “likely be appropriate” FT article
  • BOJ’s Kuroda says “I think there [is] still some room for further monetary easing if needed” and the economy has “slightly slowed down” in a CNBC interview
  • Fed’s Rosengren “my own preference is for the Federal Reserve to adopt an inflation range”
  • RBNZ’s Orr says the NZD is around a “happy space”
  • Notre Dame altar amid the ruins seen as a symbol of hope
  • Asian equities firmer but shaky,

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