·
US –
The Conference Board consumer confidence index recorded a sharp fall to 90.9 in
July. Though disappointing, strength in labour market conditions and the
gradual improvement in the housing market suggest that consumer confidence is
unlikely to weaken markedly from here.
·
US –
Case-Shiller house prices disappointed market expectations, declining 0.2% in
May, taking the annual pace of growth to 4.9%. However, the overall US housing
market has continued to improve, underpinned by a favourable macroeconomic
backdrop.
·
US –
The Richmond Fed manufacturing survey recorded a solid rise to a +13 in July
from +7 in June. Activity in the manufacturing sector appears to be stabilising
following weakness earlier in the year due to the drop in oil prices and sharp
appreciation in the USD.
·
UK –
Q2 GDP printed in line with market expectations, rising +0.7% q/q and +2.6%
y/y.
·
Currency
– The AUD short position squeeze continued yesterday, as markets took advantage
of a stabilisation in commodities and Chinese equities to continue to reduce
positions. Weaker US data added to this dynamic.
·
Equity
– US and European equities struck a more positive tone, partially offsetting
recent falls. Major US bourses were up between 1.0% and 1.2%.
·
Rate
– Treasuries initially sold off, but moves were later pared on the back of
weaker US housing and consumer confidence data.
·
Energy
– Crude oil prices were mixed, with WTI outperforming Brent. The rebound in WTI
prices was sentiment driven, stemmed from a rally in US and European stock markets.
Precious Metal – Gold traded
lower by 0.20% below $US1100 per ounce, weighed down by a stronger dollar and
worries of a hawkish Federal Reserve.|
INDICATIVE MAJOR CURRENCIES
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