To the scoreboard:
- Dow: 25,964.82 -22.10 (unchanged)
- S&P500: 2,901.52 +0.39 (unchanged)
- AUD/USD: 0.7213 +0.0024 (+0.33)
- ASX SPI futures (September contracts): 6,297 (-3)
1. Global stocks traded flat in a quiet session with US markets closed for a holiday overnight, but investors remain on edge amid ongoing trade tensions and lingering fears about emerging markets.
2. It’s RBA day: There’s next to no chance rates will move from 1.5% at today’s rates announcement. But as always, markets will be on the lookout for any tweaks to the accompanying statement — particularly after some soft data prints and ongoing house price falls. David Scutt’s 10-second guide has everything you need to know.
3. Turkey’s central bank said it would take measures to contain inflation and the curtail the lira’s ongoing decline when it meets on September 13. That followed further losses to start the week as data showed inflation rose by 17.9%.
4. And the Argentinian peso continued to slide, despite reports the government has introduced new austerity measures in an effort to trim the deficit. In trade news, this Thursday marks the deadline for public commentary on whether the AU
5. Elsewhere in currencies, the UK pound came under pressure overnight amid lingering concerns over Brexit and a soft print for manufacturing PMIs. The US dollar drifted lower on reduced volumes, which helped the Aussie climb back above US72 cents.
6. US bond markets were closed, but Italian government bonds were in focus after rising to a four-year high on Friday. 10-year Italian government bond yields fell 5 basis points to 3.19%, after credit ratings agency Fitch approved Italy’s sovereign rating but downgraded the outlook to negative.
Here’s a look at the key events on today’s economic calendar:
- Final GDP input from the ABS — Q2 current account balance (11:30am AEST).
- RBA interest rate announcement (2:30pm AEST).
- South Korean inflation and GDP data this morning.
- Speech from RBA Governor Philip Lowe tonight (7:30pm AEST).
- ISM manufacturing PMIs.
Have a great day.
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