To the scoreboard:
- Dow: 25,306.83 -144.23 (-0.57%)
- S&P 500: 2,802.60 -16.22 (-0.58%)
- AUD/USD: 0.7408 +0.0001 (+0.01%)
- ASX200 SPI futures (September contracts): 6,224 (-2)
1. US Stocks fell overnight, with the Nasdaq declining for a third-straight session to hit its lowest level since July 6. The big tech companies remain under pressure following a wave of disappointing tech earnings.
2. Ahead of a big week of central bank meetings, global bond yields rose as benchmark US 10-years pushed back towards 3%. The Bank of Japan intervened to keep Japanese 10-year yields stable yesterday, with all eyes now on this afternoon’s BoJ meeting following reports of a pending policy shift.
3. In geo-politics, President Donald Trump said he would meet Iranian President Hassan Rouhani anytime and free of any preconditions. The remark, made to reporters at a joint White House press conference with Italian Prime Minster Giuseppe Conte, follows a week of rapidly escalating tensions between the US and Iran.
4. The US dollar was weaker against all the major pairs overnight. The British pound pushed higher, despite reports that UK banks are preparing billions in emergency lending ahead of a possible no-deal Brexit.
6. US earnings season rolls on. Caterpillar crushed earnings expectations, posting a record profit in the second quarter. Netflix fell into a bear market after failing to recover from posting disappointing revenue and subscriber numbers in mid-July.
Here’s a look at today’s busy economic calendar.
- The Bank of Japan’s policy meeting today is likely to get plenty of attention from markets.
- Chinese PMI data will give an update on how China’s economy is faring amid escalating trade threats.
- South Korea — a barometer of global trade — has business confidence, industrial production and retail sales.
- In Australia we get building approvals data and private sector credit figures from the RBA.
- Key data tonight will be led by the Q2 employment cost index in te US. There’s also personal income & expenditure figures, including the PCE inflation reading.
- Apple reports earnings Tuesday; Tesla, Volkswagen and BMW are slated for later this week.
Have a great day.
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