The Morning Hark - 14 Aug 2023
Today’s focus... little on the data front so Chinese property sector fears dominating on the open
The post PPI USD strength continued on the Wellington open with notable weakness from the Chinese complex. AUD, NZD and ZAR all weaker by approx. 40-50bps to the USD whilst USDCNH is re-testing 7.2850-60 and the June YTD high.
Weakness in APAC stocks also being led by China, with HSI down 2.4% and CSI 300 down 1.3% ...
Chinese Property companies are the key concern to start the week with the FT reporting the suspension of bond trading by the developer Country Garden whilst Reuters has run a story indicating two Chinese listed companies have not received payments from Zhongrong Int Trust
The light data calendar puts the focus back on Chinese activity prints later in the week, for more reading on this week's key data, see The Weekly Hark.
Bloomberg Economics: China's Economic Woes Deepen with Housing Market Slump
Yardeni Research: The Economic Week Ahead: August 14-18
Marctomarket.com: Anniversary of the End of Bretton Woods Sees Resilient Dollar and Firmer US Rates: Can it Persist?
Newsquawk: Highlights include US retail sales, FOMC Minutes, RBA Minutes, UK Jobs and Inflation
Adam Mancini: Will the second half of August finally see SPX Trend?
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US (): No Fed Speakers or US data of note
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