Soon. Hopefully. Maybe?
Euro tagged 1.1997 overnight. Currently sitting at 1.1990.
Just like supporting Arsenal, it's the hope that kills you...
A mixed overnight session to start the month.
ASX was down by 2%, recovering slightly to -1.5%.
Nikkei flat.
KOSPI +0.9%
EWS -1%
European markets are set for a positive open.
European Opening Calls:#FTSE 5950 -0.24%#DAX 13016 +0.54%#CAC 4969 +0.45%#AEX 552 +0.49%#MIB 19739 +0.53%#IBEX 7023 +0.76%#OMX 1775 +0.48%#STOXX 3292 +0.58%#IGOpeningCall
— IGSquawk (@IGSquawk) September 1, 2020
FTSE back from holiday.
Overnight PMI's continued to show improvements.
New export orders increasing in China is a positive sign for global demand and the overall increase in production should lead to an increase in employment over time.
#China's manufacturing sector expanded strongly in Aug, adding to signs of further recovery, according to #Caixin #PMI data. Output and new orders both expanded at sharper rates than in July, while firms reported the first export growth in 2020 to date. https://t.co/wSOO36dK0d pic.twitter.com/TdX5VDMmF2
— IHS Markit PMI™ (@IHSMarkitPMI) September 1, 2020
Manufacturers in South #Korea continued to signal an overall downturn in business conditions during August, according to #PMI data, but the rate of decline continued to ease in comparison to that seen through Q2. https://t.co/E7daRJOOre pic.twitter.com/XEaKMzra7c
— IHS Markit PMI™ (@IHSMarkitPMI) September 1, 2020
Latest #PMI data showed #Japan's manufacturing sector moved closer to stabilisation in Aug as firms signalled weaker drops in output and orders. But the pandemic continued to limit the performance of the sector, with firms cutting headcounts and stocks. https://t.co/qinK6LvBYT pic.twitter.com/azeAoZGmOB
— IHS Markit PMI™ (@IHSMarkitPMI) September 1, 2020
#Taiwan's manufacturing sector had its best month for two years in August, with firms signalling stronger rises in both output and new orders. Furthermore, firms recorded the first increase in #export orders since January. https://t.co/fRmBL2oXrF pic.twitter.com/QiwRPatrSk
— IHS Markit PMI™ (@IHSMarkitPMI) September 1, 2020
The recovery in #Australia's manufacturing sector was sustained in August, according to latest #PMI data. However, the survey signalled a loss of growth momentum, owing partially to lockdown measures reimposed in Victoria. https://t.co/aaCQjhvcLO pic.twitter.com/HzOSvYVNCu
— IHS Markit PMI™ (@IHSMarkitPMI) September 1, 2020
South Korea's exports contracted by 9.9% YoY, beating expectations of an 11.5% contraction.
Overall, there's an ongoing theme of gradual improvement, but still a long way to go to return to previous levels of activity.
Snapshot of the overnight data
The RBA decision was as expected.
They increased the size of the term funding facility, and extended the cut off date until June 2021.
Full statement here;
The stimulus sage will continue to rumble on...
On a call with Dems today, Speaker Pelosi reiterated how stimulus talks with the White House are at a total standstill - and that funding for state and local governments remains a major sticking point, the same place they’ve been for weeks, according to people on the call.
— Manu Raju (@mkraju) August 31, 2020
There may be a new bill introduced.
Reuters EditorialThis state funding issue has been the main sticking point since day one.
Meadows has already said that
...he is not optimistic about reaching a new coronavirus relief deal before the end of September, predicting House Speaker Nancy Pelosi will use the government funding cliff at the end of next month as leverage to strike a deal on pandemic aid.
So, we might be in for another month of this, although it is possible that they decide to agree something before the deadline hits.
Right, let's see what today has in store for us...
Tim Vollans
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