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Headlines:
Markets:
- GBP leads, CHF lags on the day
- European equities blended; S&P 500 futures flat
- US 10-year yields down 3.4 bps to 4.187%
- Gold up 0.1% to $1,903.77
- WTI crude up 0.3% to $81.24
- Bitcoin down 0.2% to $29,118
It was a little bit of a blended session as markets proceed to digest the issues surrounding China however for probably the most half, broader sentiment is ignoring it considerably.
Equities had been somewhat greater earlier on however surrendered the sunshine features to be little modified and extra tentative on the day now. The concern right here is that the promoting in August would possibly look set to proceed, with yesterday’s drop being one other lesson.
We did have UK inflation knowledge, which noticed the headline quantity fall as anticipated however the core studying stays comparatively cussed. With markets already totally pricing in a 25 bps transfer by the BOE subsequent month, the pound noticed little features on the day because the greenback can also be retaining extra blended.
GBP/USD did transfer up from round 1.2700 to 1.2760 earlier than retaining at round 1.2740 now. Generally, the greenback is not doing a complete lot because it holds a minor advance in opposition to the yen and franc however is simply marginally decrease in opposition to the euro and aussie.
Within the bond market, we’re seeing yields come off the boil and undoing the transfer up from yesterday. However it’s nonetheless early days and except there are broader issues concerning China, yields nonetheless have some scope to show round as we have now seen in Wall Avenue beforehand. That stated, we’ll see what the session forward brings.
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