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The week starts with weak appetite as Chinese banks cut loan rates less than expected; the 1-year LPR was cut by 10bp to a record low versus 15bp cut expected by analysts, while the 5-year LPR was left unchanged despite pressure from Beijing. Chinese banks’ decision to keep the 5-year rate steady is confusing for investors, in the middle of a property crisis. The Hang Seng index sank further into bear market, and the global risk sentiment is less than ideal as healthy economic data from the US, and darker clouds over China cast shadow on both stock and bond...

The global selloff intensified yesterday, after the FOMC minutes released Wednesday highlighted that the Federal Reserve (Fed) continues to see significant risks to inflation. And if that’s not enough, Atlanta Fed’s GDPNow printed an eye-popping growth forecast of 5.8% for Q3 on Wednesday, up from 5% printed a day before. We see some respite in the US 2-year yield that bounced lower from the 5% mark earlier in the week, and the 10-year yield spiked above 4.30% before falling back to 4.25% this morning. But the selling spree in global bond markets continue, as the US dollar continues strengthening against...

FOMC minutes released yesterday showed that most Federal Reserve (Fed) officials see ‘significant upside risks to inflation that may require more tightening’. The US 2-year yield remained little changed at around the 5% mark, while the 10-year flirts with the 4.30% level, approaching last October’s peak, raising questions among investors on whether levels above 4% are a good entre point in the US 10-year papers, or could it go higher?
The US dollar extends gains, as the S&P500 and Nasdaq’s losses deepen.
In Europe, the latest data released yesterday showed that growth and industrial production slowed, but slowed less than...

The Americans continue spending, US retail sales grew 0.7% on a monthly basis and more than 3% on a yearly basis - the biggest figure since January. The resilience of the US consumer spending sapped investor sentiment by fueling inflation expectations and Federal Reserve (Fed) hawks. Yields rose, stocks fell and USD gained.
In Europe, Cable bulls resist to the bears around the 1.27, on record wages growth and sticky inflation while Europeans watch GDP and industrial production data to assess the slowdown in economy.
Far away, the Reserve Bank of New Zealand (RBNZ) held its cash rate unchanged for...

China surprised by cutting its one-year medium-term lending facility (MLF) rates by 15bp to 2.50% today to give a jolt to its economy but Chinese equities remain under pressure, the Chinese yuan fell to the lowest levels against the US dollar since last November, and crude oil stagnates around the $82.50pb.
Elsewhere, Argentina devaluated its currency by 18% to 350 per dollar, the dollar ruble traded past the 100 mark for the first time since Russia invaded Ukraine and the Indian rupee traded near record, as well. All that helped the US dollar index shortly trade above its 200-DMA yesterday,...

The week starts on a bad mood as the Chinese property worries escalate with Country Garden suspending almost a dozen of onshore bonds starting from today. Plus, Zhongzhi Enterprise Group, which has around 1 trillion yuan under management failed on its payments linked to products issued by its companies last Friday, further fueling the stress among investors.
American crude is under pressure around $85/82.50, the MACD indicator just turned bearish hinting that we could see some more downside correction in case of weak news this week.
Some easing in energy and metal prices could be a good thing, as Friday’s...

Released yesterday, the latest CPI data showed that the headline inflation in the US ticked higher from 3 to 3.2%. That was slightly lower than the 3.3% penciled in by analysts, core inflation eased to 4.7% in July from 4.8% expected by analysts and printed a month earlier.
Today, eyes will be on the July PPI figures before the weekly closing bell, where core PPI is seen further easing, but headline PPI may have ticked higher to 0.7% on monthly basis, probably on higher energy, crop and food prices.
Yesterday’s slightly softer-than-expected inflation numbers and the initial jobless claims which...

US equities fell, while yields pushed higher in the run up to today’s most important US inflation data. Inflation in the US is expected to have rebounded from 3 to 3.3% in July and core inflation may have steadied at around 4.8%. Any bad surprise on the inflation front could revive the Federal Reserve hawks, but we are far from pricing another hike in September just yet; activity on Fed funds futures assesses more than 85% chance for pause in September FOMC meeting. Rising oil, crop and rice prices are the major upside risks, while potential downside pressure on shelter...

Polygon will be switching their MATIC Token in a 1:1 fashion to the new POL Token. The goal? Support multiple blockchains with one new token. But will that change anything without new tokenomics?

00:00 Intro
00:23 Preview
00:46 Bitcoin - ETF
04:11 Ethereum - Paypal stablecoin
06:26 Solana
08:28 Polygon
10:01 Subscribe & Good bye

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