- European bourses are firmer but off-highs, Euro Stoxx 50 +0.3%; US futures have been steady and contained with the RTY outperforming DXY is pressured as activity-FX rebounds from last week's declines, whilst havens lag Flash PMIs were mixed but overall below forecasts - reactions were minimal The Fed’s Jackson Hole Symposium is shifting to a virtual event from the initial in-person format; schedule release August 26th at 20:00EDT China, Iran and Russia are to hold joint maritime exercises in the Persian Gulf late-2021/early-2022 Looking ahead, highlights include US Flash PMIs, US Existing Home Sales
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Tesla (TSLA) has officially started Model Y deliveries in Europe.
It was a long wait for customers, and interestingly the first deliveries were achieved through a change in strategy for Tesla.
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Analysis details (10:46)
EQUITIES
Equities remain on a firmer footing, but the region lost momentum shortly after the cash open and following a string of mixed/disappointing Flash PMI figures. All metrics remained in expansionary territory, but the common themes were COVID-related growth slowdown concerns alongside supply/demand led price pressures. Meanwhile, the Fed’s Jackson Hole Symposium format has shifted to an online event as opposed to the initial in-person meeting – with some suggesting that this shift in format signals near-term COVID caution from policymakers. Meanwhile, US equity futures hover around the levels seen heading into the European cash...
- Asia-Pac bourses were firmer throughout the night; US equity futures also drifted higher In FX, the DXY marginally pulled back from recent gains, high-betas outperformed, and havens lagged The Fed’s Jackson Hole Symposium is shifting to a virtual event from the initial in-person format Fed's Kaplan (2023 voter) stated if they saw that the Delta variant would be persistent or start to affect demand, they would have to adjust policy views accordingly US President Biden issued an executive order allowing for sanctions to be imposed with respect to certain Russian energy export pipelines Looking ahead, highlights include EZ, UK, US Flash PMIs, US Existing Home Sales
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