Recap 9-03-13

Commentary:

Interesting graphics from JPM:

Notable:

  • Over the weekend President Obama announced a plan to seek congressional approval for a strike in Syria. Today, Speaker John A. Boehner said that he would “support the president’s call to action” in Syria, followed by the No 2 House Republican, Cantor of Virginia. Congress is on recess until September 9th. the White House still faces a tough fight in Congress. Many lawmakers entirely oppose a strike, and others favor a resolution that would provide for more limited military action than what is in a draft resolution that the White House has sent to Capitol Hill. – NYT
  • Asia:
  1. RBA kept policy unchanged as expected. The statement no longer included a reference that the inflation outlook provides scope to ease policy further.
  2. AU Mfg PMI improved to 46.4 vs 42 prev
  3. AU Building Approvals jumped 10.8% MoM in July vs 4.0% exp and -6.9% prev
  4. Australia Current Acct worsened to -9.4bn in 2Q vs -8.5bn exp and prev
  5. Australia Retail Sales rose 0.1% in July vs 0.4% exp and 0% prev
  6. Japan Capital Spending was flat YoY in 2Q vs -2.1% exp and -3.9% prev
  7. China Mfg PMI improved to 51 vs 50.6 exp and 50.3 prev
  8. China Non-Mfg PMI was stable at 53.9 vs 54.1 prev
  • Europe:
  1. UK Mfg PMI jumped to 57.2 vs 55 exp and 54.6 prev
  2. Italy Mfg PMI improved to 51.3 vs 50.8 exp and 50.4 prev

Americas:

  1. ISM improved to 55.7 vs 54 exp and 55.4 prev

Upcoming Data:

  • Tue: AU GDP
  • Wed: EU Service PMI, BoC, Australia Trade Balance
  • Thu: BoJ, BoE, ECB, US ADP Employment, Jobless Claims, ISM Non-Manufacturing
  • Fri: US Employment, Canada Employment
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