Recap 9-03-13


Interesting graphics from JPM:


  • 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


  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