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:
- RBA kept policy unchanged as expected. The statement no longer included a reference that the inflation outlook provides scope to ease policy further.
- AU Mfg PMI improved to 46.4 vs 42 prev
- AU Building Approvals jumped 10.8% MoM in July vs 4.0% exp and -6.9% prev
- Australia Current Acct worsened to -9.4bn in 2Q vs -8.5bn exp and prev
- Australia Retail Sales rose 0.1% in July vs 0.4% exp and 0% prev
- Japan Capital Spending was flat YoY in 2Q vs -2.1% exp and -3.9% prev
- China Mfg PMI improved to 51 vs 50.6 exp and 50.3 prev
- China Non-Mfg PMI was stable at 53.9 vs 54.1 prev
- Europe:
- UK Mfg PMI jumped to 57.2 vs 55 exp and 54.6 prev
- Italy Mfg PMI improved to 51.3 vs 50.8 exp and 50.4 prev
Americas:
- 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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