Author: Greg Michalowski

US construction spending for July +0.7% vs. +0.6% estimate

US construction spending was +0.7% in June from +0.1% originally reported. Revised higher. The US construction spending for July came in higher than expectations at +0.7% vs +0.6%. The best news was the prior month was revised sharply higher at +0.7% vs. +0.1%. 

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Author: Adam Button

August ISM manufacturing 51.1 vs 52.5 expected

Highlights of the August US ISM manufacturing index for August: - Lowest since May 2013 - Prior was 52.7 - Employment 51.2 vs 52.7 prior - Prices paid 39.0 vs 44.0 prior The US dollar is under some pressure after the data. It's tough to see all those 'worst since' headlines and still expect the Fed to hike.

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Author: Greg Michalowski

GBPUSD probes lower but needs to keep the momentum going

Traders awaits US PMI and construction data  The GBPUSD has probed lower in  trading today - moving below the low prices from July and August in the process (see daily chart below).

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Author: Adam Button
1

Markit US August final manufacturing PMI 53.0 vs 52.9 expected

Highlights of the Markit manufacturing PMI: - The preliminary reading was 52.9 - The prior reading was 53.8 - Employment 52.4 vs 52.0 prior - Manufacturing output 53.8 vs 53.7 prior The ISM manufacturing index is due up at the top of the hour and expected to slip to 52.5 from 52.7.

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Author: Adam Button

S&P 500 open less-ugly than expected

S&P 500 down 38 points shortly after the open Futures were pointing to a 50 point loss so that's a small victory. The side effects are evident in USD/JPY as it rebounds to 120.10 from 119.65 at the start of US trading.

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Author: Greg Michalowski

Canada RBC Manufacturing PMI for August 49.4 vs 50.8 in July

RBC Canadian Manufacturing PMI The 49.4 takes the index below the 50 level suggesting a contraction in the Canadian manufacturing sector. The index was below the 50 reading from February to May. In June the index moved to 51.3 which was the high for the calendar year.

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Author: Adam Button
5

Ford August US light vehicle sales +5.6% vs -0.2% estimated

Strong August US car sales so far - Fiat Chrysler earlier announced that sales rose 1.7% compared to -1.2% estimated - GM sales down 0.7% vs -2.6% expected Upbeat auto sales are a sign that the US economy was chugging along just fine

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Author: Adam Button
5

Buckle up: September will be a bumpy ride

, NYSE invokes rule 48 The late-August rebound in risk assets might have been an illusion caused by month-end, thin liquidity or (more likely) emotional markets.

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Author: Adam Button
3

Canada Q2 GDP -0.5% vs -1.0% expected

The first reading on Canadian Q2 GDP: - Estimates ranged from -0.7% to -1.3% - Prior revised to -0.8% from -0.6% - q/q GDP -0.1% - Implicit prices +0.4% q/q Quick drop in USD/CAD.

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Author: Adam Button

Q2 GDP data will show whether Canada is in recession

Canadian GDP headed for second consecutive quarterly contraction Canada second quarter GDP is due out at the bottom of the hour and expected to show a 1.0% annualized contraction. That follows a 0.6% decline in Q1.

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Author: Ryan Littlestone
1

Oil defies the worries over manufacturing growth

The black stuff hit by the perfect bearish news You've got to give some credit to oil right now. The manufacturing data would have been the perfect tonic for sellers today

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Author: Ryan Littlestone
2

We will declare the end of deflation when there's no risk of deflation says Amari

Moar from Amari. This time from Reuters - Cannot say Japan has completely escaped deflation - Will declare and end to deflation when we judge no risk of returning to falling prices Maybe he can upgrade deflation to disinflation like the rest of the majors. Wouldn't that be something?

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Author: Ryan Littlestone
3

China will lower capital requirement for investments - BBG

According to something they've heard on the wireless China's state council also approves a plan to boost the film industry I wonder if that means more knock-off dvd's hitting the streets ;-)

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Author: Ryan Littlestone
5

Japan's Amari says pushing through Abenomics in the top agenda

Japan economic minister Akira Amari plugging Abenomics via Bloomers - Abe's government puts priority on the economy - Government aims for sustainable growth - Will continue to strengthen corporate governance The situation may be different from Lehman's and the Asia crisis but no one saw those coming. Who knows what's around the corner

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Author: Ryan Littlestone

Market's pause as we await the US entering the fray

Traders are still willing to hit the euro bounces Leveraged seller are the latest to try and take advantage of the jump in the euro. Constantly hitting these jumps is proving profitable, and it is a good trade against the backdrop of ECB easing

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Author: Ryan Littlestone
5

Manufacturing data makes the global growth picture clear

China was the first domino and the rest followed Only a couple are left standing above the crowd after the run of manufacturing data today Today's numbers are perfect indicator for the state of global growth right now. There's very few bright spots. China led the way first thing and by and large it's been the same pattern across the board. That's all helped heap more pressure on global markets and what's different to last week is that the finger isn't just pointing at China now

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