Mortgage approvals 56.205k vs 62.900k expected Prior 65.945k; revised to 66.034k UK mortgage approvals fell off by quite a bit last month, with net borrowing of mortgage debt by individuals also seen decreasing to £2.9 billion in May – down from £4.4 billion in April. This was below the previous 6-month average of £5.1 billion,
USD/JPY is once again knocking on the door of Japan’s intervention zone, but this week’s battle is about far more than whether Tokyo steps into the market. It has become a high-stakes game of chicken. Traders believe Japan is reluctant to intervene before Thursday’s US Non-Farm Payrolls report. Japan knows traders believe that. The result
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Japan retail sales increased for the third month in May, suggesting that consumer spending remained robust in the second quarter, official data revealed Monday. Retail sales advanced 5.3 percent in May from the previous year, bigger than the 2.8 percent rise seen in April, data from the Ministry of Economy, Trade and Industry showed. The
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Gold has stopped falling, but it has not started recovering either. After slipping below the psychologically important $4000 level, prices have managed to claw back some losses. Yet the rebound has been hesitant, lacking both momentum and conviction. Rather than signaling renewed confidence, the move looks more like a market unwilling to press either side
Summary: Iran launched missiles and drones at US military sites in Kuwait and Bahrain over the weekend; the US struck back, but both sides agreed Sunday to halt hostilities and return to talks in Qatar, coming on Tuesday, over the Strait of Hormuz dispute Strait of Hormuz vessel transits fell to 48 over June 26-28,
The immediate market read is contained by the ministry’s explicit statement that normal bilateral trade is unaffected, which limits the near-term spillover to the broader China-Japan commercial relationship. However, the targeting of Mitsubishi, Komatsu and Fujitsu subsidiaries introduces a template risk: if Beijing is willing to place industrial conglomerate units on a dual-use blacklist today,
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The NZX 50 slipped 50 points, or 0.4%, to 13,445 in Monday morning trade, extending its muted performance from the previous session and mirroring Friday’s pullback on Wall Street, where chipmakers led the sell-off. Sentiment remained cautious ahead of June readings on New Zealand consumer and business confidence, which, while improving in May, stayed at
RBA Kent speech: In brief on Kent’s speech, its not really addressing current high inflation. While Kent did say the board would be less tolerant on inflation, it was in the context of rates when they are already very low (ie not the current circumstance), not as a general statement. The specific passage was: “When
The immediate read-through for emerging market FX is a reminder that managed pegs under reserve stress are a slow-motion event until they are not. Bolivia’s parallel market had already been pricing the boliviano near 20 per dollar at its most distorted, so the formal float to around 9.73 represents a partial catch-up rather than a
A confirmed mutual stand-down and the announcement of Tuesday’s Doha talks will offer short-term relief to oil markets, but the underlying architecture remains precarious: the military hotline agreed in Switzerland still was not operational as of Saturday, and ships transiting the strait were already being subjected to renewed Iranian coordination demands. With US equity and
The renewed exchange of strikes between the US and Iran resurrects the supply disruption premium that had begun unwinding as vessels moved through Hormuz over the prior fortnight. With both sides now publicly accusing the other of breaking the interim accord and the IRGC warning American bases face escalating retaliation, the risk of a full
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Answer Capsule: Bitcoin spot is still in a bearish lower-value reset after the June 24-25 liquidation. Buyers are showing real absorption near $58,000-$59,750, but BTC has not yet reclaimed $60,750-$61,000 or the stronger $61,750-$62,250 repair zone. My active spot-adjusted score is -3 / +10. Key takeaways Active BTC score: -3 / +10, replacing the prior
FedEx reported earnings this week and it’s a company worth watching because freight demand is a great proxy for economic activity. Here is Brie Carere, EVP & Chief Customer Officer: “I was concerned a quarter ago that we maybe would see some demand destruction. That has not at all been the case.” Raj Subramaniam, President
