And so much more!
From Marc to Market:
Overview: The dollar is mostly consolidating yesterday's losses ahead of month-end and the US income and consumption data. The PCE core deflator may have risen by 0.2%, the least this, year, but the year-over-year rate is expected to be steady at 2.8%. The dollar is recovering from a five-day low against the yen recorded yesterday near JPY156.40 and is near JPY157.30 in the late European morning turnover. The yen's retreat and a disappointing Chinese PMI have weighed on the yuan. The euro is bid after the firm year-over-year CPI reading. Sterling is little changed, in a narrow range above $1.2700. Emerging market currencies are mixed. The ANC looks to have lost its majority in South Africa and the rand is slightly lower today and is off around 2% this week. It is the weakest in the emerging market space, closely followed by the Mexican peso, which is off 1.9% this week. Mexico votes on Sunday.
Bond yields are mostly firmer. In Europe, benchmark 10-year yield are up 3-4 bp. That brings this week's increase to around 12-15 bp. The 10-year US Treasury yield is slightly firmer at 4.55%. This is about a nine-basis point increase on the week, but off the 4.63% high seen mid-week. Asia Pacific equities were mixed. Japan, South Korea, and Australia rose among the large markets. The index that tracks mainland shares in Hong Kong, fell 1.1% today to bring the week's loss to 3.2%. Europe's Stoxx 600 is slight changed buy firmer. It is off almost 0.8% this week, its second consecutive weekly losses. US index futures are lower, and the S&P 500 and NASDAQ are likely to snap a five-week advance barring a strong recovery today. Gold is little changed, hovering around $2342. It settled near $2324 last week. July WTI settled last week near $77.70. It traded between $77.50 and $80.60 this week, with the low seen earlier today. It is slightly below $78 now....
....MUCH MORE
