- Moderate gains prevail on Asian stock markets in the early hours of Monday's session; Japan's Nikkei gained nearly 1.5% after a higher-than-expected GDP revision and a wave of uncertainty following Prime Minister Ishiba's resignation. China also saw slight gains despite disappointing foreign trade data; Hong Kong's Hang Seng rose, while Australia saw a slight decline.
- On the currency market, the main event is the weakening of the yen caused by political change in Japan; USD/JPY temporarily reached 148.57. At the same time, commodity currencies are losing ground, while the euro remains stable. The US dollar is down slightly after weak US labor market data, and the Chinese yuan is stable despite concerns about the outlook for exports.
- In terms of data, Japan's revised GDP showed that the economy grew at an annualized rate of 2.2% in the second quarter (0.5% quarter-on-quarter), faster than expected, compared to the preliminary estimate of 1.0%. The improvement reflected an increase in private consumption and marked the fifth consecutive quarter of growth.
- In China, August trade data showed an increase in exports, but below expectations, with year-on-year growth at its lowest since February. Shipments to the United States fell 33% year-on-year, highlighting the negative impact of tariffs.
- Among commodities, gold prices remain high (China is buying the metal, and the price exceeds $3,500/oz, remaining close to $3,600/oz), while oil is rebounding despite changes in OPEC+ production policy. The NATGAS contract is up more than 3% today.
- We would like to remind you that over the weekend, OPEC+ announced an increase in production in October as part of Saudi Arabia's market strategy.
- In August, the People's Bank of China increased its gold reserves for the tenth consecutive month, continuing its diversification away from the US dollar. During this period, 0.06 million troy ounces were added, bringing the total reserves to 74.02 million ounces since purchases resumed in November last year, when a total of 1.22 million ounces began to be accumulated.
- There is relative optimism on the cryptocurrency market. Although Bitcoin is not experiencing significant changes, a large number of altcoins can boast relatively large increases this morning. Dogecoin and Sandbox are up 3.5% and 2%, respectively.
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