- The Asia-Pacific indices are recording a bearish session. The Chinese market is down by approximately 1%, Japan's Nikkei 225 index is losing 0.2%, and futures contracts for Singapore's SG20cash index are trading 0.5% lower.
- The declines on Asian stock markets are driven by the latest sell-off in US markets and worrying economic outlook.
- Futures contracts on European indices also point to a lower opening of the cash session. The DAX and UK100 are trading 0.2% lower.
- One of the bad performing currencies today is Mexican Peso and Norwegian Krone both losing around 0.2% to USD. On the opposite side is Thai Baht, which is gaining 0.7% to USD after better than expected CPI data. rises 0.35% y/y, just below forecast.
- Analysts believe that Indian rupee might be overvalued to USD and that the Reserve Bank of India will continue to intervene in the market to keep the currency in a range.
- Singapore retail sales data were below consensus today 1% vs 1.5% expected, with department stores leading the decline.
- Markets are now pricing in a 44% chance of the Fed cutting rates by 50 basis points at its Sept. 17-18 meeting, up from 38% a day earlier, which makes deeper cuts more likely than 25 bps. The market is pricing in 110 bps of easing this year.
- Bitcoin is losing almost 1.5% today, after completely erasing losses yesterday and is currently trading at 57.149 USD. Ethereum is seeing even greater losses of 2.1% to $2,404.
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