- Iranian Foreign Ministry Says No Current Talks With US
- Pres Trump: Iran Talks To Begin Monday; Weekend Strikes Scrapped
- Iran: Talks With Oman On Strait ‘Nearing Completion’
- Warsh Considers Reducing Frequency Of Fed Policy Meeting
- Fed’s Williams: Still Thinks Fed Policy ‘Well Positioned’ For 2% Infl Target
- UK July Manufacturing PMI Revised Down To 4-Month Low
- Spanish Manufacturing Inches Back To Growth In July
- Italian Manufacturing Growth Slows In July But Cost Pressures Ease
- Swiss Inflation Slows To 4M Low; SNB Seen On Hold
- China Private Factory PMI Eases In July, RatingDog Says
- Japan May Have Spent $37 Billion Defending The Yen
- OPEC+ Agrees Sept Oil Hike, Unwinding Previous Output Cuts
- Saudi’s Yanbu Port Bustles; More Tankers Cross Chokepoint Dark
- Greek Shipper GasLog: LNG Tanker Stable Afte Hormuz Incident
- Ukraine: Hit Rosneft’s Refinery In Russia’s Saratov
- Russia Steps Up Protection Of Black Sea Cargo Ships, Develops Alternatives
- AstraZeneca Holds Talks With Bristol Myers Over $400B Tie-Up
- Shell Sells European Onshore Renewables To TotalEnergies
- Beer Dynasty Families Sell €731 Million Stake In AB InBev
- Nissan Books Operating Profit For Fourth Quarter In A Row
- MUFG Profit Beats Estimates On Lending, Morgan Stanley Stake
- BYD July Sales Signal Challenge To Reach Annual Target
- Alibaba Unveils Its Most Capable AI Model To Date, Close To Moonshot
A friend quipped the other day that President Trump truly deserves the Nobel Peace Prize because he has already ended the Iran war eight times. Will the ninth time be the charm after his latest decision to call off a military escalation in search of a deal with the revolutionary regime?
“We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to,” Mr. Trump posted at 10:05 p.m. on Saturday. He added that this includes “Immediate, Complete, and Total” opening of the Strait of Hormuz and an end to Iran’s nuclear program.
The goal of the latest yen intervention is a riddle, wrapped in a mystery, inside an enigma. Following a coordinated action by the U.S. and Japan, the currency’s dollar exchange rate stands more than 4% firmer. But the underlying drivers of weakness remain, raising the question of what the push hopes to achieve in the longer term. Growing pressure for coordination with the Bank of Japan may have a more lasting impact, and for the worse.
The Japanese finance ministry confirmed the joint action on Monday after central bank data showed the government may have sold as much as $59 billion of securities on Thursday to support its currency. On Friday, the Financial Times, citing unnamed sources, reported that the Federal Reserve Bank of New York had sold euros to buy yen on behalf of the U.S. Treasury. That same day a Reuters photo revealed Treasury Secretary Scott Bessent’s “to-do” list at a cabinet meeting: “Buy Japanese Yen (JPY) $5-10 bil”.
It's easy to dismiss the decision by the core members of OPEC+ to increase their crude oil production quotas for September as a meaningless gesture in the face of disruptions caused by the Iran conflict.
Certainly, as long as the Strait of Hormuz remains largely closed and the threat to the nearby Bab el-Mandeb waterway remains unresolved, there is little chance of the oil-exporting group being able to ship what they have agreed to produce.
- Eurozone S&P Global Manufacturing PMI July F: 51.9 (est 52.0; prev 52.0)
- Germany S&P Global Manufacturing PMI Jul F: 52.2 (est 52.2; prev 52.2)
- Germany Retail Sales (M/M) June: -1.1% (est -0.3% prev 1.1%; prev R 1.2%)
- France S&P Global Manufacturing PMI Jul F: 49.8 (est 50.0; prev 50.0)
- Sweden Swedbank/SILF PMI Manufacturing July: 55.8 (prev 58.3; prev R 58.0)
- Switzerland CPI (Y/Y) Jul: 0.4% (est 0.4%; prev 0.5%)
- Switzerland Manufacturing PMI July: 53.2 (est 54.9; prev 54.3)
- Switzerland Total Sight Deposits (CHF) Jul-31: 465.2B (prev 469.3B)
- Italy Manufacturing PMI July: 51.3 (est 52.3; prev 52.2)
- Spain Manufacturing PMI July: 50.2 (est 50.3; prev 49.7)
- UK S&P Global Manufacturing PMI July F: 51.9 (est 52.8; prev 52.8)
- South Africa Absa Manufacturing PMI July: 46.8 (prev 47.3)
- Iran: No Current Talks With US – RTRS
- Pres Trump: Iran Talks To Begin Monday; Weekend Strikes Scrapped – BBG
- Iran: Talks With Oman On Strait ‘Nearing Completion’ – AA
- Iran For Min: US, Israel Attack Would Draw ‘Decisive Response’ – Iran Intl
- UKMTO Reports Two Tanker Incidents Off Oman – RTRS
- Warsh Considers Reducing Frequency Of Fed Policy Meeting – NYT
- Fed’s Williams: Expects Inflation To Ease, Says Fed Will Act If It Doesn’t – RTRS
- Acting US DNI: Leadership Transition To Begin Monday After Trump Talks – CNN
- Eurozone Factory Output Near 4 ½ Year High, Demand Still Weak, PMI Shows – RTRS
- Germany’s Manufacturing Growth Returns To 4M Highs, PMI Shows – RTRS
- French Manufacturing Slips Back Into Contraction In July, PMI Shows – RTRS
- Sweden Manufacturing Growth Eases To 7M Low – Trading View
- Swiss Inflation Slows To 4M Low; SNB Seen On Hold – BBG
- Italy Manufacturing Growth Slows; New Orders Decline In July – Investing
- Spain Manufacturing Sector Shows Marginal Growth In July – Investing
- UK July Manufacturing PMI Revised Down To 4M Low – Market Screener
- Japan’s Factory Output Surges To Near 12Y High In July, PMI Shows – RTRS
- Verisk Estimates $1.4B-2.1B In Insured Losses From Japan Quake – Street Insider
- China Draws ‘Red Lines’ Around Its Economic Model Ahead Of Trade Talks – RTRS
- China Private Factory PMI Eases In July, RatingDog Says - RTRS
- US Treasury Yields Fall As Oil Prices Plunge On Iran De-Escalation Hopes – CNBC
- Euro Yields Stabilize After Trump Says Talks Continue – Investing
- UK Bond Yields Fall; Oil Prices Retreat On Iran Peace Hopes – LSE
- USD Dollar Index Drops To Near $77.50 On Japan FX Interventions – FXstreet
- Canadian Dollar Weakens On Falling Oil Prices Amid Iran Hopes – FXStreet
- Euro Remains Near 7W Highs After EZ Manufacturing PMI Revised Down – FXStreet
- Swiss Franc Weakens Following Soft Infl, Manufacturing Data – FXStreet
- GBP/USD Eases To 1.3450 Following UK Manufacturing PMI Revision – FXStreet
- UOB: Pound Rally Vs USD May Stall Near 1.3555 – FXStreet
- Yen Jumps As Traders Watch For Further Intervention – RTRS
- Japan Confirms Join Currency Market Intervention With US – NHK World
- Japan’s Top Currency Diplomat Mumura: Will Not Hesitate On FX – Investing
- AUD/JPY Dives To Its Lowest Since March , Finds Support Near 200D SMA – FXStreet
- New Zealand Dollar Eases; Markets Focus On US-Iran Talks – FXStreet
- Bitcoin Slips Under $63K Despite Iran Deal Hopes – Coin Desk
- Hackers Hit Bitcoin’s Safest Hiding Place In Ongoing Attack - BBG
- Oil Slumps On Hopes Of Iran Deal, Yen Firms After Intervention – RTRS
- Greek Shipper GasLog: LNG Tanker Stable Afte Hormuz Incident – RTRS
- OPEC+ Agrees Sept Oil Hike, Unwinding Previous Output Cuts – RTRS
- Ukraine: Hit Rosneft’s Refinery In Russia’s Saratov – BBG
- Saudi’s Yanbu Port Bustles; More Tankers Cross Chokepoint Dark – BBG
- Iraq Extinguishes Refinery Fire At Baiji Complex – Market Screener
- Gold Bulls Seem Hesitant Amid Rebound US; Receding Fed Hike Bets – FXStreet
- Russia Steps Up Protection Of Black Sea Cargo Ships, Develops Alternatives – RTRS
- Kazakhstan’s Grain, Flour Exports Reach Nearly 14M Tonnes – Kazinform
- Marriott Beats On Q2 EPS Estimates, Lifts FY Travel Outlook – Market Screener
- Loews Reports Q2 Net Income, Revenue Rise – Investing
- Nissan Books Operating Profit For Fourth Quarter In A Row – RTRS
- MUFG Profit Beats Estimates On Lending, Morgan Stanley Stake - BBG
- BYD July Sales Signal Challenge To Reach Annual Target - BBG
- Beer Dynasty Families Sell €731 Million Stake In AB InBev - BBG
- Italy To Exit Monte Paschi By End Of September, La Stampa Says – BBG
- Shell Sells European Onshore Renewables To TotalEnergies - RTRS
- AstraZeneca Holds Talks With Bristol Myers Over $400B Tie-Up – FT
- easyJet Extends Castlelake Bid Deadline To Align With Apollo - WSJ
- Automakers Prolong Plant Suspensions After Kumamoto Quake – Japan Times
- Mitsubishi Elec Kumamoto Chip Ops May Be Restored In Aug - Kyodo
- Alibaba Unveils Its Most Capable AI Model To Date, Close To Moonshot – RTRS
- DeepSeek’s New AI Model Is By Far The Cheapest To Run, Research Says – RTRS
- CXMT Plans Second Chip Plant In Beijing And Is In Talks On Its Funding – RTRS
- Moonshot AI Plans To File For HK IPO Early As This Month – IFR