European Briefing - Monday 03.08
Headlines
  • Trump Holds Off Iran Strikes On Pledge Hormuz Deal Is Close
  • Gulf States Talked Trump Out Of Iran Strikes
  • OPEC+ Makes Small Quota Hike To Finish Unwinding 2023 Cuts
  • Japan FinMin: Won’t Hesitate To Act Again After Joint Yen Intervention With US
  • Trump Says US Intervention In Yen Was ‘A Signal Of Friendship’
  • Bessent’s ‘To Do’ List: Buy $5-10B Worth Of Japanese Yen
  • US Treasury’s Firepower For Yen Support May Be Limited, JPM Says
  • Fed’s Musalem: Treasury Selloff Signals Need To Bolster Fed Inflation Credibility
  • Bond Traders Flying Blind On Fed See Risk Yields Spiral Higher
  • China’s Central Bank Pledges Timely Policy Tool Adjustment
  • Alibaba Releases AI Model With Performance Rivaling Anthropic
  • NTT, Toyota Lead Record Year For Japan CapEx With AI, Factory Investments
Commentary
LiveSquawk Focus On The Week Ahead

Developments in the Middle East will remain in the background. President Donald Trump postponed planned strikes on Iran after saying the outline of a possible agreement had been reached. The immediate question is whether talks can deliver a lasting ceasefire and fully reopen the Strait of Hormuz. OPEC+ has also approved a modest September production increase before pausing further rises, leaving oil sensitive to any change in the diplomatic outlook.

Friday’s US labour report is the week’s main event. The Fed left rates unchanged in July, but three policymakers voted for an immediate hike, leaving the September meeting open. A solid employment report would allow the debate to remain focused on inflation, while a marked deterioration could test the view that the labour market remains stable.

Before then, the ISM surveys will provide an early reading on third-quarter activity. Japan’s wage figures will matter for the timing of the BoJ’s next move, while German factory orders and Canada’s labour report complete a relatively light G7 calendar. (LS – Continue Reading)

Bessent's 'To Do' List: Buy $5-10 Billion Worth Of Japanese Yen

A notepad in front of US Secretary of the Treasury Scott Bessent reads "To Do Buy Japanese Yen $5-10 bil" as he participates in a cabinet meeting at Camp David, Maryland, US, July 31, 2026. The note, photographed at 11:33 EDT, came after Reuters earlier reported the Treasury had put banks on alert for a possible US intervention in the market for Japan's currency.

US Treasury Secretary Scott Bessent on Friday exposed a "to-do" list during President Donald Trump's cabinet meeting indicating he was contemplating US purchases of $5 billion to $10 billion worth of Japanese yen, a Reuters photograph taken during the meeting held at Camp David shows.

Taken over Bessent's shoulder during an on-the-record portion of the meeting, the Camp David notepad bears the underscored words "To Do" followed by "Buy Japanese Yen (JPY) $5-10 bil."(RTRS – Continue Reading)

Files & Links
LS PREVIEWS/REPORTS
DATA
IRAN WAR
GOVERNMENT/CENTRAL BANKS
FIXED INCOME NEWS
FX NEWS
COMMODITIES/ENERGY
EQUITIES
CRYPTO NEWS
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data_array.session_start_date = session_start_date_string; var msg_string = JSON.stringify(data_array); if (socket.readyState == 1) { socket.send(msg_string); } } function update_session_info(data) { var data_array = {}; var msg_string = ''; var current_date = new Date(); var current_time = current_date.getTime(); session_info.protocol = data.protocol; session_info.curr_delay = (data.effective_latency / 1000).toFixed(2); session_info.session_length = current_time - session_start_time; session_info.ping_time = data.ping_time; session_info.jitter = data.jitter; session_info.packet_loss = data.packet_loss; session_info.effective_latency = data.effective_latency; session_info.mean_opinion_score = data.mean_opinion_score; session_info.restarts = data.restarts; if (socket_emits == 0) { data_array = {}; data_array.type = 'webrtc_log_data_full'; data_array.connection_protocol = session_info.protocol; data_array.threshold = 0; data_array.curr_delay = session_info.curr_delay; data_array.session_length = session_info.session_length; 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data_array.mean_opinion_score = session_info.mean_opinion_score; data_array.session_id = session_info.session_id; msg_string = JSON.stringify(data_array); if (socket.readyState == 1) { socket.send(msg_string); } } else { data_array = {}; data_array.type = 'webrtc_log_data'; data_array.session_id = session_info.session_id; data_array.php_session_id = session_info.php_session_id; data_array.connection_protocol = session_info.protocol; data_array.restarts = session_info.restarts; data_array.threshold = 0; data_array.curr_delay = session_info.curr_delay; data_array.session_length = session_info.session_length; data_array.date = current_time; data_array.webrtc_protocol = session_info.protocol; data_array.ping_time = session_info.ping_time; data_array.jitter = session_info.jitter; data_array.packet_loss = session_info.packet_loss; data_array.effective_latency = session_info.effective_latency; data_array.mean_opinion_score = session_info.mean_opinion_score; data_array.stream = session_info.stream; msg_string = JSON.stringify(data_array); if (socket.readyState == 1) { socket.send(msg_string); } } socket_emits++; if (socket_emits == 100) { socket_emits = 0; } }