European Briefing - Tuesday 29.09
Headlines
  • Germany Issues EU Budget Ultimatum To Axe ‘Billions’ In Planned Spending
  • Europe’s LNG Shift Is Breaking The Economics Of Gas Storage
  • US Warns Houthi Ties With Al-Shabaab Threaten Red Sea Trade
  • Oil Prices And US Treasury Yields Show Tightest Relationship Since 1990
  • Gold Trades Near Seven-Week Low As Rate-Hike Pressure Mounts
  • RBA Raises Rates To 15-Year High As It Fights Sticky Inflation
  • Japan’s Katayama Reiterates Weak Yen Concern After Bessent Call
  • Japan 40-Year Bond Sale Sees Strongest Demand Since 2020
  • RTX Wins $21B US Agreement For Air-to-Air Missile Output
  • OpenAI Scraps Release Of New AI Model Over Safety Concerns
  • Anthropic Warns Of ‘Existential Risks To Humanity’ In IPO Prospectus
  • Nvidia, Anthropic CEOs To Attend Trump-Johnson Lunch On AI Risks
  • Nvidia Sets Buyback Plan As AI Chip Competition Weighs On Stock
  • Nvidia Turns To Insurers To Offset AI Risks
  • UniCredit Moves To Seize Control Of Commerzbank Within Months
  • AstraZeneca To Invest $2B In Summit Therapeutics, For Cancer Drugs
  • Shein Drops To Record Low After Profit Plunge In Debut Earnings
Commentary
RBA Raises Rates To 15-Year High As It Fights Sticky Inflation

Australia’s central bank on Tuesday raised rates to 4.6%, their highest level in 15 years as the country looks to contain inflation stoked by the Middle East conflict.

The hike of 25 basis points was in line with expectations by economists polled by Reuters. The Reserve Bank of Australia has now raised rates four times this year by a total 100 basis points as inflation remains sticky.

Australia’s inflation has run above its target band of 2%-3% for 2026, hitting a high of 4.6% in March. The country’s inflation rate last came in at 3.5% in July, beating estimates. August print is set to be released Wednesday. (CNBC – Continue Reading)

Japan FinMin Reaffirms US Coordination On Yen Stability

Japan’s finance minister reaffirmed that Tokyo is working closely with the U.S. to ensure stability in the foreign-exchange market, as expectations of hawkish shifts on both sides spur yen volatility.

“Generally speaking, we view the yen’s undervaluation as problematic,” Finance Minister Satsuki Katayama said at a news conference Tuesday. “We remain committed to maintaining order in the currency market.” (WSJ – Continue Reading)

New Zealand Sees Narrower Budget Deficits As Election Looms

The New Zealand government will contest November’s election with a slightly less gloomy set of books as a recovering economy and higher inflation boost revenue and narrow the nation’s budget deficit.

The operating budget deficit will be NZ$6.8 billion ($4 billion) in the year through June 2027, according to new Treasury Department forecasts released Tuesday in Wellington as part of the Pre-election Economic and Fiscal Update. That’s less than the NZ$11.4 billion shortfall estimated in May. (BBG – Continue Reading)

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/*jshint esversion: 6 */ var socket; var assigned_server = 3001; var distributor_server = 3010; var publisher_channel = ''; var broadcaster_channel = ''; var remote_ip = ''; var session_info = {}; var logging_interval; var logging_interval_time = 120000; var socket_emits = 0; var session_start_time; var reconnectionDelayGrowFactor = 1.2; var reconnection_delay = 1000; var playing = false; var connected_to_assigned = false; var socket_close_timeout; var player_disconnected_annoucement_play_delay = 1500; var player_disconnected_annoucement_play_timeout = null; self.onmessage = function (msg) { switch(msg.data.action) { case 'Reactivate': reactivate(); break; case 'ConnectDistributor': connect_to_distributor(msg); break; case 'SessionStaticInfo': session_static_info(msg); break; case 'SessionInfo': update_session_info(msg.data); break; case 'PauseLogging': clearTimeout(logging_interval); break; case 'RestartLogging': postMessage({action: 'RequestSessionStaticInfo' }); break; case 'JoinPublisherChannel': join_publisher_channel(msg.data); break; case 'JoinPlayerChannel': join_player_channel(msg.data); break; case 'CheckChannelStatus': check_channel_status(msg.data); break; case 'PlayerLogResponse': player_log_response(msg.data); break; case 'CloseSocket': close_socket(); break; case 'RequestMessageSearch': request_message_search(msg.data); break; case 'RequestMoreMessages': request_more_messages(msg.data); break; case 'PlayerDisconnectedAnnoucementTimeoutStart': player_disconnected_annoucement_timeout_start(); break; case 'PlayerDisconnectedAnnoucementTimeoutClear': player_disconnected_annoucement_timeout_clear(); break; } }; function player_disconnected_annoucement_timeout_clear() { clearTimeout(player_disconnected_annoucement_play_timeout); player_disconnected_annoucement_play_timeout = null; } function player_disconnected_annoucement_timeout_start() { player_disconnected_annoucement_play_timeout = setTimeout(function() { send_play_disconnect_annoucement(); }, player_disconnected_annoucement_play_delay ); } function send_play_disconnect_annoucement() { postMessage({action: "PlayDisconnectAnnoucement"}); } function reactivate() { playing = false; connect_to_assigned_server(); } function player_log_response(data) { var data_array = {}; data_array.type = 'PlayerLogResponse'; data_array.respond_to_socket_final = data.respond_to_socket_final; data_array.respond_to_socket = data.respond_to_socket; data_array.player_socket_id = data.player_socket_id; data_array.logs = data.logs; var msg_string = JSON.stringify(data_array); if (socket.readyState == 1) { socket.send(msg_string); } } function request_message_search(data) { var data_array = {}; data_array.type = 'request_message_search'; data_array.publisher_channel = data.publisher_channel; data_array.search_term = data.search_term; var msg_string = JSON.stringify(data_array); if (socket.readyState == 1) { socket.send(msg_string); } } function request_more_messages(data) { var data_array = {}; data_array.type = 'request_more_messages'; data_array.publisher_channel = data.publisher_channel; data_array.last_record_id = data.last_record_id; var msg_string = JSON.stringify(data_array); if (socket.readyState == 1) { socket.send(msg_string); } } function check_channel_status(data) { var data_array = {}; data_array.type = 'check_channel_status'; data_array.app_name = data.app_name; var msg_string = JSON.stringify(data_array); if (socket.readyState == 1 && connected_to_assigned) { socket.send(msg_string); } else { setTimeout(function() { check_channel_status(data); },500); } } function check_channel_status_response(data) { postMessage({ action: 'CheckChannelStatusReponse', stream_status: data.stream_status.status, onair: data.stream_status.onair, connected: data.stream_status.connected }); } function join_publisher_channel(data) { var data_array = {}; data_array.type = 'join_publisher_channel'; if (typeof data.api_key !== 'undefined') { data_array.api_key = data.api_key; } else { data_array.publisher_channel = data.publisher_channel; data_array.username = data.username; data_array.subscriber_group = data.subscriber_group; data_array.display_name = data.display_name; data_array.single_sign_on = data.single_sign_on; data_array.remote_ip = data.remote_ip; data_array.http_referrer = data.http_referrer; data_array.current_page = data.current_page; data_array.php_session_id = data.php_session_id; data_array.from_react = data.from_react; } var msg_string = JSON.stringify(data_array); if (socket.readyState == 1) { socket.send(msg_string); } postMessage({action: 'PublisherChannelJoined' }); } function session_static_info(msg) { set_static_session_info(msg.data); start_log(); } function connect_to_distributor(msg) { publisher_channel = msg.data.publisher_channel; remote_ip = msg.data.remote_ip; socket = new WebSocket("wss://ws.livesquawk.com/ws"+distributor_server); socket.onopen = function(event) { request_server_assignment(); }; socket.onmessage = function(event) { var msg_string = event.data.toString(); var data = JSON.parse(msg_string); switch(data.type) { case 'server_assignment_response': server_assignment_response(data); break; } }; } function session_info_interval() { postMessage({action: 'RequestSessionInfo' }); logging_interval = setTimeout(session_info_interval,logging_interval_time); } function server_assignment_response(data) { assigned_server = data.selected_server; socket.close(); connect_to_assigned_server(); } function request_server_assignment() { var data_array = {}; data_array.type = 'request_server_assignment'; var msg_string = JSON.stringify(data_array); if (socket.readyState == 1) { socket.send(msg_string); } } function connect_to_assigned_server() { socket = new WebSocket("wss://ws.livesquawk.com/ws"+assigned_server); socket.onopen = function(event) { postMessage({ action: 'VisibleConsole',console_string: "Connected to server "+assigned_server }); console.log("Connected to server "+assigned_server); postMessage({ action: 'ConnectedToAssigned' }); connected_to_assigned = true; if (playing) { postMessage({ action: 'RejoinPlayerChannel' }); } }; socket.onmessage = function(event) { var msg_string = event.data.toString(); var data = JSON.parse(msg_string); if (data.type != 'server_ping') { /* console.log(data.type); */ } switch(data.type) { case 'reconnect': postMessage({ action: 'VisibleConsole',console_string: "Reconnected" }); break; case 'reload': postMessage({ action: 'Reload' }); break; case 'start_log_response': start_log_response(data); break; case 'application_refresh_start': application_refresh_start(data); break; case 'application_refresh_stop': application_refresh_stop(data); break; case 'player_log_request': case 'check_channel_status_response': check_channel_status_response(data); break; case 'PlayerLogRequest': case 'new_tweet': case 'new_latest_news': case 'delete_report': case 'add_report': case 'add_ref_doc': case 'calendar_change': case 'calendar_insert': case 'calendar_delete': case 'new_note': case 'AppStart': case 'AppStop': case 'BroadcasterStarted': case 'BroadcasterStopped': case 'added_cme_report': case 'updated_cme_report': case 'added_cme_commentary': case 'updated_cme_commentary': case 'server_assignment_response': case 'initial_messages': case 'message_categories': case 'more_messages': case 'matched_messages': pass_straight_to_post_message(data); break; case 'output': case 'server_ping': case 'reconnect': case 'disconnect': break; } }; socket.onerror = function(event) { postMessage({ action: 'VisibleConsole',console_string: "LS Socket Error" + event.type }); console.log(event); postMessage({ action: 'LSSocketConnectionError' }); }; socket.onclose = function(event) { console.log('Socket is closed. Reconnect will be attempted in 1 second.', event.reason); socket_close_timeout = setTimeout(connect_to_assigned_server, reconnection_delay); reconnection_delay = reconnection_delay*reconnectionDelayGrowFactor; connected_to_assigned = false; }; } function close_socket() { clearTimeout(socket_close_timeout); socket_close_timeout = null; socket.onclose = function(event) {}; socket.onmessage = function(event) {}; socket.onerror = function(event) {}; socket.close(1000); console.log('Socket Closed'); } function pass_straight_to_post_message(data) { data.action = data.type; postMessage(data); } function join_player_channel(data) { var data_array = {}; data_array.type = 'join_player_channel'; data_array.player_channel = data.player_channel; data_array.remote_ip = data.remote_ip; data_array.username = data.username; data_array.app_name = data.app_name; data_array.onair_status = data.onair_status; data_array.http_referrer = data.http_referrer; data_array.current_page = data.current_page; data_array.php_session_id = data.php_session_id; var msg_string = JSON.stringify(data_array); if (socket.readyState == 1) { socket.send(msg_string); } postMessage({action: 'PlayerChannelJoined' }); playing = true; } function start_log_response(data) { session_info.session_id = data.log_record_id; session_info_interval(); } function application_refresh_start(data) { if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStart' }); } } function application_refresh_stop(data) { if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStop' }); } } function set_static_session_info(data) { session_info.browser_codename = data.browser_codename; session_info.browser_name = data.browser_name; session_info.user_agent = data.user_agent; session_info.browser_version = data.browser_version; session_info.cookies_enabled = data.cookies_enabled; session_info.platform = data.platform; session_info.player_version = data.player_version; session_info.stream = data.stream; session_info.connection_protocol = data.protocol; session_info.delay_target = data.delay_target; session_info.session_email = data.session_email; session_info.remote_ip = data.remote_ip; session_info.php_session_id = data.php_session_id; session_info.application_name = data.application_name; session_info.http_referrer = data.http_referrer; } function start_log() { var session_start_date = new Date(); session_start_time = session_start_date.getTime(); var months = ['Jan','Feb','Mar','Apr','May','Jun','Jul','Aug','Sep','Oct','Nov','Dec']; var session_start_date_string = session_start_date.getDate() + " " + months[session_start_date.getMonth()] + " " + session_start_date.getFullYear(); var data_array = {}; data_array.type = 'webrtc_start_log'; data_array.remote_ip = session_info.remote_ip; data_array.username = session_info.session_email; data_array.php_session_id = session_info.php_session_id; data_array.webrtc_protocol = ''; data_array.session_start_time = (session_start_time/1000).toFixed(0); data_array.stream_name = session_info.stream; 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; data_array.date = current_time; data_array.browser_codename = session_info.browser_codename; data_array.browser_name = session_info.browser_name; data_array.user_agent = session_info.user_agent; data_array.browser_version = session_info.browser_version; data_array.cookies_enabled = session_info.cookies_enabled; data_array.platform = session_info.platform; data_array.player_version = session_info.player_version; data_array.stream = session_info.stream; data_array.restarts = session_info.restarts; data_array.delay_target = 0; data_array.op_sys = ''; data_array.flash_version = ''; data_array.remote_ip = session_info.remote_ip; data_array.http_referrer = session_info.http_referrer; data_array.php_session_id = session_info.php_session_id; data_array.user_email = session_info.session_email; 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.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; } }