ASIA: Coming Up In Asia Pac Markets On Thursday
Jul-09 21:14
| 2345BST | 0645HKT | 0845AEST | New Zealand May Net Migration |
| 0001BST | 0701HKT | 0901AEST | UK June RICS House Price Balance |
| 0050BST | 0750HKT | 0950AEST | Japan June PPI |
| 0050BST | 0750HKT | 0950AEST | Japan Weekly Investment Flows |
| 0200BST | 0900HKT | 1100AEST | Australia 2035 Inflation Linked Bond Sale |
| 0300BST | 1000HKT | 1200AEST | Japan June Tokyo Office Vacancies |
| 0335BST | 1035HKT | 1235AEST | New Zealand 2029, 2035 Bond Sales |
| 0435BST | 1135HKT | 1335AEST | Japan 20yr Bond Sale |
| BoK Decision |
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ASIA: Coming Up In Asia Pac Markets On Tuesday
Jun-09 21:11
| 0000BST | 0700HKT | 0900AEST | South Korea April Current Account |
| 0001BST | 0701HKT | 0901AEST | UK May BRC Sales Y/Y |
| 0050BST | 0750HKT | 0950AEST | Japan May Money Stock |
| 0130BST | 0830HKT | 1030AEST | Australia June Westpac Consumer Sentiment |
| 0230BST | 0930HKT | 1130AEST | Australia NAB May Business Survey |
| 0335BST | 1035HKT | 1235AEST | New Zealand Bill Sale |
| 0700BST | 1400HKT | 1600AEST | Japan Map P Machine Tool Orders Y/Y |
US OUTLOOK/OPINION: A Warning On Core CPI Tracker Recent Accuracy
Jun-09 20:47
- Ahead of Wednesday's CPI report for May, the Cleveland Fed nowcast has headline CPI at 0.13% M/M whilst its core tracker has CPI at 0.23% M/M for a second month running (Bloomberg consensus 0.3%).
- The core tracker was very close for April as it undershot by only 1bps although the previous three months saw weaker correlation including a 20bp overshoot in March and 18bp undershoot in January.
FED: Natixis: Next Cut Pushed Back A Meeting To October
Jun-09 20:37
Natixis becomes the latest sell-side institution to push back expectations of the next Fed cut, following Friday's Employment Report. They now see easing resuming in October, vs September previously. Overall they see consecutive cuts from that point to June 2026 to 2.75-3.00% (150bp of cuts).
- "The resilience in the labor market is the primary reason for pushing out the next cut. The most recent employment report showed a labor market that is continuing to cool a bit, but with few signs of imminent cracks. This will help to confirm that the risk of continuing to wait before resuming the cutting cycle is low and pausing to observe the impact and degree of passthrough from tariffs is the appropriate path."
- Overall it appears that there will be few if any analysts who expect a cut before September, going into the June FOMC meeting next week - we will update next Monday with our overview of analyst expectations.
