MNI EUROPEAN OPEN: Japan Real Wages Back Positive Y/Y
EXECUTIVE SUMMARY
- FED’S GOOLSBEE - NOT YET CERTAIN ON SEPT CUT - MNI BRIEF
- TRUMP PREPARES TO START NORTH AMERICAN TRADE DEAL RENEGOTIATION - WSJ
- JAPAN JULY REAL WAGES POSITIVE SINCE DEC - MNI BRIEF
- JAPAN’S ISHIBA REAFFIRMS INTENT TO STAY ON AFTER TARIFFS LOWERED - BBG
- CHINA ADVISORS INCREASINGLY CALLING FOR CREATION OF BAD BANKS - MNI
Fig 1: Japan Real Wages Back Into Positive Territory For July
Source: Bloomberg Finance L.P./MNI
EU
ECB (BBG): "The European Central Bank is done lowering interest rates, with fresh projections set to confirm inflation will hold at target over the medium term, a Bloomberg survey showed. Respondents expect the deposit rate to remain at 2% through at least the end of next year. About a quarter even anticipate one or more increases between June and December 2026.
DEFENCE (MNI BRIEF): The EU's EUR150bn defence loan facility has now been fully subscribed by EU member states, Commission President Ursula von der Leyen noted in a statement Thursday following the 'Coalition of the Willing' summit in Paris.
FRANCE (BBG): “French Prime Minister Francois Bayrou said he doesn’t regret calling a confidence vote putting his government on the line, as France is “burdened with debt” and the political parties must “each take responsibility.”
UKRAINE (BBG): “European leaders forged ahead with pledges to provide Ukraine with security guarantees in the event of a ceasefire even as little clarity emerged over concrete commitments from US President Donald Trump.”
RUSSIA (RTRS): "Russian President Vladimir Putin said on Friday he had ordered the government to present a programme for the development of rare earth metals no later than November. Putin made the comments in his opening remarks at the plenary session of the Eastern Economic Forum in Vladivostok."
US
TECH (BBG): “Broadcom Inc. Chief Executive Officer Hock Tan told investors that the chipmaker’s artificial intelligence outlook will improve “significantly” in fiscal 2026, helping allay concerns about slowing growth.”
TECH (BBG): "Meta Platforms Inc.’s Mark Zuckerberg and Apple Inc.’s Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley."
JOBS (MNI BRIEF): Private-sector hiring saw a "noticeable deceleration" in August to 54,000 from 106,000 a month earlier and firms are cutting back employee hours, a possible leading indicator of further labor market weakness, ADP chief economist Nela Richardson said Thursday.
FED (MNI BRIEF): Federal Reserve Bank of Chicago President Austan Goolsbee said Thursday he still has not yet made up his mind on whether to support cutting interest rates in September, and is still balancing out growing concern about the labor markets with lingering worries about persistent inflation.
FED (MNI BRIEF): Chicago Federal Reserve Bank President Austan Goolsbee said Thursday downward revisions to payroll employment are hard to interpret because they are happening at the same time as immigration restrictions, and he will take the upcoming August payroll figures with a grain or salt, focusing more closely instead on the jobless rate.
FED (MNI BRIEF): New York Fed President John Williams on Thursday said Federal Reserve independence is critically important, pointing to recent examples of countries that lost monetary independence and experienced disastrous outcomes.
FED (MNI): It will become appropriate to lower U.S. interest rates to a "more neutral setting over time" as the labor market is gradually cooling to pre-pandemic levels and inflation has remained above the Fed's 2% target, New York Fed President John Williams said Thursday.
SERVICES (MNI INTERVIEW): U.S. service sector growth will get a boost from expected Federal Reserve interest rate cuts starting this month, which should help counter fading demand from firms that had been stockpiling ahead of the implementation of new tariffs, Institute for Supply Management services chair Steve Miller told MNI Thursday.
TRADE (WSJ): “The U.S. is preparing to start renegotiating its largest free trade deal -- the U.S.-Mexico-Canada Agreement. Within the next month, the Office of the U.S. Trade Representative office will begin public consultations on renegotiating the deal, which it must do by Oct. 4 under the 2020 law that implemented the trade deal.”
OTHER
JAPAN (MNI BRIEF): The inflation-adjusted real wage, a key gauge of households’ purchasing power, turned positive in July for the first time since December 2024, rising 0.5% y/y after -0.8% in June, preliminary data from the Ministry of Health, Labour and Welfare showed Friday.
JAPAN (BBG): “Japanese Prime Minister Shigeru Ishiba reiterated his intention to stay on as leader after securing the lowering of US auto tariffs, dismissing the view that implementation of the trade deal with Washington might change his mind.”
THAILAND (BBG): "Anutin Charnvirakul is poised to win a Thai parliament vote for prime minister on Friday after the conservative party politician cobbled together an unlikely alliance of royalist and pro-democracy groups to break a political deadlock."
CHINA
BANKING (MNI): Chinese advisors are increasingly calling for the creation of dedicated bad banks. On MNI Policy MainWire now, for more details please contact sales@marketnews.com.
HOUSING (SECURITIES TIMES): “Chinese cities are experimenting with novel strategies to absorb unsold housing stock, in a fresh push to clear millions of vacant units, Securities Times reported.”
HOUSING (YICAI): “New home sales in Beijing rose 6.2% m/m to 2,733 units in August after the city scrapped the limit on the number of houses purchased outside the fifth ring road and cut borrowing costs, Yicai.com reported.”
MONEY MARKET (SHANGHAI SECURITIES NEWS): “China’s financial market liquidity is expected to remain “reasonably ample” despite mounting pressure, underpinned by rising fiscal expenditures and support from the PBOC, Shanghai Securities News reported.”
MNI: PBOC Net Drains CNY594.6 Bln via OMO Friday
MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY188.3 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net drain of CNY594.6 billion after offsetting maturities of CNY782.9 billion today, according to Wind Information.
- The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4115% at 09:41 am local time from the close of 1.4488% on Thursday.
- The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 49 on Thursday, compared with the close of 48 on Wednesday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.
MNI: PBOC Sets Yuan Parity Higher At 7.1064 Fri; -0.38% Y/Y
MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.1064 on Friday, compared with 7.1052 set on Thursday. The fixing was estimated at 7.1415 by Bloomberg survey today.
MARKET DATA
JAPAN JULY LABOR CASH EARNINGS Y/Y 4.1%; MEDIAN 3.0%; PRIOR 3.1%
JAPAN JULY REAL CASH EARNINGS Y/Y 0.5%; MEDIAN -0.6%; PRIOR -0.8%
JAPAN JULY CASH EARNINGS - SAME SAMPLE BASE Y/Y 2.9%; MEDIAN 3.3%; PRIOR 3.4%
JAPAN JULY SCHEDULED FULL-TIME PAY SAME BASE Y/Y 2.4%; MEDIAN 2.5%; PRIOR 2.3%
JAPAN JULY HOUSEHOLD SPENDING Y/Y 1.4%; MEDIAN 2.3%; PRIOR 1.3%
JAPAN JULY P LEADING INDEX 105.9; PRIOR 105.1
JAPAN JULY P COINCIDENT INDEX 113.3; PRIOR 115.9
MARKETS
US TSYS: Asia Wrap - Yields Drift Lower, Focus Turns To NFP
The TYZ5 range has been 112-28 to 112-31 during the Asia-Pacific session. It last changed hands at 112-31, up 0-04 from the previous close.
- The US 2-year yield has edged lower trading around 3.58%, down 0.01 from its close.
- The US 10-year yield has edged lower trading around 4.153%, down 0.01 from its close.
- 10-Year Yields broke below the 4.18/4.20% support area and goes into NFP with an eye on the next support around 4.10%. A sustained break below here would technically start to look pretty bullish with a target towards 3.80%. The bears will continue to point to supply and deficits as headwinds to this trade
- MNI BRIEF: Fed's Goolsbee - Not Yet Certain On Sept Rate Cut. Federal Reserve Bank of Chicago President Austan Goolsbee said Thursday he still has not yet made up his mind on whether to support cutting interest rates in September, and is still balancing out growing concern about the labor markets with lingering worries about persistent inflation
- The Kobeissi Letter on X: “This is absolutely insane: The BLS is set to revise US jobs numbers for the 12 months ending March 2025. According to Goldman Sachs, a DOWNWARD revision of up to -950,000 jobs is coming. This would be the biggest downward revision since 2010."
- @aahan_prometheus on X: “Reminder, as we go into jobs day tomorrow: Immigration is a drag on employment growth. I expect it to weigh on this print and the coming ones. Doesn't mean a recession, but it's not good.”
- Data/Events: NFP
Fig 1: 10-Year US Yield Weekly Chart
Source: MNI - Market News/Bloomberg Finance L.P
JGBS: Futures Higher, 30yr Yield Falls Further, Q2 GDP Revisions Monday
JGB futures sit close to session highs (137.94), the Sep contract last 137.88, +.25 versus settlement levels. We have traded with a positive bias for much of the session, aided by carry over from global futures gains in Thursday trade (the US 10yr future broke higher amid signs of softer labor market outcomes). This, of course, comes ahead of the US NFP print later today.
- Today we saw better headline labor earnings data for July, but this was boosted by bonus payments in the month. Underlying wage trends didn't appear to shift much. Household spending figures for July were positive in y/y terms, but below market expectations.
- There have been numerous headlines around US-Japan trade deal agreement implementation, with the tariff rate set at 15% for most Japan products, while Japan is setting up an investment fund for $550bn of flows into the US. Details emerged that Japan could face higher tariff rates if investment funds for projects aren't provided.
- Via BBG: "Japanese Prime Minister Shigeru Ishiba reiterated his intention to stay on as leader after securing the lowering of US auto tariffs, dismissing the view that implementation of the trade deal with Washington might change his mind.” This comes ahead of a potential LDP leadership vote on Monday.
- Cash JGB yields are lower, led by the back end. The 30 and 40yr tenors were down around 3bps. The 10yr is off 2bps and is back under 1.58%. The 10yr swap rate is under 1.39%.
- Outside of the focus on local politics, next Monday delivers Q2 GDP revisions. Supply focus will be on the 5yr sale, held next Wednesday.
AUSSIE BONDS: Futures Steady, OIS Up In Past Week, Sentiment Readings Next Week
Aussie bond futures sit little changed in Friday dealings, with domestic news/data flow light, while the US non-farm payrolls print is in firm focus later. 10yr futures (XM) were last at 95.63, up 1bps, with earlier highs at 95.645. For the 3yr future (YM), we were at 96.50.
- Cash ACGB yields sit mixed but aggregate moves are less than 1bps at this stage. The 10yr is down a touch to 4.34%, while the 3yr is holding near 3.48%. The 3/10s curve is a touch flatter near +86bps.
- The AU-US 10yr spread is close to +20bps, fresh highs back to early April. The bias in US Tsy futures has been higher today, but cash yield losses have been modest.
- RBA dated OIS contracts sit slightly over the past week. The Dec contract last around 3.30% (against an effective policy rate of 3.59%), we were at 3.26% at the end of last week. The Feb 2026 contract is around 3.21%, up close to 9bps over the past week.
- The Q2 GDP beat, and some hawkish Bullock comments around how easing is likely to be needed, have helped such trends.
- Next week, we get Westpac Consumer Sentiment and the NAB Business survey on Tuesday.
BONDS: NZGBS: Yields Lower Led By Back End
Benchmark NZGB yields sit lower across the curve. Losses have extended modestly as Friday trade unfolded. The back end has led the moves, with the 10yr yield off close to 2.5%, last around 4.39%. The 2yr yield is little changed, sitting near 2.95%. The 2/10s curve is flatter by around 1bps, tracking at +143.5bps currently. These moves largely mirror offshore developments from Thursday, with the US 10yr yield breaking sub 4.20%, on signs of softer labor market data. The bias so far today in US Tsy futures has been firmer.
- The NZ-US 10yr spread is just off multi month highs, last at +25bps. We have spent little time above +30bps for this metric since May of this year.
- The 2yr swap rate is little changed, near 2.76% in latest dealings.
- The data calendar has been empty today: Via BBG: "New Zealand special home-loan interest rates edged lower in August, according to data published Friday in Wellington by the Reserve Bank. Average one-year rate fell to 4.74% from 4.87% at the end of July, and is lowest since May 2022".
- Market pricing for the RBNZ outlook has not changed much this past week, with Feb 2026 OCR rate pricing holding under 2.60%.
- Next Tuesday we get Q2 manufacturing data, then on Wednesday net migration figures for July print.
FOREX: Asia FX Wrap - USD Drifts Lower Into NFP
The BBDXY has had a range of 1204.89 - 1207.08 in the Asia-Pac session, it is currently trading around 1205, -0.15%. The USD was surprisingly able to shrug off the extension lower in US yields and actually ground higher overnight. Most of these gains have been retraced in today’s Asian session. A sustained break below 1197/1195 is needed to regain the momentum lower and retest the year's lows. The USD is looking comfortable for the moment above this support, tonight's NFP print will determine if that remains the case.
- EUR/USD - Asian range 1.1648 - 1.1675, Asia is currently trading 1.1670. The pair is consolidating just above 1.1600 ahead of NFP, firmly within its wider 1.1350-1.1850 range.
- GBP/USD - Asian range 1.3430 - 1.3457, Asia is currently dealing around 1.3450. The pair collapsed in response to moves in UK bonds. Price bounced off its support around 1.3350, though I suspect offers should now find supply on rallies back towards 1.3500. A sustained break below 1.3350 would open up a move back to 1.3100.
- USD/CNH - Asian range 7.1318 - 7.1413, the USD/CNY fix printed 7.1064, Asia is currently dealing around 7.1325. Sellers should be around on bounces while price holds below the 7.2200/2500 area and the PBOC manages the fix lower. Above 7.2500 and we could see a test of the USD Shorts.
- Cross asset : SPX +0.15%, Gold $3557, US 10-Year 4.155%, BBDXY 1205, Crude Oil $63.33
- Data/Events : EZ Govt Expenditure/GDP/Employment, Germany Factory Orders, France Trade Balance, Spain INE House Price Index, Italy Retail Sales,
Fig 1: BBDXY Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
JPY: Asia Wrap - USD/JPY Drifts Back Toward148.00 Ahead Of NFP
The Asia-Pac USD/JPY range has been 148.08-148.54, Asia is currently trading around 148.20, -0.20%. USD/JPY continues to consolidate its recent gains on a 148 handle as we head into NFP. The demand towards 146.00 has been pretty solid all of July and August, keeping us for the most part in a 146.00-149.00 range. The price action looks pretty constructive but I would not be expecting any major extensions until the market has had a look at the NFP tonight, which given the reaction to this week's labour data could be a key driver.
- MNI BRIEF: Japan July Real Wages Positive Since Dec. The inflation-adjusted real wage, a key gauge of households’ purchasing power, turned positive in July for the first time since December 2024, rising 0.5% y/y after -0.8% in June. The rebound was driven by higher bonuses and wage hikes from annual labour negotiations. While supportive for the Bank of Japan’s case to raise rates, officials see the data as insufficient on its own, with focus instead on the likelihood of wage gains carrying into fiscal 2026.
- Bloomberg - “JGB Traders Are Counting On One-and-Done From BOJ. JGB 10-year yields are slightly lower despite today’s strong labor cash earnings data, with traders adopting the stance that one BOJ interest-rate hike is all that is achievable in the months ahead. Japan’s murky political situation will prevent the central bank from raising rates at a quicker pace, even though the agreed trade deal with US will underpin economic growth.”
- "AKAZAWA: NO CHANGE IN JAPAN'S PLAN FOR $550B INVESTMENT VEHICLE, $550 BILLION TO BE INVESTMENT, LOANS, LOAN GUARANTEES" - BBG
- "KATO: WILL DO UTMOST TO SUPPORT FINANCING OF SMALL FIRMS, CONTINUE TO WORK WITH US FOR SWIFT IMPLEMENTATION OF DEAL.” - BBG
- Options : Close significant option expiries for NY cut, based on DTCC data: 146.00($2.36b), 147.00($1.12b).Upcoming Close Strikes : 146.00($1.1b Sept 8 ), 150.00($1b Sept 9) - BBG.
- CFTC data shows last week asset managers again added to their JPY longs after a consistent period of reduction +76761( Last +71379), leveraged funds though again used the dip to add slightly to their newly built short JPY position -52275(Last -50848). One of them is going to be wrong.
Fig 1 : USD/JPY Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
AUD: Asia Wrap - AUD/USD Takes Back Overnight Losses
The AUD/USD has had a range of 0.6515 - 0.6531 in the Asia- Pac session, it is currently trading around 0.6530, +0.20%. The AUD has drifted higher, erasing its overnight losses. The AUD remains in the middle of its recent multi-month range of 0.6350-0.6650 with little clear long-term direction. The market will be looking towards NFP tonight to hopefully be a catalyst.
- MNI: China Bad Bank Calls Grow As Debt Overhang Saps Growth. Calls are growing for the creation of dedicated bad banks to absorb nonperforming loans by China’s local government and property developers, prominent scholars and policy advisors told MNI, though some stressed that moral hazard should be avoided to minimise the risk that the problems could recur.
- "AUSTRALIA'S DEFENSE MINISTER MARLES: TO BOOST STRATEGIC PARTNERSHIP WITH JAPAN." - BBG
- Bloomberg - “Dollar’s Distaste for Payrolls Paints Grim Friday Outlook. The dollar is primed for more weakness, with even modest payroll disappointments likely to trigger selloffs ahead of September’s Fed meeting.”
- Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6400(AUD1.12b), 0.6500(AUD1.09b), 0.6600(AUD1.02b). Upcoming Close Strikes : 0.6475(AUD596m Sept 8 ) - BBG
- AUD/JPY - Asia-Pac range 96.68 - 96.83, Asia is trading around 96.80. The pair has broken back above 96.50 which negates the downward direction, a sustained break above 97.50 is needed to reignite the upward trend. Until then looks to be 94.50 - 97.50.
Fig 1: AUD/USD spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
NZD: Asia Wrap - NZD/USD Erases Overnight Losses, Bounces Off 0.5800
The NZD/USD had a range of 0.5842 - 0.5865 in the Asia-Pac session, going into the London open trading around 0.5860, +0.25%. The NZD has drifted higher all session, erasing all its overnight losses as we head into NFP and moving away from its support back towards 0.5800. The NFP will be an important input as to whether this support continues to hold.
- MNI: China Bad Bank Calls Grow As Debt Overhang Saps Growth. Calls are growing for the creation of dedicated bad banks to absorb nonperforming loans by China’s local government and property developers, prominent scholars and policy advisors told MNI, though some stressed that moral hazard should be avoided to minimise the risk that the problems could recur.
- BBG - "New Zealand special home-loan interest rates edged lower in August, according to data published Friday in Wellington by the Reserve Bank. Average one-year rate fell to 4.74% from 4.87% at the end of July, and is lowest since May 2022".
- “Why New Zealand’s Easing Rich Foreigner Housing Rules: In April, New Zealand’s government found itself in a bind. It had just relaunched its golden visa program, offering wealthy foreigners residency in exchange for a minimum NZ$5 million ($3 million) investment. But there was a major hitch: existing laws prevented those investors from buying a home to live in — undercutting one of the main draws of relocating." - BBG
- Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5800(NZD515m Sept 10) - BBG
- AUD/NZD range for the session has been 1.1133 - 1.1154, currently trading 1.1140. The Cross is consolidating above 1.1100, dips back towards 1.1000/1.1050 should be supported now.
Fig 1: NZD/USD Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
ASIA STOCKS: China Ends Week with Rally
China announced more policy enhancements, this time aimed at the sporting sector. The State Council announced measures that provide loans and subsidized interest to sport companies and incentives to local / regional governments to boost sport. Companies such as Jiangsu Jinling, China Sports Industry, Jiangsu Kangliyuan Sports Tech, Sanfo Outdoor Product, China Sports Industry Group and Li Ning were up strongly, supporting the market performance today. Japan's stocks had a good end to the week also as the Trump tariff deal is signed, ending the uncertainty.
- The Hang Seng is up +0.62% today and the only one of the major bourses to be ahead (by +0.54%) for the week. The CSI 300 is up today by +0.88% (but down -2.07% for the week), Shanghai +0.35% (-2.05% for the week)) and Shenzhen +1.62% (-3.05% for the week).
- The NIKKEI had a wobble mid week on political concerns but has bounced back to be up +0.65% today, and +0.32% for the week.
- The TAIEX in Taiwan has had strong end to the week, up 1.00% today and +0.76% for the week.
- The KOSPI has done very little today but remains +0.55% higher for the week.
- The FTSE Malay KLCI is flat today and one of the few regional decliners this week, with falls of -0.60%
- The Jakarta Composite is lower today by -0.23% and is down -1.07% for the week as political concerns drove markets lower at the start of the week.
- The NIFTY 50 is marginally lower at the open yet on track for a positive week, currently up +1.15%.
- Oil is set to finish down for the week as concerns that this weekend's OPEC+ meeting could result in further supply drove oil lower overnight.
- Russian deputy PM Novak added to the pressure suggesting that OPEC+ will 'look at the situation as a whole before making a decision.'
- Adding to the downward pressure was data showing US crude inventories have risen to the highest in several months, suggesting that buying may be curtailed in the third quarter.
- Goldman Sach's analysts suggest that Brent could reach low $50s over the next year according to reports published by BBG.
- WTI is down in the Asia trading day by -0.22% to be at US$63.34. Since the 2025 high of US$80.04 in mid-January, WTI is now lower by over 20% and has no technical support below it, with all major moving averages above.
- For the week, WTI is lower by -1.03%
- Brent is down -0.16% at US$66.88 as it too has broken below all major moving averages.
- For the week, Brent is lower by -1.81%.
- Oil investors will have one eye on Non Farm payrolls tonight for clues as to the next Fed moves on rates.
Gold Holding Near New Highs Ahead of NFP
- After profit taking overnight saw gold prices fall by -0.38%, the rally resumed in the Asia trading day with gains of +0.31%.
- At US$3,556.80, gold sits just below the recent new highs of US$3,559.42.
- The rally that has been ongoing sees the precious metal sit above all major moving averages.
- Gold is currently up +3.20% and if these levels are held, it will be the best weekly return since June.
- The 14 day Relative Strength index is suggesting that Gold has moved into overbought territory.
- Gold investors have the non-farm payrolls tonight to focus on for clues as to the next interest rate cut.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 05/09/2025 | 0600/0800 | ** |  DE | Manufacturing Orders |
| 05/09/2025 | 0600/0700 | *** |  GB | Retail Sales |
| 05/09/2025 | 0645/0845 | * |  FR | Foreign Trade |
| 05/09/2025 | 0800/1000 | * |  IT | Retail Sales |
| 05/09/2025 | 0900/1100 | * |  EU | Employment |
| 05/09/2025 | 0900/1100 | *** | EU | EZ GDP 3rd (Regular) |
| 05/09/2025 | 1230/0830 | *** |  US | USDA Crop Estimates - WASDE |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** |  CA | Labour Force Survey |
| 05/09/2025 | 1400/1000 | * | CA | Ivey PMI |
| 05/09/2025 | 1700/1300 | ** | US | Baker Hughes Rig Count Overview - Weekly |
| 05/09/2025 | 1700/1300 | ** | US | Baker Hughes Rig Count Overview - Weekly |
