Germany PPI YoY

Germany PPI MoM

United Kingdom Public Sector Net Borrowing

United Kingdom Public Sector Net Borrowing Ex Banks

The New Zealand dollar traded around $0.623 and is up 1.3% so far this week, as interest rate cuts from major central banks boosted risk appetite. Earlier this week, the US Federal Reserve started its rate-cutting cycle with a large 50-basis-point reduction, citing greater confidence on inflation. In New Zealand, recent data showed the economy contracted in the second quarter, pushing the country close to recession. The economy shrank 0.2% in the June quarter, albeit less than economists’ expectations of a 0.4% fall and the Reserve Bank’s forecast of a 0.5% drop. Annual GDP fell 0.5%, as expected. Markets have fully priced in another quarter-point cut in October, with a 41% probability of an outsized 50-basis-point reduction.

New Zealand Dollar Holds Firm Amid Risk-On Mood

The Shanghai Composite shed 0.1% to 2,733 while the Shenzhen Component ;pst 0.6% to 8,038 on Friday, snapping a two-day advance as investors reacted to the latest central bank policy decision. The People’s Bank of China kept its one- and five-year loan prime rates unchanged at 3.35% and 3.85%, respectively, on Friday, after making surprise cuts to the key lending rates in July. However, this comes as a disappointment to investors hoping for further policy easing after the US Federal Reserve delivered an outsized 50 basis point rate cut this week.  A  weak economic outlook and the lack of forceful policy support measures in China also continued to weigh on sentiment. Notable losses were seen from China CSSC Holdings (-5.7%), SHN Huaqiang (-1.6%) and Jiangsu Hengrui (-4.6%). Still, the benchmark indexes are set to end the week with gains.

China Stocks Slip as PBOC Stands Pat

Shares in Hong Kong soared 330 points or 1.8% to 18,345 on Friday morning trade, increasing for the sixth session to hover at their highest level in 13 weeks after Wall Street's major indexes hit record closing highs in response to Wednesday's 50bps Fed rate cut and a promise of more reductions later this year. Markets are pointing to jump around 5.5% for the week, with all sectors participating in the rally after the Chinese central bank left its key lending rates at record lows, as expected, to help a turnaround in the economy. At home, the jobless rate in the city was at 3% in the three months ending August, holding steady for the sixth straight period.

Hong Kong Equities Set to Post Robust Gains Weekly

The annual inflation Rate in Cape Verde declined to 1.0% in August 2024 from 1.6% in the prior month. It marked the softest inflation rate since April, as housing & utility prices rose the least in four months (2.4% vs 3.1% in July), while food & non-alcoholic beverages prices fell for the first time since February (-0.4% vs 1.5%). Also, prices moderated for restaurants & hotels (2.0% vs 2.2%) and alcoholic beverages & tobacco (3.0% vs 3.1%). Meanwhile, prices accelerated for transportation (1.8% vs 1%), miscellaneous goods & services (5.3% vs 3%), and health (4.4% vs 2.9%). Simultaneously, prices dropped more for clothing & footwear (-3.7% vs -1%) and furnishings & household equipment (-1.6% vs -0.5%). On a monthly basis, consumer prices were up 0.2% in August, after edging down 0.1% in July.

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