Archives of “July 27, 2020” day

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Ray Dalio said conflict between the US & China would harm the US dollar

  
  Analysis

Founder of Bridgewater Associates Ray Dalio speaking over the weekend:

  • “There’s a trade war, there’s a technology war, there is a geopolitical war and there could be a capital war”
  • “If you say by law ‘Don’t invest in China,’ or even possibly withholding the payment of bonds that the United States owes payment on in China — these things are possibilities, and they have big implications, such as for the value of the dollar”
Dalio was speaking on Fox, Bloomberg have a report up here at this link for a little more.
Founder of Bridgewater Associates Ray Dalio speaking over the weekend:

White House says agreement ‘in principle’ reached on the next coronavirus economic rescue bill

  
  Analysis

White House Chief Of Staff Meadows with the statement

  • Says the White House & US Senate Republicans have reached ‘agreement in principle’ on next coronavirus aid bill
  • legislative proposal likely to be unveiled Monday afternoon; ‘handful’ of issues still to resolve

Munchy is at it too …

  • US Treasury secretary Mnuchin says package will contain extended unemployment benefits with 70% wage replacement
  • Republicans have finalised a $1 trillion virus relief plan

 

White House Chief Of Staff Meadows with the statement

EU €750bn Recovery Fund Italy worried money will not come soon enough to avert an autumn liquidity squeeze

  
  Analysis

Ambrose Evans-Pritchard in the UK Telegraph writes that Italy’s finance minister, Roberto Gualtieri,

  • told leaders of the ruling coalition behind closed doors that the treasury will struggle to cover both a budget deficit near 12pc of GDP and to redeem a mountain of old debts coming due over coming months.
  • urged a formal request to the EU’s reviled bail-out fund (ESM) to unlock €36bn of immediate pandemic loans

Evans-Pritchard citing according to Il Sole (an Italian national daily business newspaper )

Link here for more (may be gated)

Ambrose Evans-Pritchard in the UK Telegraph writes that Italy's finance minister, Roberto Gualtieri,Roberto Gualtieri

Here is what’s on the economic calendar in Asia today

  
  Analysis

2350 GMT Bank of Japan monetary policy meeting ‘Summary of Opinions’ of the July meeting

  • this precedes the minutes of that meeting by many, many weeks.

2350 GMT Japan Capex for Q1, final

  • Capital spending
  • Capital spending
  • Company profits
  • Company sales
  • The previous readings, for Q4, and the preliminaries for Q1 can be found here.

0000GMT Reserve Bank of Australia – speech by Christopher Kent, Assistant Governor (Financial Markets), at the Kanga News webinar

  • I don’t have the title nor topic of the speech but given Kent is head of financial markets it’ll be well worth tuning in for (I’ll have speech highlights and text posted at the time)

0110 GMT BOJ JGB purchase operation

0130 GMT China Industrial Profits for June % y/y

  • prior +6.0%

0430 GMT Japan All Industry Activity Index for May

  • expected -3.5% m/m, prior -6.4%
  • The data is often referred to as the monthly GDP reading, it’s a tracker production across all sectors of the Japanese economy and follows the GDP growth figures/trend.
rba kentRBA’s Kent speaking today
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