Archives of “August 31, 2021” day

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Some major Chinese banks reportedly received regulatory guidance to increase August loan quota

  
  Analysis

Reuters with the headlines

Adding that some banks stepped up lending towards the end of August and reduced backlog in property loans, citing sources familiar with the matter.
It perhaps is part of a directive by Chinese officials to try and spur economic activity and provide some relief to businesses after the latest COVID-19 outbreak since July.
Just something to take note of in case this ties to other measures that may come by.

China securities regulator to tighten up on private equity funds

  
  Analysis

This from a Bloomberg piece overnight ICYMI:

  • China’s securities regulator said it plans to rein in the country’s private equity and venture capital funds, stop public offerings disguised as private placements and fight embezzlement of assets.

China Securities Regulatory Commission Chairman Yi Huiman in a speech to a fund-industry association.

china flag

OPEC+ meets on Wednesday 31 August 2021 – preview

  
Analysis, Crude

For the oil traders, eyes on the cartel meeting (and its friends) in Vienna on Wednesday.

Reuters cite their sources:
  • “Current oil prices around $70 are okay. OPEC+ is likely to continue as planned with the increase of 400,000 bpd,” said one source.
While from ANZ:
  • the OPEC+ alliance is set to review the current production cut agreement. With rising coronavirus case number globally, the market will be on the lookout for any sign the group may be considering halting the scheduled increase in production in coming months.

For the oil traders, eyes on the cartel meeting (and its friends) in Vienna on Wednesday.

Some members of US Congress want Fed Chair Powell sacked

  
  Analysis
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This from three members of the US Congress, who seem confused about the remit of a central bank:

Via a Politico report:
  • Reps. Alexandria Ocasio-Cortez, Rashida Tlaib and Ayanna Pressley  … called for Federal Reserve Chair Jerome Powell to be replaced
  • “As news of the possible reappointment of Federal Reserve Chair Jerome Powell circulates, we urge President Biden to re-imagine a Federal Reserve focused on eliminating climate risk and advancing racial and economic justice”
Sounds great! I wonder should the Chair print more or less to hit these three added objectives though?
If Yellen was still Chair she’d know how to deal with these clowns.
This from three members of the US Congress, who seem confused about the remit of a central bank:

Here is what’s on the economic calendar in Asia today – China’s official PMIs for August

  
Analysis, Economy

China’s NBS PMIs are the focus, and plenty more on the data agenda also.

 

2245 GMT New Zealand Building Permits for July

  • prior 3.8% m/m

2330 GMT Australia weekly consumer confidence

 

  • ANZ/Roy Morgan survey
  • prior 101.6

 

2330 GMT Japan Jobless (Unemployment) rate for July

  • expected 2.9%, prior 2.9%

Job to applicant ratio for July

  • expected 1.12, prior 1.13

2350 GMT Japan Industrial Production for July (preliminary)

  • expected -2.5% m/m, prior 6.5%
  • expected 21.5% y/y, prior 23.0%

0100 GMT China official PMIs for August, brief preview here: China PMI data for August due this week – what to expect

Manufacturing PMI:

  • expected 50.1
  • 50.4 in July

Non-manufacturing PMI 

  • expected 52.0
  • 53.3 in July

 

0100 GMT New Zealand ANZ business survey for August

  • Business Confidence prior -3.8
  • Activity Outlook prior 26.3

0130 GMT Australia Q2 Current Account, will include the “net exports as a % of GDP” for the quarter, this’ll feed into the GDP number due September 1. 

  • prior -0.6%
  • Export prices rose but volumes fell. A net minus for this expected. Expectations I have seen are for a result similar to Q1.
0130 GMT Australia Australia Building Approvals for July

  • expected -5.0% m/m, prior -6.7%
  • prior 48.9% y/y

0130 GMT Australia Private Sector Credit for

  • expected 0.5% m/m, prior 0.9%
  • prior 3.1% y/y

S&P and NASDAQ close higher and at record levels. Dow down.

  
Analysis, US Market
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53rd record close level for the S&P in 2021

The S&P and NASDAQ closed higher and at record levels again. The Dow industrial average fell modestly.

Highlights include:

  • S&P and NASDAQ up for the seventh day in the last eight
  • S&P closes at a record level for the 53rd day NASDAQ in 2021
  • NASDAQ index closes at a record level for the 32nd in 2021
  • Advances on the New York Stock Exchange total 1406. Declines total 1885. Unchanged 203
  • major indices are on track for monthly gains
  • S&P on track for the best month since April with one more day to go
The final numbers are showing:
  • Dow industrial average felt -55.9 points or -0.16% at 35399.90
  • S&P index rose 19.39 points or 0.43% at 4528.76. The new intraday high reached 4537.80.
  • NASDAQ index rose 136.39 points or 0.90% at 15265.89. The new intraday high reached 15288.10
  • Russell 2000 index fell 11.16 points or -0.49% at 2265.99
Nine of 11 S&P sectors were higher led by:
  • Real estate, +1.2%
  • Technology, +1.1%
  • Consumer discretionary +0.92%
  • Communication +0.74%
Declining sectors were led by:
  • Financials -1.47%
  • Energy -1.16%
  • Materials -0.17%
  • Industrials -0.15%
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