SocGen's Overnight Economic News Summary

MT Newswires
2024-09-30

Societe Generale in its early Monday economic news summary pointed out:

-- Asia and commodity currencies extend last week's bid on China stimulus. CSI-300 +8.9%, copper +12%. Japan Prime Minister Ishiba announces snap parliamentary election for Oct. 27, USD/JPY retraces below 142.00. European Central Bank President Lagarde testifies to the European Parliament on Monday.

-- Week ahead: United States ISM manufacturing on Tuesday and services on Thursday, nonfarm payrolls on Friday. Eurozone consumer price index on Tuesday CPI. Poland's central bank forecast to keep rates on hold Wednesday, Colombia's central bank forecast to cut 50bps on Monday, Romania's central bank forecast to reduce by 25bps on Friday. Switzerland, Turkey CPI on Thursday.

-- China's official manufacturing PMI climbed to 49.8 in September from 49.1 in August, services fell to 50.0 from 50.3. Private Caixin mfg PMI down to 49.3 from 50.4. Services drop to 50.3 from 51.6. USD/CNH idles at 7.00.

-- CFTC foreign exchange positioning: Euro net longs rose to 10.5% of OI. Yen longs climbed to 31.8% pre-Bank of Japan, sterling longs jumped to 34.6%, Australian dollar shorts down to 6.4%, Canadian dollar shorts inched up to 30.8% and Swiss franc shorts rose to 31.8%. Mexico's peso longs rebounded to 9.2%.

-- Nikkei -4.6%, EUR 10-year IRS +1bp at 2.37%, Brent crude +1.6% at $72.9/barrel, Gold -0.1% at $2,654/oz.










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