Oil markets extend gains after biggest daily climb in six years

Good morning,

- RBNZ: July FX purchases were routine portfolio rebalancing, July purchases "do not signal any view on exchange rate."

- S&P notes '' New Zealand dependence on commodity income, harder for New Zealand to narrow fiscal deficits as growth slows.....AA+/A-1+ ratings affirmed by S&P, says rating affirmation reflects economic resilience.''

- Yestreday's session most majors have underperformed versus the $CAD (bless oil soaring accross the board for that), with the exception of the $AUD with +0.19% spot returns. Elaborating on, AUD was the best performing major vs $USD with +0.74% spot returns while $CHF has been the worst with -1.12%.

- US Equities Close: DJIA 16654.97 (+2.27%); S&P500 1987.69 (+2.43%); NASDAQ 4812.71 (+2.45%).

- USD Fed's Plosser: Fundamentals of US economy haven't changed: CNBC.

- Crude oil futures rose on Friday, adding to their biggest one-day rally in over six years the day before led by recovering equity markets and news of diminished crude supplies. U.S. crude CLc1 futures are on track for their first weekly gains in 11 weeks, ending the longest losing streak since 1986. Brent crude LCOc1 is set for its first weekly gain in two weeks. Asian shares extended a global rally on Friday after upbeat U.S. economic data calmed sentiment, with Chinese stocks jumping for the second day following a rocky start to the week.

- Consumer prices in Japan were unchanged from a year earlier in July, defying expectations for a fall. The core consumer price index (CPI), which excludes volatile prices of fresh food but includes prices of oil products, was flat in July from the year-ago period, government data showed on Friday, compared with Reuters' forecast for a drop of 0.2 percent and down from a 0.1 percent rise in June. In other data, household spending fell 0.2 percent from the year before, versus expectations for a 1.3 percent climb and after declining 2.0 percent in the previous month.

- French Econ Minister Macron: ''French exports to China amount to 0.7% of GDP; French economy could be affected by China in 2016. French economy getting better, remains fragile; low oil prices, ECB support helping economy...and Euro zone has insufficient demand; fragility of Chinese growth can't be ignored.'' Finally, he added that 'Yellen raising interest rates earliest in Dec.; he expects China developments to push up Euros.''

- The U.S. stock market bounced back on Thursday and made history. After several volatile days with huge swings in both directions, the Dow finished Thursday up 369 points. Combined with Wednesday's 619-point rally, it's the best two-day point gain for the Dow in its history, surpassing the previous record set in 2008. The S&P 500 and Nasdaq both posted gains above 2% Thursday. U.S. energy stocks were some of the biggest winners.

- We knew Pershing Square Holdings' performance had faltered in August. Now we know by how much. The publicly-traded vehicle led by Bill Ackman wiped out all of its gains for the year and fell into the red in August. According to an update, the fund fell 13.1% during the month of August and was down 4.3% for the year as of Tuesday.

- Morgan Stanley picks EUR/JPY as its technical FX chart of the week, where MS is bearish and looking to sell the pair on rebounds...

- Major Today News: US personal income, UK GDP, Europe sentiment.

Have a nice Day !