Economic Data
- (CZ) Czech Aug Budget Balance (CZK): -14.8B v +4.5B prior- (RO) Romania Aug International Reserves: No est v $34.1B prior
- (ZA) South Africa Aug Naamsa Vehicle Sales: -1.4% v -1.5% prior
- (BR) Brazil Manufacturing PMI: 50.2 v 49.1 prior; first expansion in 5 months
- (MX) Mexico July Total Remittances: $2.0B v $2.0B e
- (MX) Mexico Aug Manufacturing PMI: 50.2 v 51.5 prior
- European indices were little changed in quiet trade with US participants on the sidelines with the labor Day holiday.
Speakers:
- German Fin Min Schaeube stated that he saw more difficult situation down the road. Europe could not match other regions growth outlook; too little investment in region (**Reminder: Germany Q2 GDP confirmed its first contraction in six quarters)- NATO's Rasmussen: Upcoming NATO summit on Sept 4-5th to agree to readiness action plan as a response to Russia moves in Ukraine
- Ukraine Defense Min Geletey: Russia started full scale invasion of Donbas region. Ukraine ended efforts to dislodge separatists in eastern Ukraine and shifts focus to counter Russian invasion
- Estonia Fin Min Ligi: Many countries feeling effect of strong Euro currency
- Turkey Central Bank (CBRT): To keep tight monetary stance through flattened yield curve
- Japan govt advisor Honda: Next phase of planned sales tax increase should be delayed into 2017 as prior April hike hit the economy harder than expected. BOJ could ease policy again to achieve inflation target regardless of next sales tax hike
- Japan LDP Min Kozo Yamamoto: Japan needs to delay second sales tax increase; economy is recovering slower than expected
- Japan PM Abe and India PM Abe: Set goal of doubling Japan FDI in India over next 5 years
Looking Ahead
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)- (RU) Russia Aug Sovereign Wealth Fund Balances: Reserve Fund: No est $86.6B prior; Wellbeing Fund: No est v $86.5B prior
- 12:00 (IT) Italy Aug New Car Registrations: No est v 5.0% prior
- 13:00 (MX) Mexico Aug IMEF Manufacturing Index: 50.5e v 49.1 prior; Non-Manufacturing Index: 50.8e v 50.1 prior
- 13:30 (IT) Italy Aug Budget Balance: No est v -€1.6B prior
- 14:00 (BR) Brazil Aug Trade Balance: $0.4Be v $1.6B prior; Total Exports: $20.0Be v $23.0B prior; Total Imports: $19.6Be v $21.5B prior
- (AU) RBA Interest Rate Decision (early Tuesday)
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