• On the data front, U.S. producer prices unexpectedly rose in August (0.1% MoM, 0.0% MoM expected, 0.2% MoM prior). However, a better-than-expected producer prices did not change market expectations that the Fed will cut interest rates again next Wednesday. Moreover, U.S. president Trump added more pressure on the Fed to push down interest rates into negative territory.
  • China announcement of tariff exemptions for 16 types of U.S. products, excluding pork and soybeans, had a limited impact on investors’ risk appetite.
  • The 10Y UST yield were steady, fluctuating in a narrow range. Meanwhile, European sovereign bond yields inched down modestly as investors foresee a delay of the quantitative easing. Italy led the Eurozone bond gains with its risk premium narrowing ahead of its debt sale tomorrow.
  • The USD appreciated against its G10 peers with the DXY index increasing by 0.4%. The euro led the losses across the G10 board (-0.4%) ahead of tomorrow’s ECB meeting where a 10 bps depo rate cut is expected. Elsewhere, the BRL gained (+0.5%) despite the fact that LatAm currencies weakened across the board.
  • Concerns over the global oil demand weighted on oil prices, erasing early gains (-0.1%), whereas gold prices inched up by 0.7%. U.S. and European equities rose modestly, while the Hong Kong Hang Seng index increased significantly (+1.8%).

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