Research Team at Societe Generale, notes that the oil has recovered strongly, supported by plans for informal OPEC talks in late September, and cooperative Saudi comments.
Key Quotes
“Hong Kong and China equities gained on better earnings and the news that the Shenzhen-Hong Kong Stock Connect scheme was approved.
The BoE cut rates and resumed QE in August, intensifying the global search for yield. Global rates declined further, with the Spanish 10y yield falling below 1% and the UK 10y gilt rate dropping sharply.
The BoJ disappointed markets at its meeting on 29 July, leading JGB 10y rates to rebound, exceeding the Bund yield.”
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