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Daily Briefing – Wednesday, September 13, 2017

Europe

The UK Brexit team has informed their EU counterpart that there was no legal requirement for them to pay a £90 billion bill, sending the Pound down after it had gained earlier on excellent home, producer & consumer price data. Italian opposition parties are calling upon the government to introduce a new currency to operate alongside the Euro, in order to help improve the economy and jobs situation.
 

US

Yesterday’s excellent JOLTS Jobs Openings figure caused the US to tank, since the index is often indicated by Fed Chair Janet Yellen to justify additional interest rate hikes. Additionally, the Secretary of Treasury James Mnuchin has threatened China that if it didn’t abide by new sanctions against North Korea he would instruct upon the removal of Chinese banks from the SWIFT system for electronic financial transactions.
 

Asia

Australian consumer sentiment crossed the threshold from last month’s -1.2% to show a healthy +2.5% in September. Japan’s wholesale price index increased by a 9-year record – 2.9% in August. The Nikkei was the odd man out on the Asian markets front, losing 0.44% on a weakening yen.
 

Commodities

Bitcoin dropped below the $4000 threshold overnight after the head of JP Morgan Jamie Dimon branded the currency a scam. And WTI was up $0.7 after the API revealed a 6 million barrel stock increase.
 

Upcoming Events

8:30 AM GMT UK: Employment and Earnings
9 AM GMT EU: Industrial Production and Employment Change
12:30 PM GMT US: PPIs followed at 6 by the Monthly Budget Statement.
1 AM GMT (+1) Australia: Employment, Participation and Consumer Inflation Expectations
2 AM GMT (+1) China: Retail Sales, Industrial Production and Urban Investment