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India Nifty 50 Index. Big picture, via 5% box size
Source: Mark Ungewitter
China Budges in Fight With Bears, Sending Yuan Toward Record Low – Bloomberg
The offshore yuan weakened toward its lowest on record against the dollar, as a cut to the daily reference rate for the managed currency stoked bets China is comfortable with a gradual depreciation. China’s currency declined to about 7.36 per dollar in overseas trading, beyond the psychologically important level of 7.35 and close to the weakest since the creation of the offshore yuan market in 2010. The move came after the People’s Bank of China set its so-called fixing at a two-month low on Friday.
China Reportedly Bans Apple iPhones And Other Foreign Devices Among Government Officials according to the WSJ
-> Citing unnamed people familiar with the matter, the Journal said officials at central government agencies had been told of the ban by superiors in recent weeks through workplace chat groups or in meetings. -> The order also prohibits officials from bringing iPhones and other foreign devices into the workplace. -> It’s not clear how widely the orders have been disseminated across China’s government but similar instructions have also been handed down to employees at some central government regulators, according to the Journal. Source: Forbes
Germany Factory Orders Slumped 11.7% at Start of Third Quarter
*GERMANY JULY FACTORY ORDERS FALL 11.7% M/M; EST. -4.3% *GERMANY JULY FACTORY ORDERS FALL 10.5% Y/Y; EST. -4.5% German factory orders plummeted in July, a sign that the woes of Europe’s biggest economy continued into the third quarter. Demand decreased by 11.7% from June, far worse than the 4.3% drop expected by economists in a Bloomberg survey. That decline was due to major orders, without which the gauge would have increased by 0.3%. The drop in what is a volatile series did follow three months of gains. Source: Blooomberg
Can oil move back to triple-digits?
According to the GS commodities team, production cuts by Saudi Arabia and its OPEC+ partners - at the time demand continues to rise - will result into an average 3 MILLION BARREL DAILY SHORTFALL into year end (vs. 2 million barrel previously). This is coming at the time when: 1) Not much help is expected from US Strategic Petroleum Reserve (Biden adminstration has already drained half of the SPR, as such there are virtually no levers left to pull at this point); 2) Net spectulative positions on WTI Oil futures contract is at the LOWEST since years Source: Goldman Sachs, www.zerohedge.com
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