A raft of"flash" manufacturing surveys for August out on Monday will offer an early indication of how global growth is faring in the face of the Delta variant, with analysts expecting some slippage especially in Asia.
"The U.S. yield curve is at a one-year low, emerging markets are negative YTD and both copper and oil are down double digits from recent highs." More than $560 billion was wiped from Hong Kong and mainland China exchanges last week as funds fretted on which sectors regulators might target next. Japan's Nikkei also bounced 1.8%, but that follows a 3.4% slide last week to its lowest since December. Chinese blue chips firmed 1.2% from a three-week low.
That adds an extra frisson of uncertainty to Fed Chair Jerome Powell's speech at Jackson Hole this week, which has had to be moved online because of pandemic restrictions. That is in marked contrast to the European Central Bank which is under pressure to add more stimulus, giving the dollar a leg up on the euro.
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