JPY Verbal Intervention:
China:
- PBOC plans to lower the 7-day reverse repo rate by 0.2%.
- PBOC increases support for the stock market.
- NBS official says economic indicators are showing positive changes.
- PBOC Governor discusses stock buybacks.
- China’s September retail sales increased by 3.2% y/y.
- China’s Q3 GDP grew by 4.6% y/y.
- New house prices in China fell by 5.7% y/y in September.
- PBOC sets today’s USD/CNY reference rate at 7.1274.
- PBOC emphasizes the need for increased support to the real economy.
Other News:
- Trump’s trial documents expected to be released on Friday.
- China banks lowered fixed deposit rates by 25bp.
- Japan’s September CPI is at +2.5% y/y.
- Japan CPI data will be released at 11:30 PM GMT.
- NAB predicts an RBA rate cut in early 2025.
- Trump tariffs could heavily impact the Midwest and South.
- UBS anticipates more ECB rate cuts ahead.
- RBC expects ongoing ECB rate cuts over the next six months.
- TD expresses pessimism on the euro after the ECB’s decisions.
- Kim Jong Un claims South Korea is hostile.
- OriginTrail recognized as the best decentralized AI project at MIT summit.
- Deutsche Bank predicts quicker ECB rate cuts.
- IMF comments on China suggest needed reforms.
- Treasury Secretary Yellen warns that Trump’s tariffs could accelerate inflation.
- Markets show mixed results after ECB cuts rates.
- Stock indices close mixed; S&P and NASDAQ lose gains.
- Trade ideas thread features analysis and insights.
In summary, Japan’s inflation data and verbal intervention on the yen had a limited impact, keeping USD/JPY stable. Meanwhile, there were notable improvements in China’s economic data, particularly in retail sales and GDP growth.
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