RBI voted 5-to-1 to raise its repo rate by 50 basis points to 5.90%, as expected.
Japanese Prime Minster Kishida instructed his government to prepare a new stimulus package before the end of October, according to Reuters.
Reports also indicate that the People’s Bank of China is lowering the floor rate on mortgages for first-time home buyers; and Reuters indicates that the PBOC is angling to provide support for the yuan by asking state-owned banks to be ready to sell dollars in offshore markets. USD/CNH +0.4% to 7.1255.
China reported some mixed manufacturing PMI data for September that showed a slight expansion in the official manufacturing PMI (50.1) reading and some continued contraction in the Caixin Manufacturing PMI reading (48.1).
China’s September Manufacturing PMI 50.1 (expected 49.6; prior 49.4) and Non-Manufacturing PMI 50.6 (prior 52.6); September Caixin Manufacturing PMI 48.1 (expected 49.5; prior 49.5)
Japan’s August Industrial Production +2.7% m/m (expected +0.2%; prior +0.8%); August Unemployment Rate 2.5% (expected 2.5%; prior 2.5%); August Retail Sales +4.1% yr/yr (expected 2.8%; prior 2.4%); August Housing Starts +4.6% yr/yr (expected -4.1%; prior -5.4%); September Household Confidence 30.8 (prior 32.5)
South Korea’s August Industrial Production -1.8% m/m (expected -0.5%; prior -1.3%) and +1.0% yr/yr (expected +1.3%; prior +1.5%); Retail Sales -1.8% m/m (prior -0.3%)
Australia’s August Housing Credit +0.5% (prior +0.5%)
- This reply was modified 1 month, 4 weeks ago by Truman.