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MARKET SUMMARY WEEK ENDING 28 AUGUST 2015

2nd September 2015

Market Highlights

Hong Kong Buys $800 Million to Keep the City's Currency Pegged - Hong Kong’s de facto central bank stepped in for the first time in more than four months to prevent the city’s currency from breaking out of the strong end of its pegged range against the U.S. dollar.

Staring Down the Rout in U.S. Stocks With Firms Seeing 12% Rally - Among 21 brokerages tracked by Bloomberg, 17 haven’t touched their projections for the Standard & Poor’s 500 Index even after August’s selloff, maintaining predictions that call for a 12 percent rally by New Year’s.

Commodities in Review

RBA Holds Rates as Aussie Cushions China-Led Commodity Drop - Australia left interest rates unchanged Tuesday as a declining currency cushions the impact of lower commodity prices and a weaker outlook for key trading partner China.

European Stocks Drop With Asia as China Slump Boosts Euro, Gold - European shares showed no sign of shaking off last month’s worst selloff since 2011 after Asian stocks dropped and a gauge of Chinese manufacturing fell to a three-year low. The yen and euro rallied with gold, while oil pulled back after entering a bull market.

US

U.S. Index Futures Sink After S&P 500's Worst Month –The slump that dragged the Standard & Poor’s 500 Index to its worst month in more than three years looks set to continue, according to U.S. index futures. Contracts on the S&P 500 due in September slid 1.9 percent by 8:44 a.m. in London, while futures on the Dow Jones Industrial Average retreated 1.8 percent and those on the Nasdaq 100 Index lost 2.2 percent. Asian equities dropped, with the Shanghai Composite Index slumping as much as 4.8 percent, after manufacturing reports pointed to a deepening Chinese economic slowdown.

UK

U.K. Manufacturing Cools as Export Orders Fall for Fifth Month - U.K. manufacturing growth cooled in August as export orders fell for a fifth month. In its monthly factory report published in London, Markit Economics said companies blamed the decline in foreign demand on the strong pound, weak sales in the euro area and the Chinese economic slowdown. The headline manufacturing index slipped to 51.5 from 51.9 in July. A reading above 50 indicates growth.

Continental Europe

Europe Equity Futures Drop After Stocks' Worst Month in 4 Years - The Stoxx Europe 600 Index lost 2.6 percent at 9:26 a.m. in London, following Asian stocks lower after a report showed China’s official factory gauge dropped to a three-year low, while manufacturing in the euro area shrank more than initially forecast. Miners again were the most hurt among industry groups in Europe, sliding more than 4 percent as commodities resumed their declines. Benchmark measures for German, French and U.K. equities were among the biggest decliners in western Europe, sliding more than 2.4 %.

Asia Pacific

Southeast Asia's Biggest Companies Risk $392 Billion Debt Burden - The region’s 100 largest listed companies by assets, including Thailand’s CP ALL Pcl, Petron Corp. of the Philippines and Singapore’s Wilmar International Ltd., had accumulated $392 billion by June 30, data compiled by Bloomberg show. That’s up six times from December 1998. Debt loads as a proportion of assets are climbing back near levels from the crisis at 31.7 percent, up from 29.5 % in 2010.

Emerging Markets

Rupee Advances Most in a Week on Bets Fed to Delay Rate Increase - India’s rupee advanced the most in a week on speculation the U.S. Federal Reserve will refrain from raising interest rates this month as the global economy remains fragile. China’s official factory gauge fell to the lowest reading in three years, data showed on Tuesday, spurring concern a slowdown in Asia’s largest economy is deepening. Economists shifted their forecasts for the first increase in U.S. borrowing costs since 2006 to after the Sept. 17 meeting, according to a majority of those surveyed by Bloomberg News. A gauge of dollar strength declined for a second day. The rupee strengthened 0.4 percent to 66.21 a dollar as of 12:07 p.m. in Mumbai, the most since Aug. 25.v

 

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