US Treasury Secretary Bessent told Japanese officials that rate hikes are needed, according to NHK; a Japanese MoF official expects the BoJ to act on the economy and not on US influence.
European and US equity futures are pressured by elevated yields; US 10yr (4.78%) holds at highs, whilst the UK 10yr (5.25%) resides at levels not seen since the GFC.
USD firmer against all G10 currencies with yields rallying on continued energy upside.
Crude futures continue recent strength; UKMTO received a report of an incident involving a tanker and military forces in the Indian Ocean off Oman. Marisks reported that two oil supertankers were hit by projectiles.
Looking ahead, highlights include US S&P Manufacturing PMI Final (Aug), ISM Manufacturing PMI (Aug), JOLTS Job Openings (Jul), Atlanta Fed GDP (Q3), US Midterm Primary Elections in Massachusetts, Speakers include Fed’s Barr & ECB’s Vujcic. Earnings from Dell & Palo Alto.
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