Gold reversed sharply in Asia after touching a record high, with profit-taking blame for the drop. Chinese equities also slid as regulators weighed fresh measures to rein in speculation, while strong Australian consumption data cast doubt on near-term RBA cuts.
- Gold continues its drop in Asia, towards $3525 now
- China’s EV giant BYD has cut 2025 sales target to 4.6 mln vehicles from 5.5 mln previously
- Federal Reserve speakers on Thursday include NY's Williams and Chicago's Goolsbee
- ICYMI: China financial regulators consider cooling measures to temper stock market gains
- Shares of 'China's Nvidia', Cambricon, have been slammed more than 7% lower
- Australian July trade balance surplus 7310mn (vs. expected 4920mn)
- Japan trade negotiator Akazawa: Visiting U.S. as administrative issues have been solved
- Reports that China weighs curbs on stock speculation
- PBOC sets USD/ CNY mid-point today at 7.1052 (vs. estimate at 7.1405)
- HSBC sees S&P 500 bull case at 7,000 after earnings strength
- Morgan Stanley: Antitrust ruling won’t shake Google’s search dominance
- Nasdaq proposes tougher listing standards with new float, offering minimums
- On Friday every institutional investor may "accidentally end up hodling bitcoin”
- RBC: Rising Japan yields set to fuel yen surge, shift global flows ... in 2026
- Trade war update - China slams US with fibre optic cable anti-dumping duties
- ICYMI: RBA Gov Bullock warned "there may not be any interest rate declines yet to come"
- Japanese political turmoil threatens to continue to weigh on the yen
- Citi price forecasts for silver (higher) and Brent crude oil (lower)
- CHF/NOK/SEK/AUD longs losing juice vs GBP/JPY as front-end spreads flip
- Oil: private survey of inventory shows a headline crude oil build vs draw expected
- France's data protection authority hits Google with a record 325mn euro fine
Gold briefly hit a record high above US$3,575 before reversing sharply in Asia, sliding to around US$3,510. There was no major macro catalyst behind the move, with traders pointing instead to profit-taking.
Chinese equities also pulled back, this time on a clear trigger. Reports ahead of the open said regulators are considering fresh measures to cool speculation, including easing some short-selling curbs and introducing options to temper trading. The moves come after the the Shanghai Composite hits at a 10-year high, while the CSI 300 has rallied more than 20% from its 2024 low.
Major currencies traded in subdued ranges, even the yen. Japan’s chief trade negotiator Akazawa confirmed he will visit the US after subordinate-level issues were resolved.
From Australia, household consumption data showed momentum is holding up. Annual spending growth accelerated to 5.1% in July, the fastest pace since late 2023, reinforcing Tuesday’s robust Q2 consumption figures. The data cast further doubt on prospects for an imminent RBA rate cut. The Bank’s next meeting is set for September 29–30.
Asia-Pac stocks:
- Japan (Nikkei 225) +1.2%
- Hong Kong (Hang Seng) -1%
- Shanghai Composite -1.7%
- Australia (S&P/ASX 200) +0.7%
