A U.S. court ruling in Google’s favour sparked a strong rally in tech, lifting U.S. equity futures. Rising JGB yields kept pressure on the yen, while PMIs and Australia’s GDP beat supported regional sentiment. Geopolitics and a surprise LME trading delay added colour to the session.
- Bank of Japan Governor Ueda is meeting with Japan PM Ishiba
- Japan is considering stricter crypto regulation and enforcement
- Bloomberg: London Metal Exchange delayed trading start in Asia by 90 minutes on Wednesday
- Morgan Stanley’s Mike Wilson: Buy market dips as Fed cuts fuel further stock gains
- China August 2025 S&P Global Services PMI 53.0 (expected 52.5)
- China military parade - Trump accuses China, Russia, North Korea of conspiring against USA
- Australia Q2 GDP +0.6% q/q (expected +0.5%)
- PBOC sets USD/ CNY mid-point today at 7.1108 (vs. estimate at 7.1476)
- New Zealand data: August 2025 Commodity Price Index +0.7% m/m (prior -1.8%)
- Japanese Government Bond yields continue to surge, 20yr to its highest since 1999
- Japan August S&P Global Services PMI 53.1 (expected 52.7)
- Prediction markets Polymarket and Kalshi are cashing in on "Trump leaving office" bets
- Dollar unlikely to collapse, say strategists, with Fed cuts priced in and flows supportive
- UBS: Record-high stocks not a worry, Fed cuts and earnings strength to drive gains
- Australia August services PMI 55.8 (composite 55.5)
- ICYMI - Leader of Japan's ruling party to call for a party election shake up.
- Fed Powell's job just got safer. US court reinstates FTC head, Trump fired without cause
- Shadow Fed Chair incoming! Bessent to begin interviews this week - WSJ report
- McDonald’s CEO flags US economic risk as lower-income consumers cut back sharply
- Ray Dalio warns US heading to a “debt-induced heart attack” in three years - USD to hurt
- JP Morgan says the Fed is too restrictive, cuts ahead, but cautious; Magnificent 7 strong
- Google lives to fight another day - shares skyrocket! Recap.
- Economic calendar in Asia 03 Sept '25: Reserve Bank of Australia Governor Bullock speaking
- A US judge has issued a 'sealed' decision in Google case - shares are rocketing higher
- investingLive Americas FX news wrap: Gold continues to rise above $3500
A U.S. court ruled after the close that Alphabet’s Google must share certain search data with rivals but will not be forced to sell its Chrome browser, a landmark antitrust case outcome largely in the company’s favour. Alphabet shares rallied, with the strength spilling over into other tech names and lifting U.S. equity futures in Globex trade.
In rates and FX, Japanese government bond yields extended their climb, weighing further on the yen. USD/JPY traded back to its U.S. session highs near 148.95, while USD/CHF also edged toward Tuesday’s peak. The dollar was more range-bound against most other majors.
On the data front, PMIs from Australia, Japan and China all printed in solid expansion territory. Australia’s Q2 GDP topped expectations both q/q and y/y, driven by stronger consumption as the household savings rate fell versus Q1. Pricing for near term Reserve Bank of Australia rate cuts fell. We'll hear from RBA Governor Bullock at 0600 GMT / 0200 US Eastern time.
Geopolitics drew attention in Beijing, where President Xi staged a military parade attended by North Korea’s Kim Jong Un and Russia’s Vladimir Putin. President Trump tweeted that the three were conspiring against the USA.
Elsewhere, the London Metal Exchange delayed the start of Asian trading on Wednesday by 90 minutes, with its electronic platform opening at 9:30 a.m. Beijing time instead of the usual 8 a.m. No reason was given, though the move prompted speculation that the exchange was working to contain possible disruption linked to a large participant.
