A U.S. court ruling that most of Trump’s tariffs are illegal set the tone for Asian trade, while mixed China PMI data added nuance.
Key moves
- New Zealand eases rules, allowing wealthy foreign investors to purchase or build properties worth $5 million or more
- Japanese equities are being sold hard, Nikkei down 2%
- Indonesia’s central bank threatens forex intervention
- Tesla cuts China Model 3 RWD price amid growing competition and softer EV demand
- China S&P Global Manufacturing PMI (August) 50.5 (expected 49.5, prior 49.5)
- Australian private inflation survey – 0.3% m/m (prior +0.9) & 2.8% y/y (prior 2.9%)
- Australian Q2 business inventories +0.1% q/q (expected +0.2%)
- Australian July building permits –8.2% m/m (expected –4.8%, prior +11.9%)
- PBOC sets USD/CNY reference rate for today at 7.1072 (vs. estimate at 7.1281)
- U.S. tariffs hit South Korean exports in August; growth slows sharply to 1.3%
- Japan August Manufacturing PMI: 49.7 (prior 49.9)
- Japan data – Capex for Q2 +7.6% y/y (expected +6.2%)
- A car crashed into the Russian consulate in Sydney this morning
- Asian markets will open soon to the big news that a U.S. court ruled Trump’s tariffs illegal
- China data showed manufacturing sector contracted for a fifth straight month
- Australian S&P Global Manufacturing PMI (August) 53.0, its highest since September 2022
- New Zealand building permits (July 2025) +5.4% m/m (prior –6.0%)
- US futures are open for trade – but not for long
- Switzerland …
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