Global Macro APAC Morning Brief Global Macro APAC Morning Brief Global Macro APAC Morning Brief

Global Macro APAC Morning Brief

Kay Van-Petersen

Global Macro Strategist

Summary:  Global Macro & Cross-Asset snapshot from APAC to kick-off your day

Happy Tue! 

Tue 3 Sep 2019

O/N & Levels:

Not too much on, given US (& CA) was out given the labor day wkd – still US EQ futures are down c. -70bp since Fri levels in early Asia Tue open. DXY is breaking out higher given its multi-year high close on Fri & the US trade weighted dollar index is at all time highs

A strong US is chocking global growth & causing particular issues for EM, the Fed, Trump & Commodities in general - the whispers on Saxo 4Q Outlook say  that it will focus predominantly on the USD, so please stay tuned for that 

EZ mfg. PMIs were in-line to better as a whole & more importantly China Caixin mfg. index has a massive beat 50.4a 49.8e - too early to call the turning of the ship, yet 2-3 months of this could signal a bounce in the making… Worth noting that we have had a number of head fakes in China this year

Sterling at two wk lows given Bojo moves & Parliament counter moves… he’s potentially threatening calling a general election… ignore the noise for now… from KVP’s view… worst thing that can happen is another useless extension… best thing is some form of clarity on the future... be that in hard Brexit or no hard Brexit… it’s the uncertainty that kills economic growth, animal spirits & investor appetite


US back in & on that front final mfg. PMIsis & ISM mfg will be key with 50.0 & 51.2 expected respectfully across the two

AU retail sales, current account & of course RBA – mkt expecting no move from former given previous back to back cuts to 1%. Worth bearing in mind RBNZ surprise -50bp, as well as this will be first RBA meeting post USDCNH shooting through the 7.00 handle. A weaker yuan basically acts as a tax on Australia's exports into China 

Have an amazing Tue & epic wk ahead, profitable trading everyone 

For those that missed the Macro Monday Call from earlier this wk covering the action packed wk ahead, you can access it here & catch the replay link here....


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.