RBA holds rates, US inflation eases, Vietnam stocks stall, ASF spreads in Thanh Hoa, ECB warns of USD-linked stablecoin risks.
1. RBA Holds Rates, Cautions on Inflation
The Reserve Bank of Australia (RBA) kept interest rates unchanged, stressing that inflationary pressures persist. The accompanying statement signaled that the RBA is not ready to ease policy soon, prompting expectations of a prolonged hold cycle.
2. UK Average Earnings Cool
UK average earnings for the three months/year fell to 5.0%, in line with forecasts, showing wage pressures are easing. This supports the likelihood that the Bank of England (BoE) will keep rates steady in the near term.
3. US Core Inflation Eases Slightly
US core CPI for July rose 0.2% month-on-month, matching expectations, while headline CPI stood at 0.2% MoM and 2.7% YoY. The data reinforces the likelihood that the Federal Reserve will maintain its current monetary stance.
4. Capital Flows Stall, Vietnam Stocks Cool Down
After a strong rally, Vietnam’s stock market paused as buying momentum weakened. Foreign investors returned to net selling, creating short-term downside pressure.
News 12/8: Capital flows weaken, ASF outbreak pressures prices
5. ASF Outbreak Spreads in Thanh Hoa
Over 24,000 pigs have been culled due to an African swine fever outbreak in Thanh Hoa, raising concerns over food supply and potential inflationary pressure on meat prices.
6. US Considers Allowing Nvidia to Sell New AI Chips to China
The US government is considering permitting Nvidia to export new AI chips to China. While this could ease tech tensions, it still poses risks amid ongoing trade disputes.
7. ECB Warns of Risks from USD-Pegged Stablecoins
The European Central Bank (ECB) warned that USD-pegged stablecoins could undermine the euro’s international role if not tightly regulated.
Outlook for the Next Trading Session
Analysts say that US inflation data and the RBA’s rate hold will keep the USD stable, with gold prices likely to remain flat in the short term, while global equities may continue moving sideways as markets await central bank policy signals.
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