Russian finance minister talking to Reuters 10 July
On proposed new US sanctions he says:
- negatively impact Russian plan to privatise state companies
- would be difficult to expand borrowing plan from 1trln roubles approved for this year
- new US sanctions wouldn’t spur exodus of foreign investors from Russian OFZ bonds
He adds that Russia will focus on fighting tax evasion in 2018.
Oil has taken a dip of its own this morning with WTI falling to $46.20 from $47.15 on the plentiful supply still but running into a little demand as I type.
Traders unimpressed by report that OPEC might ask Libya and Nigeria to cut output.
Positive tones to equities on USDJPY/loose money combo 10 July
- high 20127.76
- low 20023.03
- Topix +0.52%
- USDJPY 114.17
In Australia the S&P/ASK200 closes up 0.36% at 20080.98
Core Machinery orders data, from Japan
-3.6% m/m for a big miss on expectations and below the prior m/m change also
- expected +1.7%, prior -3.1%
And +0.6% y/y, ditto
- expected +7.6%, prior 2.7%
In the face of this data the government has cut its assessment for machinery orders growth. Says its stalling.
A negative on the economy this lot of data. Having said this not that this ia very volatile data set. On the face of it a negative for the yen as it implies continued Bank of Japan accommodative policy. But, that is not going away any time soon anyway with inflation nowhere near target.
Japan BoP Current Account Balance ¥ 1653.9bn
- expected ¥ 1792.8B, prior ¥ 1951.9B ¥ bn
BoP Current Account Adjusted for May ¥ 1400.9bn
- expected ¥ 1629.5B, prior ¥ 1807.4B
Trade Balance BoP Basis May ¥ -115.1bn
- expected ¥ -45.0B, prior ¥ 553.6B
In July there is a ministerial committee scheduled, its for monitoring OPEC / non-OPEC oil cut agreement
- Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC)
- Meets on July 24 in St Petersburg
Mohammad Barkindo, Secretary General of OPEC, spoke with media in Istanbul before the World Petroleum Congress (July 9-13)