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The RBA Keeps Rates on Hold and Moody's Lowered the EU AAA Outlook to Negative

 

The US markets were closed yesterday for  the Labor Day public holiday, meaning that volumes were thin between the European and Asian sessions.

Overnight during the Asian session, the RBA rate decision took centre stage, and left interest rates on hold at 3.50%, as expected.  AUDUSD initially rallied on the decision and is currently trading at 1.02861.

The London 2012 Olympic Games failed to boost the UK high street, with August BRC like-for-like retail sales -0.5%. This does come as little surprise due to the mixture of weather, wall-to-wall coverage of one of the greatest sporting events and tourist only flocking to the Olympic Park.

Headlines:

  • Moody’s lowered the ratings outlook on the EU’s AAA rating from stable to negative - Bloomberg
  • The Italian drinks maker, Campari has made its first entrance into the rum market. It has agreed to buy Jamaica’s Lascelles deMercado & Co for $414.7m - CItyAM
  • The US SEC may be left $100m out of pocket as Lewis Chester, has put his beleaguered hedge fund into administration – The Daily Telegraph
  • UK coalition cabinet reshuffle catching many of the headlines
  • A glimpse of hope for the M&A market in London as there is expectation that Direct Line may float on the London Stock Exchange later this year
  • Vodafone has setup a partnership with Kuwaiti-based telecoms giant Zain, as it expands in the Middle East – Reuters
  • BP sued by a group of investors 'for hiding truth over safety' in Gulf oil disaster – Daily Telegraph
  • LLoyds Banking Group private quity arm yesterday agreed to provide £20m for a new restaurant fund - CItyAM

 

Data to be aware of today UK PMI Construction data for August (09:30), Eurozone PPI (10:00), US Construction Spending and ISM Manufacturing (15:00)

 

*All above times are London, England.

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