◆ Daily Global-Macro Brief LIVE
TODAY IN 30 SECONDS
  1. StanChart Warns Oil Market Prone to Sharper, More Frequent Spikes Amid Middle East Tensions · 2 sources
  2. Speculators turn net long on yen for first time since February
  3. Trump Demands US Have World's Lowest Interest Rate Ahead of Fed Meeting, Threatens Trade Action
  4. Circle acquires Tazapay for $400M to expand emerging market reach
  5. BRICS Leaders Adopt Joint Declaration Calling for 'Maximum Restraint' in Iran War

Markets 33

+
  • Speculators moved to a net long position on the yen for the first time since February, per CFTC data.
  • Net non-commercial positions showed 10,796 long contracts in the week to September 8, reversing from 92,227 net shorts.
  • The yen has surged this month on expectations of accelerated Bank of Japan rate hikes and potential asset repatriation.
  • The dollar-yen rate reached 152.89 on September 8, marking the strongest level for the yen since February 17.
  • The yen had previously hit a four-decade low of 163.99 per dollar in July before market intervention.

Macro/Economy 53

  • Japan's future investment projects in the U.S. are expected to concentrate on the power industry.
  • Next-generation nuclear initiatives are potentially back on the table for consideration.
  • Japanese Minister of Economy, Trade and Industry Ryosei Akazawa conveyed this to Nikkei.

Central Banks 1

+
  • President Trump stated the US should have the world's lowest interest rates, regardless of inflation data.
  • His comments come days before a Federal Reserve meeting where a rate hike is widely expected due to elevated inflation (CPI up largest in 4 months).
  • Trump argued current rates benefit other countries at the expense of the US, despite the US having the 'best credit'.
  • He reiterated a threat to stop trading with countries with which the US has a deficit if rates are not lowered.
  • While the White House will defend Fed independence, Trump is expected to be unhappy if the Fed raises rates.

Energy/Oil 8

+
  • Oil prices reached nearly $110 per barrel, marking the highest level since July.
  • Standard Chartered warned that the oil market is now built for sharper, more frequent price spikes.
  • IRGC claimed attacks on eight oil tankers and two U.S. Navy destroyers in the Strait of Hormuz, which CENTCOM denied.
  • The U.S. military had previously destroyed five IRGC-linked oil tankers in the Gulf of Oman.
  • Hopes for a quick resolution to the Middle East conflict are fading.

Crypto 7

+
  • Circle acquired Singapore-based payments firm Tazapay for $400 million.
  • The acquisition aims to secure crucial emerging market payment infrastructure and links.
  • These links are noted as taking 'years to build' organically, accelerating Circle's expansion.
  • The deal is expected to enhance Circle's global payment capabilities, particularly in developing economies.

Geopolitics 26

  • BRICS group leaders unanimously adopted a joint declaration.
  • The declaration calls for 'maximum restraint' regarding the Iran war.
  • This marks a significant breakthrough after previous failures by foreign ministers to issue a collective document.
  • Indian PM Narendra Modi and Chinese President Xi Jinping met on the sidelines of the BRICS summit in New Delhi.
  • Leaders emphasized that 'differences should not become disputes' between the two nations.
  • Discussions included the need to address concerns related to trade and supply chain issues.
  • Thailand denies approving a new 31-million-baht aid project for Cambodia.
  • The actual allocation is 18.2 million baht, not 31 million baht.
  • The 18.2 million baht covers interest payments on two previously completed infrastructure projects.
  • These projects include the R67 road (12 million baht interest) and the Stung Bot checkpoint (6.2 million baht interest).
  • The allocation was reviewed and approved by both the House and Senate.

Tech/AI 12

  • Hong Kong is intensifying efforts to attract technology start-ups and foster unicorns.
  • Expanded financial support is being provided via a key government-backed platform.
  • The city is leveraging its booming fundraising activities and world-class financial infrastructure.
  • Investors are showing increased appetite for the local tech scene compared to a decade ago.
  • Fujitsu plans to begin exporting AI semiconductors to the U.S. and Asia as early as next year.
  • The AI chips are developed using technology from Fujitsu's 'Fugaku' supercomputer.
  • The company aims to capitalize on the growing demand for CPUs used in AI inference.
  • Fujitsu seeks to expand its global presence in the semiconductor market.
  • Huawei Technologies developed the BoGuan large language model (LLM).
  • The LLM is trained on regional history, specifically for China's Shaanxi province and Xi'an.
  • It is designed to generate tourism content and attract visitors.
  • The service aids in forming merchandise and itineraries for tourist destinations.

Companies 3

  • AI company Anthropic informed investors it anticipates profitability for the second straight quarter.
  • This marks a significant financial milestone for the privately held artificial intelligence firm.
  • The report was made to investors, as reported by the Financial Times.
  • Bandai Namco Holdings is collaborating with cosmetics maker Kao and daily goods maker Lion.
  • The partnership aims to recycle used toothbrushes and household product packaging.
  • Recycled materials will be transformed into popular Gundam plastic model kits.
  • The initiative seeks to promote resource recycling across industries.
  • The goal is to shrink the environmental footprint of the popular model kits.
  • Vingroup founder Pham Nhat Vuong is transitioning leadership of main businesses to his two sons.
  • Eldest son, Pham Nhat Quan Anh, will become CEO of electric vehicle maker VinFast.
  • Second son, Pham Nhat Minh Hoang, will take over as CEO of Green and Smart Mobility (GSM).
  • This move signals a generational transition at one of Vietnam's largest conglomerates.

Thai Markets 10

Other 2

  • Professional Game Referees (Pro Ref) admitted VAR wrongly awarded Erling Haaland's goal for Manchester City against Manchester United.
  • The goal was initially disallowed for offside, then overturned by VAR, despite City midfielder Enzo Fernandez being in an offside position.
  • Pro Ref stated VAR "did not recognise the likely impact" of Fernandez's position and "should have recommended an on-field review."
  • Manchester United manager Michael Carrick and defender Lisandro Martinez criticized the decision, calling it an "injustice."
  • Narita Airport near Tokyo utilizes eight specially trained dogs for explosive detection.
  • These are Japan's only airport canines dedicated to finding bombs.
  • Their role is distinct from other airport dogs tasked with detecting illegal drugs and plants.