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� The US continued to grind higher with the S&P breaking 6500 as solid data helped drive ahead of PCE today.
� Resilience in consumer spending is key to the upward revision to 2Q GDP to 3.3%.
� Waller supporting the cut next month�unsurprising given he is gunning for the job!
� CommServs, Tech and Energy led. Utilities, Healthcare and REITs lagged.
� AsiaPac is mixed with China and Taiwan on the winning end.
� Not much on the news front and eyes will be on key earnings from the likes of Baba.
� Tokyo�s inflation rate excluding fresh food slowed as expected.
� The greenback has gained some ground vs majors and EMFX � ZAR 17.73.
� Yields are steady: US2y 3.63/US10y 4.21.
� Aussie curve bear flattens while JGB futures are steady.
� SK bond futures are largely unmoved after a record issuance plan for 2026.
� Commodities are trading with a weaker bias with base metals the only ones in the green.
� Another headline risk removed and we more onto PCE which shouldn�t bring any surprises.
� The rand is weaker this morning, at R17.71/$, after closing weaker yesterday (R17.68/$*).
Key events and data:
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� 10h00: Eurozone ECB 1 yr and 3 yr inflation expectations (July)
� 14h00: SA trade balance (July), monthly budget balance (July)
� 14h30: US personal income and spending (July), advance goods trade balance (July)
� 16h00: US University of Michigan sentiment index, 1 yr and 5-10 yr inflation expectations (August � final)
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