Sept 13 Asian Macro Initial Thoughts expect a mixed start. US Inflation data Tues & China Retail Sales and Unemployment Weds.


13 Sep

This and previous notes can be found at Substack ( Asian Market Sense )
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Asia likely to see a mixed open. Interesting to note that companies are looking to increase their spending on capex as they hope pent up demand will translate into purchases. China’s mixed loans data, out Friday, adding to the uncertainty. Property in focus due to the pressure on Evergrande and other developers and later this week we get House Price Index. Also this week for China: Industrial Production, Retail Sales and Unemployment. Other key data is Japanese PPI, Industrial Production, Tankan, Machinery Orders, Trade Data. For S Korean just Unemployment.
Australian Inflation Expectations, Business Confidence, House Price Index & Sales data. Consumer Confidence, Unemployment data, RBA Bulletin.
Taiwanese-American organizations in California last week issued joint statements calling for Taiwan’s participation in the UN ahead of its General Assembly, which begins tomorrow, saying that the nation is ready to make concrete contributions to international affairs.

Australia Futures indicate the market to open -28pts following the US. Oil higher on Friday +VE. Gold weak, along with Iron Ore.  Ex Div  includes Chorus Ltd (ASX: CNU), healthcare company Healius Ltd (ASX: HLS), and investment platform provider HUB24 Ltd (ASX: HUB).
Watch Infrastrucutre on the revised bid for Sydney Airport and Telstra as GS reiterate Buy and raise price target.
Data due Consumer Inflation Expectations
Japan Nikkei local futures +135pts,  Chicago Futures +40pts so expect market  to open higher despite the weak US.  Important will be the pre market  PPI data but I think any downside likely to be limited by the increased  foreign interest in Japanese equities; especially with the prospect of a   new prime minister.  
S Korea Futures indicate +2pts despite the weak US on Friday but downside possible with the expectation of more regulation of the online platforms.  But downside likely to be supported by continued interest in semi’s.
Taiwan Expect market to open lower following the US and with Typhoon Chanthu having made landfall.  
China Expect market to open lower following the US and the mixed loans data out after market Friday.  Golden Dragon closed -132pts on Friday
HK ADR’s -163pts at 25,553 broad weakness with only CLP and Petrochina closing higher. The mixed Chinese loans data also a negative.  Evergrande, R&F and other developers under pressure as the  market watches to see if they can find a solution other than default.
Europe Just German Wholesale Prices but  key will be sentiment on the delta variant and the general return to work.
US Ahead Consumer Inflation expectations and Monthly Bidget Statement.  Inflation data due out Tuesday and this week Apple is expected to release its new iPhone this week.

JAPAN
Nikkei local futures +135pts,  Chicago Futures +40pts so expect market to open higher despite the weak US.  Important will be the pre market PPI data but I think any downside likely to be limited by the increased foreign interest in Japanese equities; especially with the prospect of a  new prime minister.  
Yen currently 109.93
Data due
BSI Large Manufacturing data Q3 (Q2 was -1.4 F/cast is -1)
PPI Aug Jul +1.1% MoM (F/cast is 0.4%)
PPI Aug Jul +5.6% YoY (F/cast is +5.8%)
Tokyo confirmed 1,067 new cases of coronavirus infection on Saturday (-206 DoD)
Japan's popular minister of administrative affairs, Taro Kono, on Friday formally announced his candidacy to lead the ruling Liberal Democratic Party (LDP) and become the next prime minister; press says that he is ahead in the opinion polls.
Japan will start discussing as early as this week whether to administer third shots of coronavirus vaccine, potentially by the end of the year, amid the spread of the highly contagious Delta variant, sources familiar with the matter say.
Japan's defence ministry said on Sunday that a submarine believed to be from China was spotted in waters near its southern islands, as maritime tensions persist in the Pacific.  -VE
Amid China's rise, Japan defense chief says Tokyo and Hanoi have 'same destiny' and should boost defense cooperation for regional stability based on the  rule of law, Defense Minister Nobuo Kishi said Sunday, amid China's  increasingly assertive maritime activity.+VE
Countries in the Asia-Pacific region are increasingly being threatened by China, and like-minded nations should work together to resist such threats, Japanese politicians said. Japanese House of Representatives members Keiji Furuya and Masahisa Sato made the comments in a video played on Friday at a conference held by the Taiwan Japan Academy in Taipei.  Furuya praised President Tsai Ing-wen’s  administration for its efforts in reinforcing exchanges with countries in Southeast Asia and South Asia through the New Southbound Policy.  +VE
FamilyMart Co. plans to open about 1,000 convenience stores with unmanned checkout counters by the end of fiscal 2024, sources said.
The unit of Itochu Corp. will open the outlets mainly in depopulated areas with few retail stores and in front of train stations, as the outlets can be operated at low costs and be set up in small spaces +VE.
Nearly 10 percent of Japanese firms said they will hire more regular workers, over three times as many as those that will slash them, to cope with upcoming sharp hikes across the country in the minimum wage, a recent survey by a credit research company showed +VE.
The survey by Tokyo Shoko Research apparently reflected that more employers are judging it better to shift their labor force to nonfixed-term regular workers, given that it would be more costly for them to employ fixed-term, hourly-paid nonregular staff.
Toyota, the world's top-selling automaker, said on Friday it would further slash production in Japan and abroad because of ongoing virus disruptions and a chronic global chip shortage. -VE
The prices of five major wheat brands imported by the Japanese government and sold to private milling companies will be raised by an average of 19 percent for the October-March period from the previous six months, according to the farm ministry. -VE
TEPCO Renewable Power Inc. will start making preparations to build offshore wind farms, which will have dozens of floating wind turbines, in the latter half of the 2020s, President Seiichi Fubasami said+VE
Japan Post Co. and Sagawa Express Co. said Friday that they have reached a basic agreement to collaborate on parcel delivery operations to meet pandemic-induced growth in delivery demand.
The two companies aim for sustainable logistics services by expanding their collaboration at a time of growing concerns about driver shortages. +VE

SOUTH KOREA
Futures indicate +2pts despite the weak US on Friday but downside possible with the expectation of more regulation of the online platforms. But downside likely to be supported by continued interest in semi’s.
No data due
KDCA announced the country added 1,755 COVID-19 cases, including 1,725 local infections,
Officials from the United States, South Korea and Japan will hold a meeting on North Korea next week in Tokyo, South Korea's foreign ministry confirmed on Friday +VE for sentiment.
According to industry sources Sunday, the Ministry of Trade, Industry and Energy will decide on Sept. 23 whether to raise electricity rates for the fourth quarter.  A price hike seems inevitable, as the ministry and state-run utility Korea Electric Power Corp. already froze power bills twice in the second and third quarters in reflection of ongoing COVID-19 setback and inflation concerns. -VE
N Korea says it has fired a new cruise missile -VE
Renault Samsung Motors said Sunday it is launching the Master van on GS Retail’s home shopping channel GS My Shop after it saw successful sales of its electric vehicle Zoe in July. The automaker said they decided to expand the sales route to home shopping programs for the 15-person van amid the increasing popularity of large-size vans and camping cars.  +VE
Samsung Electronics Co. is expected to defend its top spot in global semiconductor sales in the third quarter of the year, a report showed Sunday, on the back of strong memory demand.  Samsung, the world's largest memory supplier, was projected to log $22.32 billion in semiconductor sales in the July-September period, up 10 percent from a quarter earlier, and maintain its lead against Intel Corp., according to the latest McClean Report from market researcher IC Insights.
Intel was estimates to have seen sales drop. TSMC expected to hold onto 3 place and Hynix fourth. +VE
LG Chem Ltd., South Korea's biggest chemical firm, said Sunday it will  produce biodegradable plastics after joining hands with a smaller local  chemical company in a move to expand its presence in the eco-friendly  product market. +VE
Retail investors bought more than 1 trillion won ($854 billion) worth of Kakao shares for three days from Wednesday to Friday, when they fell 15 percent amid record short-selling triggered by mounting concerns over tightening regulations. +VE
Apple rejected on Thursday a request by "Fortnite" creator Epic Games to restore its account on the iPhone maker's iOS platform in South Korea to add its own payment option, in their latest tussle over app development fee -VE.
Amid growing scrutiny of online giants Naver and Kakao, South Korea’s antitrust watchdog chief on Friday spoke of the need to regulate massive online platforms in order to better protect small vendors and consumers -VE.
Kakaopay, a financial unit of tech giant Kakao Corp., will suspend its car insurance comparison service later this month after providing an unauthorized brokerage service, industry sources said Friday -VE.
Doosan Infracore on Friday announced that it will sell stocks to raise 800 billion won ($682 billion). The proceeds from the stock sale will be used mainly to pay off its debts and for other purposes, the company said in a regulatory filing +VE.
Talks between major automakers and the secondhand car industry have fallen through, stalling the process of opening the market to carmakers, sources close to the matter said Friday -VE.
Lotte Confectionery said Friday that it will release a special BTS edition of its popular Xylitol chewing gum next month +VE.
US robotics startup Boston Dynamics said Friday it will expand its partnership with South Korean automaker Hyundai Motor Group to integrate its robotics technologies in future mobility solutions and expand their applications in other industrial sectors. +VE

TAIWAN
Expect market to open lower following the US and with Typhoon Chanthu having made landfall.  
No data due
Taiwan's government scolded Fitch Ratings on Friday for calling the island part of China for the first time, in an announcement on upgrading Taiwan's economic outlook, and said it was talking to the company about the issue
A Financial Times report that the US is considering allowing Taiwan to change the name of the Taipei Economic and Cultural Representative Office in Washington to feature the name “Taiwan” highlighted Washington’s “two-pronged” approach to China, a researcher said yesterday +VE.
Wistron Corp  plans to invest about NT$11.1 billion (US$400.58 million) in Taiwan, in line with its global deployment strategy, the Ministry of Economic Affairs said on Friday.  The company’s investment is also a demonstration of robust demand for 5G, artificial intelligence (AI) and Internet of Things applications, the ministry said in a statement. Wistron, spun off from Acer Inc in 2001, is a notebook computer original design manufacturing partner to major PC brands. The company also produces servers, data storage devices, game consoles and communications products for brand clients on a contract basis. +VE
Chicony Power Technology Co cut about 80 jobs after dissolving its motor department due to the COVID-19 pandemic, it said yesterday in a filing with the Taiwan Stock Exchange.  The dissolution would not significantly affect the company’s operations, as the department accounted for less than 0.1 percent of the company’s total revenue, it said in the filing: Little impact.
Hon Hai Precision Industry Co is using TSMC’s technology to produce its electronic control units (ECUs), as part of its foray into electric vehicle development. In an online Next Forum held by the Hon Hai Research Institute and industry group SEMI on Thursday, Chen Wei-ming, head of Hon Hai’s semiconductor business group, said the company was using TSMC’s 40-nanometer process for ECU production +VE.
Vaccine maker Adimmune Corp yesterday reported revenue of NT$236 million (US$8.52 million) for last month, up 40 percent from a year earlier, on the back of advanced shipments of flu vaccines to China. Chinese customers this year ordered 1.5 million flu vaccines from the company, five times more than last year, Adimmune said in a statement, adding that it began shipping some of the vaccines last month. +VE
Local manufacturers invested NT$429.1 billion (US$15.5 billion) in fixed assets last quarter, 24.5 percent more than a year earlier, the Ministry of Economic Affairs said yesterday. Most of the fixed assets were on manufacturing equipment to cope with surging worldwide demand, it said. The figure represented a quarterly increase of 4.7 percent and marked a record for the second quarter, ministry data showed. +VE
The world’s third-largest container carrier is capping spot rates for ocean freight for the next five months, it said on Thursday, yielding to pressure from some customers and regulators who are concerned that global trade disruptions have pushed the cost of shipping too high. “Although these market-driven rate increases are expected to continue in the coming months, the group has decided to put any further increases in spot freight rates on hold for all services operated under its brands,” CMA CGM SA said in a statement on its Web site +VE for business.
Credit card spending in the nation fell for a second consecutive month in July, declining 7.5 percent annually to NT$335.4 billion, as consumers purchased less amid a local outbreak of COVID-19, the Financial Supervisory Commission said.  In May, when the outbreak began, credit card spending rose 11.6 percent annually to NT$239.6 billion, data released by the commission on Thursday showed.
However, credit card spending declined 9.19 percent to NT$215.3 billion in June, as the outbreak affected private consumption, the commission said. -VE for Banks and Credit Card companies.
CPC Corp, Taiwan and Formosa Petrochemical Corp yesterday announced that they would reduce gasoline and diesel prices by NT$0.1 per liter, effective today. Both firms last week raised gasoline prices by NT$0.2 per liter, but lowered diesel prices by NT$0.1 per liter.
CHINA
Expect market to open lower following the US and the mixed loans data out after market Friday.  Golden Dragon closed -132pts on Friday
No data due but could get FDI (YTD).
After market Friday 
New Yuan Loans Aug CNY 1220B vs 1080B Jul (F/cast was 1300B)
Outstanding Loan Growth Aug +12.1% vs 12.3% Jul (f/cast was +12.4%)
Total Social Financing Aug CNY 2960b vs 1060B Jul (F/cast was 2750B)
M2 Money Supply Aug 8.2% YoY vs 8.3% Jul (F/cast was 8.4%)
For the first eight months of 2021, China's imports-exports combined value, exports value and imports value amounted to RMB24.78 trillion, RMB13.56 trillion and RMB11.22 trillion respectively, logging record new highs, compared to corresponding periods in history, according data from the country's Ministry of Commerce.
Putian a city in southern China that is trying to contain a coronavirus  outbreak told the public on Sunday not to leave town, suspended bus and  train service and closed cinemas, bars and other facilities. Anyone  who needs to leave Putian, a city of 2.9 million people south of  Shanghai in Fujian province, for an essential trip must have proof of a  negative coronavirus test within the past 48 hours, the city government  announced.  In Putian, 19 new infections that  were believed to have been acquired locally were reported in the 24  hours through midnight Saturday, according to the National Health  Commission. One was reported in Quanzhou, also in Fujian.
China Banking and Insurance Regulatory Commission (CBIRC) is planning to launch exclusive commercial pension insurance products, with the aim to propel the development of China's third-pillar pension market. Six testing institutions including China Life and Taiping Life Insurance have been actively engaged in the preparation works and have already introduced multiple relevant products.
China and Vietnam should refrain from unilateral actions regarding the South China Sea that could complicate the situation and magnify disputes, senior Chinese diplomat Wang Yi told a Vietnamese official, China's foreign ministry said.  State Councillor Wang was speaking with Vietnamese Deputy Prime Minister Pham Binh Minh during a visit to Vietnam, the ministry said in a statement on Saturday.
Another sign of China trying to increase its dominance.
China's industry ministry has told technology companies including Alibaba Group Ltd and Tencent Holdings Ltd to stop blocking each other's website links from their platforms, the 21st Century Business Herald said Saturday.
China has lobbied the Australian parliament to help it join a major regional trading pact, describing the strength of Chinese trade with Australia and avoiding mention of billions of dollars in punitive sanctions imposed by Beijing.

HONG KONG
ADR’s -163pts at 25,553 broad weakness with only CLP and Petrochina closing higher. The mixed Chinese loans data also a negative.
No data due

SHORT SELLING HSI Friday 13.5% vs 17.6% Thursday
Top shorts 
Wharf REIC (1997) 58%, Mengniu Dairy (2319) 38%, MTR (66) 34%, CLP(2) 33%, Sunny Optical (2382) 31%, Sands China (1928) 29%, CK Assets (1113) 29%, BYD Co (1211) 28%, Country Garden (2007) 28%, Bank of China (3988) 27%, Haidilao (6862) 27%, Shenzhou (2313) 25%

WATCH
XIAOMI-W (01810.HK) +0.500 (+2.119%) Short selling $478.31M; Ratio 23.500% 's statement disclosed that it has repurchased 2.0174 million shares 
of the company on the Stock Exchange on 10 September, at a price ranging between $23.9-23.95, involving a total amount of approximately $48.3153 million +VE.

TENCENT (00700.HK) +10.000 (+2.083%) Short selling $541.74M; Ratio 3.112% 's statement disclosed that, on 10 September, it has repurchased 210,000 shares of the company on the Stock Exchange, at a price ranging between $481.4-489.4, involving approximately $102 million.

Q TECH (01478.HK) +0.420 (+3.415%) Short selling $506.12K; Ratio 2.256% announced that, over August, the total sales volume of camera modules amounted to 40.756 million units, up 20.4% YoY and 4.1% MoM +VE.

JIAYUAN INTL (02768.HK) +0.030 (+0.946%) Short selling $998.42K; Ratio 9.495% announced that, for the period from 1 August 2021 to 31 August 2021, the contracted sales of the group was approximately RMB2.561 billion, representing a year-on-year decrease of approximately 16%; and the corresponding gross floor area sold was approximately 210,047 sq.m., representing a year-on-year decrease of approximately 27%.

Macau's chief executive Ho Iat-seng expressed that, according to the regulations under the Constitution of the PRC and Macao Basic Law, the gaming industry is not allowed to operate in the Mainland China. The gaming corporates, therefore, will not be moved into Hengqin and will continue to stay in Macau.

BAIYUNSHAN PH (00874.HK) +0.550 (+2.613%) Short selling $1.32M; Ratio 2.959% announced that GP Corp., a subsidiary of the company has sold initial underlying assets (accounts receivable with a face value of approximately RMB1.013 billion) to Industrial Securities Asset Management, for a consideration of RMB1 billion.

GAC GROUP (02238.HK) -0.040 (-0.476%) Short selling $12.45M; Ratio 6.187% announced the relevant data for August 2021. The production volume of vehicles for the period was 117,379 units, representing a year-on-year decrease of 29.4%. The sales volume was 122,366 units, representing a year-on-year decrease of 32.3%.

Fitch Ratings announced that it downgraded MEITUAN-W (03690.HK)'s Long-Term Foreign-Currency Issuer Default Rating (IDR) to BBB- from BBB with Negative Outlook.
The rating agency also lowered the company's senior unsecured rating and ratings on its bonds to BBB- from BBB. Fitch elaborated that the downgrade reflected the greater regulatory uncertainty that the company faced, intensifying the volatility of profitability and investment. -VE

CHINA MOBILE (00941.HK) +0.550 (+1.140%) Short selling $29.17M; Ratio 2.500% announced to start the centralized procurement project of ordinary optical cables for 2021-22 as the market expects the sector's demand-supply dynamics to see further improvement.  The highest bidding price for this procurement project is set at RMB9.859 billion, with the procurement scale expanded by 20% and 36% respectively, compared to 2020 and 2019.

SOHO CHINA (00410.HK) +0.300 (+9.375%) Short selling $21.85M; Ratio 11.661% announced, in relation to the pre-conditional voluntary conditional cash offer to be made by Two Cities Master under Blackstone Group for all the issued shares in the company, that, as at the date of the announcement, none of the pre-conditions to the making of the offer has been satisfied.  The relevant parties have concluded that the pre-conditions are unable to be satisfied on or before the long stop date and have also agreed that there will be no extension to the long stop date. In order to release the company from its ongoing obligations under the takeovers code and to enable an orderly market for the shares to be maintained, the parties have determined and mutually agreed that the offer should not be made. The offer deadline has, therefore, been terminated today (10th). -VE for sentiment

PICC P&C (02328.HK) +0.080 (+1.078%) Short selling $50.40M; Ratio 28.659% announced that the original insurance premium income of the Company for the first eight months of 2021 was RMB309.843 billion, up 0.7% yearly. Slight +VE

Centaline Rental Index (CRI) last printed at 116.11, logging a 18-month high. The index rose 1.18% MoM, marking the sharpest surge in 24 months.
Centa-City Leading Index (CCL) last stood at 189.77, hitting the 5th-highest level under a 0.01% weekly rise.
CCL Mass last stood at 193.18, up 0.22% weekly.
CCL (small-and-medium units) last reported at 190.41, up 0.05% weekly.

Kowloon CCL Mass set a record high at 189.94, up 2.18% weekly with the sharpest growth in 12 weeks, said the research department of Centaline Property.

The online ceremony of Cross-boundary Wealth Management Connect in the Guangdong-Hong Kong-Macao Greater Bay Area was held today (September 10), marking the official launch of the scheme 
which enables residents in Hong Kong, Macao and nine cities in Guangdong Province to carry out cross-boundary investment in wealth management products distributed by banks in the area.
The Chief Executive, Carrie Lam, said Wealth Management Connect is a milestone in the financial development of the Greater Bay Area and an important measure that deepens and widens mutual access between the financial markets of the Mainland and Hong Kong.
Hong Kong is very grateful for the support of the Central Government and the preparation work by the relevant regulatory authorities for launching this scheme long-awaited by the industry, which will further consolidate Hong Kong’s role as the international financial centre of its country. +VE
DOW -0.78%, NDX -0.87%, S&P -0.77%, Russel 2K -0.96%
Markets opened hihger but dipped and spent much of the day trading around flat before dipping lower from around 2pm. Apple was weak having touched a new high on Thursday and news that a judge ruled that it can no longer force developers to use in-app purchasing in the closely watched trial between Apple and Epic Games.
The August producer prices index released Friday showed wholesale costs for businesses +8.3% on an annual basis, its biggest advance on record since at least 2010.
U.S. Department of the Treasury met with several participants of the financial industry, in order to inquire about the relevant risks and benefits of the cryptocurrency stablecoins, reported Reuters, citing three people familiar with the matter.
The U.S. government is weighing to launch a new investigation into the potential damage of China's trade subsidies on the U.S. economy, reported Bloomberg, citing people familiar with the matter.
Banks JPMorgan Chase -1.2%, Citigroup -1% Wells Fargo -0.1%, Amex -0.4 %
Work from home names: Facebook +0.2%, Apple -3.3%, Amazon -0.4%, Netflix +0.2%,  Disney -1%, Zoom Video +1.9%, Alphabet -1.9% and Microsoft -0.5%,
Tech NXP Semi +0.8%, Nvidia -1.4%, Micron +0.9%, AMD -0.9%, Skyworks -0.1%
Re-opening stocks  Boeing -1.7%, Caterpillar -0.2%, Simon Property -2.1%, Kohl’s -4.1%, Nordstrom -2.3%, Gap -3%, United Airlines -4.8%, Carnival -2.3%, Wynn Resorts -2.3%, Chevron +0.1%, Exxon Mobil -0.2%,  
Lock down names Campbell Soup +0.8% General Mills -0.03%, JM Smucker -0.2%
DATA
PPI Aug +0.7% MoM vs 1% Jul (F/cast was -0.7% )
PPI Aug +8.3% YoY vs +7.8% Jul (F/cast was +8.3%)
Core PPI Aug +6.7% YoY vs +6.2% Jul (F/cast was +6.7% )
Core PPI Aug +0.6% MoM vs +1% Jul (F/cast was +0.6% )
Wholesale Inventories Jul +0.6% MoM vs +1.2% Jun (F/cast was +0.6%)
WASDE Report
Baker Hughes Total Rig Count 503 vs 497 prior
Baker Hughes Oil Rig Count 401 vs 394 prior
USD was weaker vs Yen & Euro. Bitcoin -1.36% @ 45,010.10, VIX +11.4% @ 20.95, US T10 @ 1.343%
OIL Brent +2%, WTI +2.3%
Gold -0.66%, Silver +1.72%, Copper +3.35% Platinum -2.39%, Palladium -0.76%.
AHEAD Consumer Inflation Expectations

DAX -0.09%, CAC -0.31%, FTSE +0.07%
Markets opened higher and traded just above flat for most of the day but dipped in the last with the DAX and CAC closing in the red. Inflation and the ECB slowing its asset purchases impacting.
Germany’s finance and justice ministries were raided on Thursday as prosecutors investigate the government’s anti-money laundering agency, casting doubt over failings to tackle financial crime in Europe’s largest economy.
DATA
Germany
Inflation Rate Aug +3.9% YoY vs +3.8% Jul (F/cast was 3.9%)
France
Industrial Production Jul +0.3% vs +0.6% revised (F/cast +0.6%)
UK
Balance of Trade Jul £-3.1B vs -2.5B Jun (F/cast was -2B)
Construction Output Jul +8.6% YoY vs 30% Jun (F/cast was 10.5%)
Industrial Production Jul +3.8% YoY vs +8.3% Jun (F/cast was +3.2%)
Industrial Production Jul +1.2% MoM vs -0.7% Jun (F/cast was +0.5%)
Manufacturing Production Jul +6% YoY vs +13.9% Jun (F/cast was +6.6%)
Manufacturing Production Jul +0% MoM vs +0.2% Jun (F/cast was +0.5%)
GDP 3 Month Ave Jul +3.6% vs +4.8% Jun (F/cast was +4%)
GDP Jul +0.1% MoM vs +1% Jun (F/cast was +0.7%)
Goods Trade Balance Jul £-12.706B vs -11.988B Jun (F/cast was -11.2B)
NIESR Monthly GDP Tracker Aug +2.4% vs +3.9% Jul (F/cast was 4%)
AHEAD
EUROZONE No data due
GERMANY
Wholesale Prices
FRANCE No data due  
UK  No data due

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