The just-released minutes of the ECB’s September meeting show a unanimous decision to keep interest rates on hold, viewing this approach as the most appropriate response to ongoing elevated uncertainty
MKT INTEL VIEWS: NVDA delivered a solid print (rev +56%y/y) but the stock is down as this was the smallest % increase in 2 years and results were a bit light of expectations (see our spec sales take here). The stock market reaction across Asia Tech seems to suggest the AI trade remains intact, although reports that China chipmakers are aiming to triple AI chip output next year also helped (within SHCOMP, Tech is the only sector in the green this morning as 85% of stocks are lower).
The just-released minutes of the ECB’s July meeting show that the central bank entered the summer break with a strong feeling that the job was done and that the bar had been set high for another rate cut. Still, this wait-and-see stance had at least a touch of an easing bias
It’s becoming increasingly clear that Trump’s dismissal of Lisa Cook is not going to have a big short-term FX impact. The implications may only play out in the longer run, as the current focus remains more on data. French politics also appears to be treated with plenty of caution by the currency market. We think EUR/USD can stabilise today
