Daily US Equity Opening News - NVDA gains on FY28 outlook; CRM surges on earnings; CRWD jumps after beat & raise

• US INDEX FUTURES: ES +0.3%, NQ +0.8%, YM -0.2%, RUT -0.1%

DAY AHEAD:

• US DAILY CONFERENCE CALENDAR: LITE, NOW, AMAT, AVGO. For the full list, click here.
• CENTRAL BANKS: The Fed’s Jackson Hole Symposium opens (27-29th August).
• DATA: In North America, wholesale inventories advance (prev. 0.2% M/M); Kansas City Fed manufacturing (prev. 17) and composite (prev. 9).
• EARNINGS: Notable corporates reporting today include Marvell Technology (MRVL), Autodesk (ADSK), Workday (WDAY), Affirm (AFRM), Ulta Beauty (ULTA), Gap (GAP).
• SUPPLY: US sells USD 44bln of 7-year notes.
• ENERGY: EIA reports weekly natural gas stocks change, with the street looking for a build of 19BCF (prev. 16BCF).

INDEX

• Tenable Holdings (TENB) will replace Leggett & Platt (LEG) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, August 31.

TECH:

• Nvidia (NVDA) - Nvidia shares initially slipped as much as 3% on its earnings release, after the company noted that its commitments have more than doubled due to memory procurement costs, and it saw Q3 margins falling below Q2 levels; however, shares ultimately finished extended US trading with gains of over 7%, after execs forecast stronger-than-expected revenue growth in FY28, supported by broadening AI demand, accelerating adoption of its next-generation processors and expanded cloud partnerships, despite the ongoing supply constraints. The Information citing sources also reported that Nvidia has agreed to acquire the open-source AI models and datasets platform Hugging Face for USD 12.9bln. It reported Q2 adj. EPS of 2.22 (exp. 2.09), Q2 revenue USD 96.2bln (exp. 92.3bln). Data centre revenue USD 89.0bln (exp. 85.86bln), hyperscale revenue USD 48.71bln (exp. 43.55bln), compute and networking revenue USD 88.30bln (exp. 84.69bln), edge computing revenue USD 7.20bln (exp. 6.61bln). Its commitments rose to USD 279bln in Q2 (from USD 119bln), primarily due to memory procurement. Nvidia sold a small number of H200 AI chips to Chinese customers in the quarter, representing less than 1% of data centre revenue; sales remained below the amount permitted under a US licence because of objections from Beijing, while Nvidia recorded a USD 400mln charge for excess H200 inventory. CEO Huang said AI has reached an inflexion point, demand is accelerating and Vera Rubin is now in full production. Nvidia returned approximately USD 26.0bln to shareholders through buybacks and dividends, and had approximately USD 99.0bln remaining under its repurchase authorisation. Sees Q3 revenue between USD 105.84-110.16bln (exp. 104.9bln), sees Q3 adj. gross margin between 73.5-74.5% (vs 75% in Q2), Q3 adj. operating expenses about USD 9.0bln (exp. 8.97bln), with no China data centre compute revenue assumed in the outlook. Nvidia also expects FY28 revenue growth of about 70%; it noted that memory shortages remain a constraint on growth. Expects CPU revenue up more than double in FY28.
• Salesforce (CRM) - Salesforce rose in extended US trading after quarterly earnings beat expectations, guidance was stronger than forecast, and AI-related growth accelerated, helped by a large gain on its Anthropic investment. It reported Q2 adj. EPS 5.90 (exp. 3.27), Q2 revenue USD 11.3bln (exp. 11.3bln). Q2 remaining performance obligations USD 33.5bln (exp. 33.22bln), Agentforce ARR +240% Y/Y to more than USD 1.5bln and free cash flow +81% Y/Y to USD 1.10bln (exp. 643.2mln). Results included a USD 2.6bln gain on strategic investments; it expanded its Anthropic partnership, announcing ‘Claudeforce’, which integrates Claude across Salesforce, Agentforce and Slack, and it said that Q2 results included a USD 2.6bln gain on strategic investments, primarily from its Anthropic stake. CEO Benioff said generative AI has not undermined Salesforce’s software model, while the company continues expanding Agentforce and its Anthropic partnership. Final settlement of the USD 25bln accelerated share repurchase is expected in October 2026. Sees Q3 adj. EPS between 3.42-3.44 (exp. 3.37) and sees Q3 revenue between USD 11.42-11.50bln (exp. 11.4bln). Raised FY27 adj. EPS to between 16.67-16.71 (exp. 14.16) and raised FY27 revenue to between USD 46.1-46.4bln (exp. 46.1bln; prev. saw 45.9-46.2bln).
• Samsung Electronics (SSNLF) - Flashlight Capital Partners offered KRW 906.6bln for the combined 20.6% S-1 stake held by Samsung SDI, Samsung Life, Samsung Fire & Marine, Samsung Securities and Samsung Card, Bloomberg reports. The KRW 116K/shr offer represents a 45% premium; boards have been given until 23rd September to respond.
• CXMT (688825 CH) - CXMT has introduced High-k metal gate technology in G4-process LPDDR5X and is advancing HBM2E, HBM3 and G5 DRAM development, ZDNet Korea reports. TechInsights said CXMT remains about two generations behind leaders, while Samsung Electronics (SSNLF) and SK Hynix (SKHY) are pursuing 4F-square DRAM, and Micron (MU) may move directly toward 3D DRAM.
• CrowdStrike Holdings (CRWD) - Shares rose in afterhours trading, following a quarterly beat, while FY guidance was raised, and recurring revenue growth remained strong, supported by rising demand for AI-related cybersecurity. Q2 adj. EPS 0.31 (exp. 0.29), Q2 revenue USD 1.47bln (exp. 1.44bln). ARR +25% Y/Y to USD 5.84bln, with record Falcon Flex results and record net new ARR. CEO said Q2 was the best quarter in CrowdStrike’s history, and that rising AI adoption is expanding the need for cybersecurity. Sees Q3 adj. EPS 0.31 (exp. 0.31), sees Q3 revenue between USD 1.523-1.529bln (exp. 1.51bln). Raised FY27 revenue view to between USD 5.99-6.01bln (exp. 5.94bln; prev. saw 5.914-5.958bln), and sees FY27 adj. EPS between 1.25-1.26 (exp. 1.23).
• Kioxia Holdings (KXIAY), Sandisk (SNDK) - Kioxia and Sandisk plan to invest more than USD 31B in Japan through 2032, contingent on government support, building on their long-standing NAND flash memory partnership; the companies have invested more than USD 50B in Japan over the past 25 years.
• Synopsys (SNPS) - Synopsys edged lower despite beating quarterly earnings and revenue expectations and raising its FY outlook. Q3 adj. EPS 3.91 (exp. 3.67), Q3 revenue USD 2.48bln (exp. 2.44bln). Design IP revenue returned to Y/Y growth and is expected to increase sequentially again in Q4. CFO said growth is being driven by strong AI-related design demand as customers build increasingly complex chips on shorter development cycles. Raised FY26 adj. EPS view to between 15.04-15.10 (exp. 14.76; prev. saw 14.72-14.80) and raised FY26 revenue view to between USD 9.69-9.74bln (exp. 9.68bln; prev. saw 9.63-9.71bln).
• HP Inc. (HPQ) - Shares fell in extended US trading after declining PC shipments and weaker margins from rising memory and commodity costs overshadowed strong revenue growth and a higher profit outlook. Q3 adj. EPS 0.83 (exp. 0.66), Q3 revenue USD 15.7bln (exp. 14.1bln). Personal Systems revenue +18% Y/Y to USD 11.8bln, despite total PC units -16%, while Printing revenue -2% Y/Y to USD 3.9bln; Personal Systems operating margin was 4.6%. Q3 adj. EPS included a 0.11 benefit from tariff refunds, while free cash flow was USD 1.6bln, and it returned USD 0.6bln to shareholders via buybacks and dividends. Interim CEO Broussard said HP increased sales and share in premium products and improved memory supply and fulfilment; CFO Parkhill said the company is navigating a challenging cost environment. Sees Q4 adj. EPS between 0.69-0.79 (exp. 0.67), including a 0.08 tariff-refund benefit. Raises FY26 adj. EPS view to between 3.19-3.29 (exp. 3.05; prev. saw 2.90-3.10), including a 0.19 tariff-refund benefit, and raises FY26 free cash flow to between USD 3.0-3.2bln.
• Semiconductors - Trump administration is weighing sweeping new tariffs on semiconductors that could also hit products containing chips, including laptops, gaming consoles and data-center servers, Politico reports, citing sources. Commerce Secretary Howard Lutnick favours tying foreign companies’ tariff relief to investment in US chip manufacturing, while a phase-in period is also being considered; the framework could still be substantially revised in the coming weeks or months.
• Okta (OKTA) - Shares rose in extended trading after a quarterly beat and raised FY guidance. Q2 adj. EPS 1.05 (exp. 0.96), Q2 revenue USD 805mln (exp. 793.03mln). Execs said AI agents increasingly require trusted identities and clear access controls, positioning Okta to help organisations discover agents, secure connections, govern actions and respond to incidents. Sees Q3 adj. EPS between 0.92-0.94 (exp. 0.93), sees Q3 revenue between USD 813-817mln (exp. 808.16mln), sees Q3 current RPO between USD 2.59-2.60bln. Raised FY27 adj. EPS view to between 3.90-3.94 (exp. 3.84; prev. saw 3.79-3.87) and raised FY27 revenue view to between USD 3.216-3.226bln (exp. 3.20bln; prev. saw 3.185-3.205bln).
• Everpure (P) - Q2 adj. EPS 0.70 (exp. 0.58), Q2 revenue USD 1.2bln (exp. 1.1bln). CEO said Q2 marked eight consecutive quarters of accelerating revenue growth, with expansion into Data Intelligence and increasing momentum in AI and hyperscale products supporting the long-term growth outlook. Sees Q3 revenue between USD 1.325-1.335bln (exp. 1.13bln). Raised FY27 revenue view to between USD 5.03-5.07bln (exp. 4.5bln; prev. saw 4.41-4.51bln), and raised FY27 adj. operating income growth view to between 48-51% Y/Y (prev. saw 29-36%).
• Nutanix (NTNX) - Q4 EPS USD 0.60 (exp. 0.49), Q4 revenue USD 757.08mln (exp. 738.29mln). Sees Q1 revenue USD 755-765mln (exp. 755.97mln) and Q1 operating margin of 26%-28%. Sees FY27 revenue USD 3.18-3.23bln (exp. 3.2bln), FY27 free cash flow of USD 850-900mln and FY27 operating margin of 24%-25%. CFO Rukmini Sivaraman said FY26 results demonstrated a good balance of top- and bottom-line performance, with ARR growth of 16% Y/Y and strong free cash flow generation, adding that the company remained focused on sustainable growth and improving profitability.

CONSUMER CYCLICAL:

• Amazon (AMZN), Nvidia (NVDA) - Amazon Web Services and Nvidia expanded their strategic collaboration, planning to deploy 2mln additional Nvidia GPUs across AWS infrastructure in 2027-2028. The companies will also develop Vera CPU infrastructure, NVLink Fusion, AI factories including 100K GPUs for US government workloads, and deeper integrations across networking, open models, data processing and robotics.
• Alibaba (BABA) - Alibaba launched its lower-cost Qwen3.8 Flash AI model for global adoption, offering competitive performance with reduced training and inference costs. The company has committed more than CNY 380bln to AI over three years, and this week raised HKD 80bln as it seeks to expand Qwen internationally. Alibaba also launched Qoder AI agent for coding and task automation.
• Urban Outfitters (URBN) - Shares edged higher in extended trading after earnings matched expectations and revenue was broadly in line, with continued strength at Free People and a sizeable gross profit beat supporting sentiment. Q2 adj. EPS 1.72 (exp. 1.72), Q2 revenue USD 1.66bln (exp. 1.65bln), Q2 gross profit USD 721.6mln (exp. 618.8mln), net income rose to USD 240.7mln (from 143.9mln Y/Y).
• Wendy’s Company (WEN) - Shares fell in extended trading after Reuters reported that Trian Fund Management currently has no plans to make a take-private bid for Wendy’s despite previously preparing an offer. Trian owns about 16% of Wendy’s and still remains concerned about the company’s performance, valuation and strategy, the report said, though it keeps an open mind on future actions.
• Best Buy (BBY) - Q2 adj. EPS USD 1.47 (exp. USD 1.37), revenue USD 9.78bln (exp. USD 9.58bln), comparable sales +4.1% (exp. +1.3%); higher gross profit rate driven by growth in Marketplace and Best Buy Ads and approximately USD 34mln of IEEPA tariff refunds, partly offset by lower product margin rates.
• Abercrombie & Fitch (ANF) - Downgraded at Citi to Neutral from Buy. The firm views the company's Q2 report as "impressive" but sees a balanced risk/reward with the shares up 36% on Wednesday. Citi cites valuation for the downgrade.
• Shein IPO - Shein is guiding prospective investors toward a Hong Kong IPO price of about HKD 48.56/shr, raising roughly HKD 13.6bln and valuing the company above USD 26bln, Bloomberg reports. It is marketing about 280mln shares at HKD 47.60-49.50. Trading is expected to begin on 1st September.
• Delivery Hero (DELHY) - Q2 revenue EUR 4.02bln (exp. 3.84bln), Q2 GMV EUR 13.21bln (exp. 12.77bln; prev. 12.24bln); raised FY26 guidance, now sees LFL revenue growth of 17-19% (prev. saw 14-16%), and GMV growth of 9-11% (prev. saw 8-10%).
• Stellantis (STLA) - CEO said the company saw improvements across all key metrics in H1, and remains on a track for a gradual and progressive recovery.

CONSUMER STAPLES:

• Beef Prices - President Trump signed a proclamation temporarily increasing tariff-free imports of lean beef trimmings by 300K metric tons to address “unreasonably” high US beef prices. Beef prices have reached record highs as drought and wildfires pushed cattle supplies to a 75-year low. US farm groups opposed the move, warning it could hurt ranchers.
• Dollar Tree (DLTR) - Q2 adj. EPS USD 2.70 (exp. USD 1.13), revenue USD 4.9bln (exp. USD 4.85bln), SSS +3.7% (exp. +3.2%); raised FY26 adj. EPS view to USD 7.70-8.05 (exp. USD 7.04) and revenue view to USD 20.5-20.7bln (exp. USD 20.64bln). Operating income margin expanded 900bps, including a 650bps benefit from tariff refunds. Dollar Tree said traffic rose 0.4% while the average ticket increased 3.3%, indicating quarterly comparable-sales growth was driven primarily by customers spending more per visit rather than increased store traffic.
• Dollar General (DG) - Q2 EPS USD 2.48 (exp. USD 2.00), revenue USD 11.3bln (exp. USD 11.2bln), SSS +3.5% (exp. +2.6%); sees FY26 SSS +2.5%-2.9%, EPS USD 7.80-8.00 (exp. USD 7.39) and net sales growth of 4.0%-4.3%. Does not anticipate a material impact from tariff refunds after related reinvestments in H2. Said tariff environment remains dynamic and specific tariffs on goods imported by us and our suppliers into the US may continue to evolve.
• Hormel Foods (HRL) - Q3 adj. EPS USD 0.37 (exp. USD 0.35), revenue USD 2.96bln (exp. USD 3.04bln); raised FY26 adj. EPS view to USD 1.45-1.51 (exp. USD 1.50, prev. USD 1.43-1.51) and cut revenue view to USD 12.1-12.2bln (exp. USD 12.24bln, prev. USD 12.2-12.5bln).
• Celsiuis (CELH) - Downgraded at Deutsche Bank to Hold from Buy. The firm said the core Celsius trends further weakened through Q2, its revenue and profitability missed expectations, and management pushed out the timing of a meaningful recovery to fiscal 2027. Deutsche now has reduced confidence in the pace of a reacceleration. It believes "expectations are rising faster than evidence."
• Pernod Ricard (PRNDY) - FY26 revenue EUR 9.40bln (exp. 9.44bln), organic sales -3.9% (exp. -3.7%), marking a third consecutive annual decline, amid weakness in the US and China; recurring operating profits -5.2% (exp. -5.9%), net profit EUR 1.24bln (prev. 1.67bln); expects 2027-2029 organic sales growth near the bottom of its 3-6% guidance range due to persistent US weakness. Pernod has already cut about 3,600 jobs since 2023, and is prioritising value-creating M&A.

HEALTHCARE:

• AstraZeneca (AZN), Amgen (AMGN) - AstraZeneca and Amgen said Tezspire demonstrated statistically significant and clinically meaningful improvements across co-primary and key secondary endpoints at week 24 in the Phase 3 CROSSING trial for patients with eosinophilic oesophagitis.
• Johnson & Johnson (JNJ) - JNJ received China approval for icotrokinra, its once-daily oral psoriasis drug, for moderate-to-severe plaque psoriasis, expanding its potential market in China and positioning it to compete with injectable treatments from J&J and rivals.
• Agilent Technologies (A) - Agilent shares rose in extended trading after a quarterly beat, and the company raised FY guidance, citing improving end markets, stronger regional demand and positive customer response to new products. Q3 EPS 1.62 (exp. 1.49), Q3 revenue USD 1.88bln (exp. 1.84bln). CEO said results reflected sustained momentum from the company’s strategy and Ignite Operating System, with improving end markets, stronger demand in key regions and positive customer response to new product launches. Sees Q4 EPS between 1.71-1.74 (exp. 1.71), sees Q4 revenue between USD 1.98-2.00bln (exp. 1.97bln). Raised FY26 EPS view to between 6.18-6.21 (exp. 6.06; prev. saw 6.00-6.10), and raised FY26 revenue view to between USD 7.49-7.51bln (exp. 7.45bln; prev. saw 7.39-7.49bln).
• Moderna (MRNA) - Plans to offer USD 2bln of 0% convertible senior notes due 2032, with an option for initial purchasers to buy an additional USD 300mln. Proceeds will fund capped call transactions to offset dilution and general corporate purposes, including potential oncology investment and debt repayment.
• Veeva Systems (VEEV) - Shares rose in afterhours trading following a quarterly beat, and the raised both guidance, supported by strong subscription growth and accelerating adoption of its AI-focused products. Q2 adj. EPS 2.35 (exp. 2.22), Q2 revenue USD 928mln (exp. 905.26mln). Subscription revenue +16% Y/Y to USD 766.8mln. CEO said AI is opening the next major chapter for Veeva and life sciences, with Vault CRM posting its best quarter ever and Veeva Falcon accelerating rapidly as the company combines applications, agents, data and consulting. Sees Q3 adj. EPS between 2.33-2.34 (exp. 2.28), sees Q3 revenue between USD 932-935mln (exp. 917.85mln). Raised FY27 adj. EPS view to 9.21 (exp. 9.06; prev. saw 9.05), and raised FY27 revenue view to between USD 3.682-3.687bln (exp. 3.65bln; prev. saw 3.635-3.645bln).
• Novo Nordisk (NVO) - Downgraded at Deutsche Bank to Sell from Hold. The firm said ziltivekimab is "now effectively out of the picture" while the Medicare prescription upside seems limited. Deutsche is concerned over Novo returning to growth in 2027 and patent cliffs longer term.

FINANCIALS:

• KKR & Co. (KKR) - KKR agreed to pay USD 250mln to resolve a DoJ civil antitrust lawsuit alleging it intentionally withheld documents during government-required merger reviews on more than a dozen deals. The settlement, described as the largest-ever penalty for filing violations, applies to KKR entities and deals filed before 2025.
• HSBC Holdings (HSBC) - HSBC is considering combining its Singapore wholesale, retail and private banking operations under one entity to simplify its structure, Bloomberg reports. The bank is continuing a broader restructuring drive to reduce costs.
• Prudential (PUK) - H1 2026 adj. net profit USD 1.52bln (from USD 1.37bln), operating profit USD 1.81bln (from USD 1.64bln), new business profit USD 1.38bln (from USD 1.26bln); announced an additional USD 300mln share buyback, and raised its interim dividend +15% Y/Y to USD 0.0888/shr.

INDUSTRIALS:

• SpaceX (SPCX) - A judge dismissed X Corp.’s lawsuit seeking to block New York’s “Stop Hiding Hate Act,” which requires social media companies to disclose how they address hate speech, extremism and disinformation. The judge ruled the First Amendment does not prevent enforcement of the law.
• W.W. Grainger (GWW) - W.W. Grainger acquired technology, intellectual property and talent assets from Adroit Worldwide Media for USD 210mln in cash. The technology is expected to enhance inventory management in Grainger’s High-Touch Solutions segment. Integration will begin immediately, with a commercial pilot planned within several months; near-term financial contribution is expected to be immaterial.
• Kuehne + Nagel (KHNGY), Super Micro (SMCI), Nvidia (NVDA) - US authorities are investigating Singapore-based Apex Logistics over suspected shipments of Nvidia-powered Super Micro systems to China in breach of export controls, Bloomberg reports. It is examining 47 shipments from 2024. Apex and parent Kuehne+Nagel said the company is cooperating. Nvidia and Super Micro have not been accused of any wrongdoing.

COMMUNICATIONS:

• Meta (META) - A European Commission spokesperson said Meta proactively engages with the commission and proposes appropriate commitments.
• Baidu (BIDU) - Baidu will convert its Hong Kong secondary listing to a primary listing, effective 1st September, becoming dual-primary listed on the Hong Kong Stock Exchange and the Nasdaq. The conversion involves no new share issuance or fundraising. Baidu has adjusted governance arrangements and has already obtained shareholder approval to comply with Hong Kong listing rules.

ENERGY:

• Trans Alaska Pipeline - Alyeska Pipeline Service, acting for owners Hilcorp Energy, ConocoPhillips (COP) and ExxonMobil (XOM), is seeking early renewal of federal land rights for the Trans Alaska Pipeline System, Bloomberg reports. The Interior Department has begun reviewing the application, which could extend authorisations by 30 years beyond their current 22nd January 2034 expiry.

MATERIALS:

• Boliden (BDNNY) - Boliden agreed to acquire Votorantim’s 64.68% stake in Nexa Resources for implied consideration of USD 1.31bln. Votorantim will receive newly issued Boliden shares representing about 7% of the company. The deal is expected to close in Q1 2027 and be immediately accretive to EPS.

GEOPOLITICS:

• US-Russia - CIA Director John Ratcliffe visited Moscow to warn Russia against attacking NATO countries, according to the WSJ citing sources. US intelligence assesses that Russian President Putin could test NATO with a limited assault, potentially involving cyberattacks or a Baltic incursion. Kremlin spokesman Peskov said Ratcliffe met Russian intelligence officials, but not President Putin.
• US-China - US authorities disrupted infrastructure allegedly used by China-linked hacker group QTFY to target NASA, the Federal Reserve, Department of Energy, and the US Senate. The DoJ said QTFY worked for Nanjing Xinjiuwei Network Technology, and served customers including China’s Ministry of State Security and People’s Liberation Army. China’s Foreign Ministry responded, and urged the US to adopt a responsible and constructive attitude towards dialogue with China, adding that China is maintaining interaction on this year’s Trump-Xi meeting.

TRADE:

• US-Canada - USTR Greer disputed Canada’s claim that last-minute US demands derailed trade talks, saying Ottawa introduced additional requests after a tentative agreement, CBC News reports. Greer said there are currently no open negotiating channels. He also said proposed US terms included lower tariffs on Canadian steel and vehicles, while denying demands over Canada’s other trade agreements. Elsewhere, Canada removed fish and seafood from its planned counter-tariffs on US goods following industry feedback; Canadian processors had raised concerns over lobster imports and possible US retaliation. The tariffs are due to take effect on 8th September, and Canada has said they will be adjusted to maintain a dollar-for-dollar, rate-for-rate response.

MACRO:

• Fed’s Cook - Fed Governor Cook’s lawyer said mortgage-fraud allegations cited by President Trump do not provide legal grounds for her removal, and that any mortgage application errors were inadvertent and not criminal. The Supreme Court ruled in June that Fed officials cannot be fired at will, while leaving open whether proven misconduct could justify dismissal.
• China Industrial Profits - China’s industrial profits rose 11.2% Y/Y in July, slowing from 15.1% in June, while January-July growth eased to 17.6% (from 18.7% in H1). Electronics manufacturing profits jumped 110%, while fibre optics and optical cable manufacturing surged 468.4%, contrasting with continued weakness in consumer-facing and property-related sectors.
• BoK - The Bank of Korea raised its benchmark rate by 25bps to 3.00%, the second consecutive hike, with six of seven monetary policy committee members voting in favour. The central bank raised its 2026 GDP growth view to 3.3% (from 2.6%) and its core inflation forecast to 2.5% for both 2026 and 2027. The dot plot indicated ten of 21 projections pointed to a rate of 3.25% in six months, with six pointing to 3.5% and five to 3.00%.
• BoJ - BoJ Deputy Governor Himino said the central bank will debate the pace and timing of rate hikes at each meeting to stabilise underlying inflation around 2%. Himino added that weak GDP data was somewhat worrying but likely reflected technical factors, and said the BoJ could accelerate hikes if financial conditions remain too loose. OIS are pricing around 90% chance of a rate hike at its 18th September meeting.
• RBI, INR/USD - The Reserve Bank of India has shifted to more frequent rupee intervention, supported by USD 73bln of fresh foreign deposit inflows since June, Bloomberg reports. The RBI recently spent USD 7bln in one day defending the currency.
• German Consumer Confidence - GfK consumer confidence rose to -26.6 in September (exp. -29.6, prev. -29.4); income expectations improved to 1.7 (from -14.5), and economic expectations to -3.9 (from -6.3), while willingness to buy remained subdued at -9.8.