Morning Update – 09/08/16 – by Arjun Lakhanpal

Morning all.. Wall Street Stuttered yesterday after a strong winning streak and closed down marginally and Asia also had a quiet session again with the Nikkei ending the session up 0.66% as USDJPY held broad gains. GBP fell on comments from BoE’s McCafferty. Bank of England policy maker Ian McCafferty said more quantitative easing was likely to be required if the U.K.’s economic decline worsens, the Times reported on Tuesday.”Bank rate can be cut further, closer to zero, and quantitative easing can be stepped up”, McCafferty wrote in an op-ed for the Times…He also said in the newspaper that the fall in the pound in recent months, and the resulting rise in import prices, was expected to lead to an overshoot of CPI inflation relative to the 2 percent target lasting at least until 2019. However BRC like for like retail sales for July showed strongly; up 1.1% after -0.7% expected..Data from the National Bureau of Statistics in China showed the mainland’s consumer inflation was 1.8 percent on-year, in line with expectations, while producer prices fell 1.7 percent on-year. Energy plays across the region gave up some of their early gains to trade mixed, following a nearly 3 percent advance in oil prices on Monday. There was speculation over whether producers might rein in supply after reports said OPEC President Mohammed bin Saleh al-Sada confirmed a September meeting on Monday. WTI is marginally lower as London walks in.. This morning we have UK industrial production and manufacturing data and little else till the US session.. Good luck.