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UK Parliament moves against PM Johnson, risk improves on China PMI
The US ISM Manufacturing data sent further warnings signals over the impact of the global slowdown as the US/China trade dispute continues to bite. The forward looking survey data moved into contraction (below 50) for the first time in around three years and was worse than all expectations (according to Refinitiv data). Markets are moving to price for the need for ever loser monetary policy. Additionally, (perma) dove on the FOMC James Bullard calling for a -50 basis point rate cut (to get ahead of the market) in the September meeting. Treasury yields fell and higher risk assets suffered, whilst the yen and gold ... (full story)