15.09.04 Daily Summary

1. Dovish ECB meeting?

  (1)  ECB kept policy rates unchanged, but they decided to increase the issue limit for the PSPP 25% to 33%. Someone recognizes this as the evidence that ECB is flexible to achieve its target. But, I think this is all of they could do for now...

  (2)  They lowered projections about both of economic growth and consumer price in this year.
ECB projection about GDP growth declined from 1.5% to 1.4% in 2015, 1.9% to 1.7% in 2016, 2.0% to 1.8% in 2017, respectively. CPI projection decreased from 0.3% to 0.1%. All were slight.

  (3) And in a conference, Mr.Draghi referred the worries about emerging countries' economic slowdown. Albeit he did not signal additional QE program, as he commented that ECB could hold current asset purchase program planned to end in September next year, market participants seemed somewhat pleasant...

Both of equities and bonds were strong in Europe markets, while I don't expect any easing monetary policies further...


2. U.S. ISM non manufacturing PMI

Better than expected, but employment index somewhat declined and was lower than previous year's number, August 2014. U.S. economy seems still solid...

ISM Nonmanufacturing Survey (SA)	Aug	Jul	Jun	Aug'14	2014	2013	2012
Composite Diffusion Index	59.0	60.3	56.0	58.6	56.3	54.6	54.6
Business Activity	63.9	64.9	61.5	63.1	59.7	56.7	57.6
New Orders	63.4	63.8	58.3	62.1	58.6	55.8	56.5
Employment	56.0	59.6	52.7	56.6	54.9	54.3	53.5
Supplier Deliveries (NSA)	52.5	53.0	51.5	52.5	51.8	51.7	50.6
Prices Index	50.8	53.7	53.0	57.3	56.8	55.6	59.3

3. U.S. weekly initial jobless claims rose from last week...

4. Asia stock markets tumbled today amid Chinese market was closed due to a holiday...Volatility is alive...

5. Chinese military parade was yesterday. Putin from Russia was right beside Xi Jinping.
Is this meaning Russian eager to tap massive Chinese energy demand..?
And then, how about the case of President Park in Korea on 2nd beside?