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SocGen's Overnight Economic News Summary

BY MT Newswires | ECONOMIC | 08/11/25 05:55 AM EDT

05:55 AM EDT, 08/11/2025 (MT Newswires) -- Societe Generale in its early economic news summary pointed out:

-- The US dollar maintains offered tone ahead of the United States consumer price index on Tuesday, Treasury Secretary Bessent wants policy to keep the US dollar reserve currency. European Union foreign ministers hold an extraordinary meeting on Monday to discuss the next steps regarding the Russia-Ukraine, President Trump and Russian President Putin meeting scheduled on Friday in Alaska. The U.S. and China likely to extend the tariff truce by 90 days.

-- European Central Bank call change: SocGen economists postpone next rate cut to March 2026. China's CPI flat in July, core up to 0.8% year over year. The producer price index deflation unchanged at -3.6% year over year. Nvidia and AMD to remit 15% of China chip sales to the US government (FT).

-- CFTC foreign exchange positions: euro net longs cut to 14.2%, yen longs cut to 24.3%. sterling shorts surge to 16.3%, Australian dollar shorts boosted to 51.0%, Canadian dollar (CAD or loonie) shorts trimmed to 37.0%, short Swiss franc raised to 34.3%, Mexican peso longs increased to 38.6%.

-- Week ahead: U.S. CPI on Tuesday, PPI Thursday, retail sales Friday. United Kingdom wages on Tuesday. Reserve Bank of Australia forecast to cut 25bps on Tuesday, Norway's Norges Bank to stand pat Thursday. Eurozone revised Q2 gross domestic product on Thursday. China activity data on Friday. CPI for Brazil, India, Romania.

-- Nikkei closed, Euro Stoxx futures +0.2%, EUR 10-year IRS unchanged at 2.66%, Brent crude -1.0% at $65.9/barrel, Gold -0.9% at $3,366/oz.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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