SocGen's Overnight Economic News Summary

05:52 AM EDT, 08/21/2025 (MT Newswires) -- Societe Generale in its early Thursday economic news summary pointed out:

-- US dollar (USD) bid in narrow range after United States Treasury yields climb on hawkish FOMC minutes, 2s +4bps to 3.75%, 10s +2bps to 4.29%. Strong 20-year refunding auction: stop-though 0.1bp, non-dealer bidding 87.1%, b/c 2.54x, direct demand 26.5% was the highest on record.

-- Fed: non-negligible risk for hawkish repricing of September rate cut at Jackson Hole on Friday. Most officials highlighted risk to inflation as outweighing concerns over the labor market at July meeting, tariffs cause a growing divide on FOMC.

-- Germany's manufacturing PMI climbs to 49.9 in August, services dip to 50.1. France mfg up to 49.9, services advance to 49.8, United Kingdom mfg declines to 47.3 but services brighten to 53.6.

-- Norway's Q2 mainland gross domestic product growth +.6% quarter over quarterq, double Norges Bank's forecast of 0.3%. Q1 revised up to 1.2% from 1.0%.

-- Nikkei -0.5%, EUR 10-year IRS +1bp at 2.67%, Brent crude +0.5% $67.2/barrel, Gold -0.2% at $3,337/oz.

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