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On July 26, Australian Deputy Prime Minister and Defense Minister Richard Mars and visiting British Defense Secretary John Healey signed the Nuclear Powered Submarine Partnership and Cooperation Treaty (also known as the Geelong Treaty) in Geelong, Victoria, and claimed that the treaty was the "first pillar" of the "Australia-UK-US Alliance". The two countries commitment to bilateral defense cooperation for the next 50 years. According to a joint statement issued by Mars and Healey, the Geelong Treaty will enable the two countries to fully cooperate in the design, construction, operation, maintenance and disposal of the "Australia-UK-US Alliance" class nuclear submarines. It will support the development of personnel, infrastructure and regulatory systems required for Australias "Australia-UK-US Alliance" class nuclear submarine project, while also supporting the port visits of the UKs "Astute" class nuclear submarines and their rotational garrison at the Australian Stirling Naval Base.July 26th news, on the afternoon of the 26th, the reporter asked the Laotian military for confirmation. The Laotian side said that there was no exchange of fire between the Laotian and Cambodian armies, and the Lao side did not arrest the Cambodian armed personnel who illegally crossed the border. In addition, a source from the Lao Peoples Army said that the "Lao Peoples Army and Cambodian armed personnel exchanged fire" was false news. The authoritative Lao military media "Peoples Army Newspaper" said that it had not received any relevant notification. Cambodian Ministry of Defense spokesperson Mary Su Jieda also said on the same day that the relevant news was unfounded and the incident had never happened. Earlier that day, Thailands Thai Rath reported that the Laotian military issued an emergency notice on the 26th, saying that the Laotian army had a fierce exchange of fire with several Cambodian armed personnel who illegally crossed the border, arrested 10 people and seized weapons.Indian Trade Minister: India is making rapid progress in free trade agreement negotiations between the EU and the US.July 26, local time on the 25th, the California Public Utilities Commission confirmed that Tesla has not yet applied for the necessary licenses to operate self-driving cars. This decision essentially halted Teslas self-driving taxi service, which was launched on a large scale in the Bay Area of California as early as this weekend. The California Public Utilities Commission stated that Tesla has not yet received approval from the agency to provide self-driving passenger services to customers, regardless of whether they are paid or not and whether there is a human driver in the car. This means that Tesla cannot test or operate self-driving passenger services in California, and the existing license only supports the traditional taxi model.According to RIA Novosti: Russian troops occupied the village of Malyivka in the Dnipropetrovsk region of Ukraine.

DAX, CAC, and FTSE 100: Futures Point to a Bullish Session

Florala Chen

Mar 06, 2023 17:24

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The Majors

It was a bullish Friday session, with the CAC and DAX seeing gains of 0.88% and 1.64%, respectively. However, the FTSE 100 trailed the front-runners, rising by just 0.04%, with a stronger GBP/USD pegging the 100 back from a more meaningful move.


Early in the day, private sector PMI numbers from China and the euro area were positive. Following impressive Caixin Manufacturing PMI numbers from China, the Caixin Services PMI was also positive, with the PMI rising from 52.9 to 55.0.


Later in the session, the Fed talk of ‘slow and steady’ resonated, with a solid ISM Non-Manufacturing PMI survey also bullish.


The NASDAQ Composite Index and the S&P 500 responded to the stats and shift in Fed sentiment, rising by 1.97% and 1.61%, respectively. The Dow gained 1.17%.

The Stats

German trade data drew interest ahead of service and composite PMIs. The German trade surplus widened from €9.7 billion to €10.8 billion in January, suggesting a less gloomy macroeconomic environment.


For the Euro area, the Services PMI increased from 50.8 to 52.7, down from a prelim 53.0. The Composite PMI rose from 50.3 to 52.0, down from a prelim 52.3.

According to the Finalized Composite Survey,


The Eurozone economy expanded at its most marked pace since June 2022.


Incoming new business increased for the first time since May 2022, though new export sales fell for a twelfth consecutive month.


Business confidence rose to a 12-month high but sat below pre-Ukraine war levels.


Firms continued to hire across the private sector, with the pace of hiring above the series average.

Across the manufacturing sector, input price inflation slowed, while service sector companies reported a sharp increase in operating costs because of wage pressures.


By member state, Spain ranked first, with the Composite PMI hitting a nine-month high of 55.7. German sat at the bottom of the table, with an eight-month high of 50.7.

From the US

The US economic calendar drew plenty of interest, with the all-important ISM Non-Manufacturing PMI survey in focus.


In February, the ISM Non-Manufacturing PMI slipped from 55.2 to 55.1, signaling a positive service sector outlook. Significantly, the ISM Non-Manufacturing Employment Index jumped from 50.0 to 54.0, suggesting that firms have yet to reach the top side of hiring.


While the stats supported a hawkish Fed, a shift in sentiment toward the Fed policy outlook delivered support for riskier assets. FOMC Member Bostic broke from the recent hawkish rhetoric, favoring a ‘slow and steady’ hand and a 25-basis point rate hike. The comments resonated on Friday.

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