• NZD drips lower still on RBNZ inflation expectations survey drop from prior
• Asia stocks – Nikkei, Topix and Kospi all rally on chip strength and earnings optimism
• Tariff refunds boost earnings at Apple, Nike and FedEx, WSJ reports
• Recap: RBA’s Kent: policy is restrictive and working, but risks still skew higher
• Japan is not out of room to defend the yen despite busy 2026 intervention year
• Goldman Sachs says weak US data or a BOJ miss could trigger new yen intervention
• Japan PPI stays elevated at 7.2%, misses forecast, but yen keeps BOJ hike case alive
• PBOC sets USD/ CNY reference rate for today at 6.7888 (vs. estimate at 6.7470 )
• More from RBA’s Kent: Flags upside inflation risk, further hikes possible, warns on equities
• Japan July PPI surges 7.2%, but lower than the expected 7.4%
• Ford to shift some Lincoln production from China to US from 2030
• Daiwa says settled July CPI keeps Fed on hold, flags housing trend as key
• Apple in talks to pay publishers for content to power AI Siri, WSJ says
• UBS sees lower real rates reviving gold demand, flags dips as buying chances
• Preview – RBNZ tightening path in focus as economists disagree on expectations survey
• Goldman calls July CPI encouraging, still braces for hotter core PCE
• investingLive Americas FX news wrap 12 Aug: CPI as expected. USD reverses declines and closes higher
• Oil holds near $89 as Iran-US stalemate solidifies and crude stocks post surprise build
• The “What’d I miss catch up post”. Trump claims Hormuz, oil supported, CPI in line
• US stocks closed mixed. The Dow is lower. NASDAQ indices lead the upside charge

Summary:

• Oil slipped modestly after reports gained traction that the UAE released further billions in Iran’s frozen assets, including gold reportedly worth around $212 million, said to have been transferred on August 11 and 12
• Japan’s July PPI stayed elevated at 7.2% year on year, below the 7.4% forecast, as a 29.1% jump in yen import prices kept imported inflation pressure in place, keeping a September BOJ hike in play
• The dollar posted modest gains; AUD and NZD both softened
• AUD was weighed down by RBA Assistant Governor Christopher Kent’s remarks, which markets read as more dovish than hawkish despite mixed signals in the substance of what he said
• NZD eased after the RBNZ’s Q3 inflation expectations survey showed one-year expectations at 2.6%, down sharply from 3.4% in Q2, and two-year expectations at 2.3%, down from 2.5%, trimming bets on a hike at the RBNZ’s September 2 meeting
• Japan’s Topix hit a record high and the Nikkei rose around 1.6%, tracking a sharp rally in US chip stocks; South Korea’s Kospi surged around 4% on heavy foreign buying in Samsung and SK Hynix
• Apple is in talks with publishers over multiyear content deals to power its AI-driven Siri overhaul, the Wall Street Journal reported, with a proposed pay-as-used model and a possible nine-figure budget
• Ford plans to shift some Lincoln production from China to the US starting in 2030, CEO Jim Farley told Reuters, citing the 52.5% US tariff on the China-built Lincoln Nautilus as the primary driver
• More than 40 S&P 500 companies have booked around $9.6 billion in tariff refunds, the Wall Street Journal reported, with some already passing savings on to customers

Oil edged lower on Thursday after reports gained traction during the session that the United Arab Emirates had released a further tranche of Iran’s frozen assets held in Emirati banks, reportedly including gold worth in the region of $212 million, transferred over August 11 and 12. If accurate, it would mark the third such release by the UAE government, though the underlying claim has not been widely corroborated.

In Japan, July producer prices stayed elevated at 7.2% year on year, coming in below the 7.4% forecast but still running hot by historical standards. A 29.1% jump in yen-denominated import prices kept imported inflation pressure firmly in place, reinforcing the case for a Bank of Japan rate hike in September even with the headline figure undershooting expectations.

The dollar posted modest gains on the session, while both the Australian and New Zealand dollars softened. The Australian dollar came under pressure from remarks by Reserve Bank of Australia Assistant Governor Christopher Kent, which market participants interpreted as leaning more dovish than hawkish, notwithstanding Kent’s own comments that inflation risks lean to the upside and that further rate increases remain possible. Kent had said cash rate increases are having their intended effect, with the rate near the top of neutral estimates and housing market conditions softening, while noting that substantial AI-related investment continues to support aggregate demand. He also flagged weak productivity growth as complicating the inflation outlook and described valuations in some equity markets as very generous.

The New Zealand dollar softened, helped lower on the Reserve Bank of New Zealand’s third-quarter inflation expectations survey showing a sharper-than-expected pullback. One-year inflation expectations fell to 2.6%, down from 3.4% in the second quarter, while two-year expectations eased to 2.3% from 2.5% previously. The softer readings trimmed market expectations for a rate hike at the RBNZ’s next scheduled decision on September 2.

Equity markets in Asia extended a rally driven by strength in US chip stocks. Japan’s Topix climbed to a record high and the Nikkei rose around 1.6%, tracking a sharp overnight advance in the Philadelphia Semiconductor Index. South Korea’s Kospi surged around 4%, with foreign investors leading heavy buying in Samsung Electronics and SK Hynix.

In corporate news, Apple is in discussions with publishers over multiyear content deals intended to supply current news and information to its AI-powered Siri assistant, the Wall Street Journal reported, with the company proposing a variable, pay-as-used compensation structure and a possible nine-figure budget. Separately, Ford Motor said it plans to shift production of some Lincoln models from China to the United States starting in 2030, with chief executive Jim Farley telling Reuters that a 52.5% US tariff on the China-built Lincoln Nautilus was the primary driver behind the decision. The Wall Street Journal also reported that more than 40 S&P 500 companies have booked around $9.6 billion in tariff refunds in recent months, with several, including FedEx and Costco, saying they plan to pass at least a portion of those savings on to customers. 

This article was written by Eamonn Sheridan at investinglive.com.