US equity markets rebounded from their worst session of 2019 thus far - Dow rose +312-points or +1.21%, snapping a five session losing streak and closing back above >26,000. The broader S&P500 +1.30%, Ford gained +2.60% firmer after analysts at Morgan Stanley upgraded the stock. NASDAQ +1.39%. Both the S&P500 and Nasdaq logged their first advance in seven sessions.
The People's Bank of China (PBoC) yesterday (6 August) set its daily fix for the yuan at 6.9683 against the US dollar, which was stronger than the 6.9736 midpoint that Reuters had anticipated and saw the spot rate fall back below the psychological 7.0 level. National Economic Council Director Larry Kudlow said in an interview with CNBC that the "reality is we would like to negotiate,” and added that the US administration is "planning for the Chinese team to come here in September. Things could change with respect to the tariffs.” China also confirmed earlier reports that it was suspending the purchases of US agricultural products.
