Limit Up! 25th August 2025

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Overnight

More news than price action this morning as markets revise their initial opinion on Powell's speech.

Bitcoin down hard but equities shrugging it off.

US Equity Futures

Breaking

ECB ‘Insurance Cut’ Not Needed With Inflation at 2%, Rehn Says [Bloomberg]

Bitcoin

All the action in BTC as price drops >US$4k but recovers strongly. Big sellers of BTC for ETH.

BITCOIN/USD Daily

Foreign Exchange

USD/YEN revisits the scene of the crime for the 5th time. Slow slide in YEN with rise in long end rates means look like 3rd world economics but presumably at some stage both elements draw in foreign buyers of JGBs. Could be a long wait.

USD/YEN Daily

Bonds

Japanese long yields hit highest point this century as Uede/BoJ/MoF continue to talk rates higher.

Japan 30 Year Government Bond Yield Daily

Equities

Chinese stock markets attempting to follow the example of western stock markets. Is it Govt stealth buying, looking forward to interest rate cuts or stimulus, or just pre-empting more money printing?

HANG/SENG Daily

Interesting

Wall Street Leaning Harder on Private Data After Trump BLS Spat [Bloomberg]

Private equity fundraising slides as sector’s downturn deepens [FT]

Economic Indicators Today