Good morning everyone. The futures market seems to point to another up day for the region as July contracts on the HSI climbed nearly 0.3% to 24,540 while August FTSE China A50 futures soared over 1%. Meanwhile in Japan, the Nikkei Average also looks set to make gains as Nikkei 225 futures jump 0.06%. Over in the U.S., Spoos had its best day in two weeks, gaining 1.2%, while the Dow and the Nasdaq surged 1.1% and 1% respectively.
Here’s what else you need to know:
FOMC meeting begins today. Yellen et cie are scheduled to release their interest rate decision tomorrow morning at 2 am HKT, though Yellen herself won’t be holding a press conference afterwards and the Fed so far has no plans of releasing their updated economic projections. WSJ
It’s dejavu in Asia. Emerging markets are seeing a repeat of Thailand’s currency collapse 18 years ago, and this time they’re being dragged down by China. The IMF cut global growth forecasts for the year from 3.5% to 3.3%. Emerging market investors are already playing defense, so it’s unlikely the markets will tank suddenly. But the currencies don’t look like they’ll rebound any time soon. Financial Times
Mead Johnson settles China corruption charges. Neither denying nor admitting allegations that its Chinese subsidiary slipped a few bucks to state-owned hospitals under the table, infant formula titan Mead Johnson has agreed to pay the SEC $12 million in penalties. WSJ (paywall)
Fosun snaps up the former UniCredit headquarters in Milan. “China’s Warren Buffett,” Fosun chief Guo Guangchang, continues his overseas buying spree as he looks to extend his conglomerate’s toehold on Europe. Financial Times (paywall)
Photo: Ade Russell