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European gas storage remains tight, and the region will struggle to hit the lower storage target of 75% ahead of the heating season.

Zinc for immediate delivery traded almost $200/t above the three-month contract on Wednesday.

The European Commission’s latest Sugar Market Observatory projects EU sugar production to decline by 19% year-on-year to 13.4mt in the 2026/27 season.

On the US data front, initial jobless claims fell by 4k to 203k in the week ended 22 August, below consensus of 208k and marking a second consecutive weekly decline.

TD reported strong 3QFY2026 earnings with growth broad-based across core franchises. Adjusted net income rose to CAD4.7bn (+21% y/y) and adjusted ROE at 16%.

Mainland China was higher at USD72 in 1H2026 (1H2025: USD68), while RevPAR for HKSAR was higher at USD248 in 1H2026 (1H2025: USD222). Singapore Re vPAR was USD200 in 1H2026, higher than 1H2025’s USD192.

Further losses cannot be ruled out if selling prices or market conditions weaken relative to current net realisable value assumptions, but the smaller remaining development exposure limits the potential Group-level impact.

The SGD SORA OIS curve traded higher yesterday with the shorter tenors trading flat to 4bps higher, belly tenors trading 4bps higher, and the 10Y tenor trading 3bps higher .

Asian asset owners are reassessing gold’s strategic role as inflation shocks, less reliable equity–bond diversification, currency volatility, and geopolitical fragmentation make portfolio construction more challenging.

Since 2020, inflationary pressures, aggressive monetary tightening, fiscal pressures, and geopolitical uncertainty have periodically driven equities and bonds lower together, making traditional equity—bond diversification less reliable (Figure 1).

Policy support is also widening asset owner access: the 2025 pilot program allows selected insurers to allocate up to 1% of assets to gold.

Reforms to broaden access to gold ETFs within Hong Kong's Mandatory Provident Fund (MPF) system could unlock a meaningful source of long-term retirement capital.

Taiwan's rising overseas and US dollar exposures may reinforce the case for gold as a strategic allocation among insurers and pension funds.

central banks accumulated an average of around 1,000 tonnes annually over the past four years, and 89% of respondents expect global central bank gold reserves to increase over the next 12 months (Figure 5).

Physically backed gold ETFs offer direct exposure to the gold price without the custody requirements of physical bullion or the need to roll futures positions, making them an increasingly attractive vehicle for strategic gold allocations.

And over time, Asian asset owners are likely to become an increasingly important driver of long-term gold demand.

Second, he stressed that 2% on the personal consumption expenditure (PCE) deflator is “a firm fixed target” on which the Fed must deliver.

Unless the inflation picture improves significantly, it will be hard for the Fed to justify not raising rates.

These kinds of interventions are less like quantitative easing than like rearranging the chairs on the deck of… Well, no, let's not go that far.

If the government wants to reduce the cost of its debt, it will have to take a hard look at its own fundamentals and bring the fiscal deficit down to more sustainable levels.

we review the key themes of our new Economic Overview which depicts a more optimistic view of the economy and strengthening growth.

See the latest forecasts for real GDP, policy rates, foreign exchange rates and commodities.

Second, assessments of financial conditions can put more weight on the short end of the yield curve than the long end.

Domestic demand growth is holding at an above above-trend pace over the first half of 2026, with a large share flowing into activities with high import content (including the purchase of EVs, data centre equipment and aircraft) resulting in a drag from net exports.

As we have previously noted, the data centre and renewables investment surge is unlikely to be smooth, with the timing of large projects generating significant quarter-to-quarter volatility.

And, as in Q1, the moderation in wages growth we saw in the Q2 WPI is likely to limit any associated increase in the economy’s cost base.

The German economic cycle appears to have turned to the upside.

The rise in oil prices is being contained by factors including new transport routes, that the Strait of Hormuz ‘’leaks’’ and lower Chinese oil imports. At the same time, the wider price gap between crude oil and different distillates shows that the market remains under strain.

the data so far point to the following sequence: 1) higher investment and growth, 2) higher inflation and, to some extent, lower employment, and 3) higher productivity and lower prices.

We expect the Democrats to regain control of the House of Representatives. Winning the Senate as well will be more difficult but cannot be ruled out.

Amid rising pressure from Middle East energy disruptions and a growing China competitiveness shock, the European Commission’s proposed EU ETS overhaul seeks to balance climate ambition with industrial competitiveness, a difficult trade-off for decision makers.

low natural gas inventories are a concern ahead of the winter.

regional divergences are widening – with the United States benefiting from structural strengths, while Europe remains more cyclical and energy sensitive.