• Japan is to reduce its new issuance of super-long JGBs next fiscal year to around JPY 17tln, according to Reuters sources.
• European equity futures are closed as Eurex observes the Christmas Eve holiday. US equity futures are very modestly lower in thin conditions.
• DXY is flat, JPY is very mildly stronger continuing recent advances.
• JGBs soft overnight but have been driven higher in recent trade, USTs flat.
• Crude...

• APAC stocks traded mixed and within narrow ranges following a largely positive lead from Wall Street. APAC lacked conviction amid light newsflow and anaemic volumes as markets wound down ahead of the holidays.
• DXY was choppy, and JPY strengthened before trimming some gains. G10 FX largely moved with the USD.
• Spot gold and silver both hit fresh all-time highs at above USD 4,500/oz and USD 72.70/bbl. 
• European equity futures are closed as...

• US President Trump said US will keep ships and oil seized near Venezuela.
• European bourses are mixed on either side of the unchanged mark, US equity futures are mostly incrementally firmer ahead of US data.
• DXY is under pressure whilst the JPY continues to strengthen; Antipodeans benefit from strength in metals prices.
• JGBs lead global fixed income higher after PM Takaichi rejected any "irresponsible bond issuance or tax cuts", via a Nikkei...

• APAC stocks eventually traded mixed after initially taking their cue from Wall Street, although volumes and news flow remained subdued as markets wound down for the holiday period.
• JPY extended its prior session’s advances, and USD/JPY eventually dipped under 156.00, whilst the CNH saw notable strength. 
• US President Trump said the US will keep the ships and oil seized near Venezuela.
• Novo Nordisk (NOVOB DC) said the Wegovy pill is...

• US Coast Guard officials over the weekend tracked two oil tankers in international waters close to Venezuela, marking three tankers within the past week.
• Russia’s Kremlin said changes made by Ukrainians and Europeans to peace proposals did not bring agreements closer or add anything positive, IFAX reported.
• Israeli PM Netanyahu reportedly plans to brief US President Trump on possible new Iran strikes, according to NBC News.
• European bourses...

• APAC stocks kicked off the week with gains across the board as the region coat-tailed on the strength seen stateside. Tech outperformance continued across the region.
• US Coast Guard officials over the weekend tracked two oil tankers in international waters close to Venezuela, marking three tankers within the past week.
• Russia’s Kremlin said changes made by Ukrainians and Europeans to peace proposals did not bring agreements closer or add anything positive, IFAX...

• MON: PBoC LPR, UK GDP (Q3)
• TUE: BoC Minutes (Dec Meeting), RBA Minutes (Dec Meeting), US Richmond Fed (Dec)
• WED: Christmas Eve, ECB Wage Tracker, US Durable Goods (Oct)
• THU: Christmas Day, PBoC MLF, Japanese Tokyo CPI (Dec), Japanese Activity Data (Nov)
• FRI: Chinese Industrial Profits YTD (Nov)
• 30th Dec: FOMC Minutes

PBOC LPR (MON): Expected to be a...

• US President Trump’s administration initiated a multi-agency review of NVIDIA (NVDA) H200 licenses for sales to China, according to sources cited by Reuters.
• US President Trump is scheduled to make an announcement at 13:00EST/18:00GMT on Friday and will deliver remarks on the economy at 21:00EST/02:00GMT.
• European bourses are mixed whilst US equity futures are broadly firmer, with outperformance in the NQ.
• DXY is firmer, whilst the JPY...

• APAC stocks were mostly higher as the region took impetus from the positive handover from Wall Street, where the major indices gained following softer CPI data and strong Micron earnings, while the attention overnight turned to the BoJ.
• USD/JPY edged higher alongside the positive risk appetite and despite the BoJ decision to hike rates, as widely expected, and with no mention of FX-related concerns.
• US President Trump’s administration initiated a multi-agency review...

• US President Trump said he will soon announce the next Fed chair and that the new Fed chair will believe in lowering interest rates by a lot.
• European bourses are mostly firmer; US equity futures also gain, with mild outperformance in the NQ.
• DXY is slightly firmer as traders await US CPI; GBP underperforms a touch ahead of the BoE, EUR awaits the ECB.
• Fixed income grinds higher; Bunds saw some modest downticks after Germany's DFA announced...

• APAC stocks were mostly lower following on from the tech-led selling stateside and ahead of US inflation data and a slew of upcoming central bank decisions.
• US President Trump's primetime address to the nation made no mention of a US blockade against Venezuela or Russian sanctions.
• US President Trump said he will soon announce the next Fed chair and that the new Fed chair will believe in lowering interest rates by a lot.
• US equity futures...

• US President Trump is to give an address to the nation on Wednesday night, live from the White House at 21:00EST (02:00GMT Thursday). White House Press Secretary said that Trump’s address will be about accomplishments, while he will talk about what's to come and maybe tease new year policies.
• European bourses are mostly stronger this morning, with US equity futures also posting modest upside.
• DXY is firmer, the GBP has been hit after the UK’s cooler-than-expected...

• US President Trump is to give an address to the nation on Wednesday night, live from the White House at 21:00EST (02:00GMT Thursday). White House Press Secretary said that Trump’s address will be about accomplishments, while he will talk about what's to come and maybe tease new year policies.
• US threatened to retaliate against EU companies over digital tax, while it will use 'every tool' to counter the EU digital tax and may consider fees and foreign services...

• Ukrainian President Zelensky said there is still no ideal peace plan as of now, and the current draft is a working version; Russia's Ryabkov said they are ready to make efforts to overcome disagreements relating to the Ukraine crisis.
• China Securities Times commentary noted that China should set a positive yet 'pragmatic' 2026 GDP growth target with leeway, while researchers are said to be divided between an around 5% or 4.5%-5.0% growth target for 2026.
• European...

• APAC stocks were mostly lower after the weak lead from Wall Street, as the tech-related pressure rolled over into the region; Nikkei 225 fell beneath the 50,000 level amid a firmer currency.
• China Securities Times commentary noted that China should set a positive yet 'pragmatic' 2026 GDP growth target with leeway, while researchers are said to be divided between an around 5% or 4.5%-5.0% growth target for 2026.
• US President Trump said they are looking into whether...

• The BoJ Tankan survey showed sentiment of Large Manufacturers was at the highest in four years, which supports the case for a rate hike.
• European bourses are entirely in the green, with US equity futures also firmer; the RTY outperforms.
• DXY is a touch lower, whilst the JPY outperforms amidst growing bets of a BoJ hike this week and the Tankan Survey; the Kiwi underperforms after the RBNZ Governor suggested that market conditions have tightened “beyond” what the...

• APAC stocks were mostly pressured at the start of a risk-packed week and following on from the tech-led declines stateside amid a rotation out of AI, while participants digested economic releases, including the BoJ Tankan and Chinese activity data.
• The BoJ Tankan survey showed sentiment of Large Manufacturers was at the highest in four years, which supports the case for a rate hike.
• Hang Seng and Shanghai Comp were subdued after the latest Chinese activity data...

• MON: Chinese Activity Data (Nov), EZ Industrial Production (Oct), Canadian CPI (Nov)
• TUE: NBH Announcement, UK Jobs Report (Oct), EZ/UK/US Flash PMIs (Dec), German ZEW Survey (Dec), Japanese Trade Balance (Nov), US Jobs Report (Nov)
• WED: UK Inflation (Nov), EZ CPI Final (Nov), US Retail Sales (Oct)
• THU: ECB Announcement, BoE Announcement, Norges Bank Announcement, Riksbank Announcement, CNB Announcement, US CPI (Nov), Japanese CPI...

• US President Trump said they would help on security with Ukraine, and he thought they were close to a deal.
• US President Trump said that it is going to start on land soon regarding Venezuela; the US is reportedly preparing to seize more ships transporting Venezuelan oil.
• European bourses are in the green whilst US equity futures are mixed, and with underperformance in the tech-heavy NQ as Broadcom falls 4.9% in post-earnings.
• DXY is a little...

• APAC stocks were predominantly higher following on from the mostly positive handover from Wall Street, where the S&P 500 and DJIA notched record closes, but the Nasdaq lagged on Oracle-related headwinds.
• US President Trump said they would help on security with Ukraine, and he thought they were close to a deal.
• US President Trump said that it is going to start on land soon regarding Venezuela; the US is reportedly preparing to seize more ships transporting...

• European bourses opened lower but now marginally firmer, US equity futures are in the red, with underperformance in the NQ following Oracle (-11%) earnings.
• DXY initially attempted to pare post-FOMC pressure, but now flat, CHF little moved to the SNB announcement, but gained on the presser, the Aussie is pressured post-jobs data.
• USTs continue to strengthen in the aftermath of the FOMC, whilst Bunds pull back from highs.
• Crude benchmarks are...

• FOMC cut rates by 25bps to 3.50-3.75%, as expected, while the vote split was 9-3, as Miran voted for a 50bps cut. Goolsbee and Schmid voted for unchanged.
• Fed said it is to assess incoming data, evolving outlook and balance of risks in considering the extent and timing of further adjustment (tweaked from “in considering additional adjustments”), and it will monitor implications of incoming information for the economic outlook.
• Powell said adjustments to rates since...

• US Trade Representative Greer said China's rare earths continue to flow and expects to sign more trade deals over the coming weeks.
• US President Trump is to kick off the final round of Fed Chair interviews this week, while senior administration officials said Kevin Hassett remains in pole position to succeed Powell as Fed Chair, according to the FT.
• European bourses are broadly lower, with US equity futures mildly in the red as markets await the FOMC; The...

• APAC stocks were mostly subdued amid cautiousness ahead of today's Fed policy decision and dot plots, while the region also digested the latest Chinese inflation data.
• China is buying US soybeans again, but is reportedly falling short of the goal set by the Trump trade agreement, according to CNBC.
• US Trade Representative Greer said China's rare earths continue to flow and expects to sign more trade deals over the coming weeks.
• US President...

• US President Trump announced that he informed Chinese President Xi that the US will allow NVIDIA (NVDA) to ship its H200 products to approved customers. Though the FT reported that China is set to limit access of NVIDIA's H200 chips; NVDA shares off best levels, last +0.5%.
• European bourses are broadly lower, US equity futures are mixed with the NQ dipping into modest negative territory after the FT report on NVIDIA.
• DXY hovers around 99.00, Antipodeans rise post...