• Asian equity markets began the week with a cautious tone, Japan, India and Singapore were away on holiday
• In FX markets, the DXY was flat, EUR and GBP received some mild reprieve and USD/JPY revisited Friday’s lows
• China Global Times Editor tweeted that as long as US forces a deal on China through maximum pressure, there will never be a deal
• UK MPs are reportedly drawing up plans to force PM Johnson to request a Brexit extension, while...

• European indices are firmly in negative territory [Euro Stoxx 50 -1.0%], as the mixed Asia-Pac handover fizzled out
• BTPs, FTSE MIB and Italian Banks are under significant pressure as recent reports indicate League Party are to present a no-confidence motion in the Government
• UK GDP Prelim QQ Q2 -0.2% vs. Exp. 0.0%, after which Sterling touched multi-year lows at 1.2080
• Looking ahead, highlights include, include US PPI, Canadian Building Permits & Jobs...

• Asian equity markets traded mostly higher as the region got a mild tailwind from the strong performance on Wall St and continued PBoC restraint on the CNY
• US delayed the decision regarding Huawei licenses following China’s suspension of agricultural purchases
• Italian Deputy PM and League leader Salvini said there is no longer a majority to support the government and it is necessary to hold fresh elections
• AUD/USD tumultuous at the whim of central bank rhetoric including RBA Governor Lowe’s...

• European indices are firmer thus far, as risk sentiment remained positive after a upbeat Asia-Pac session following strong Chinese data and a firmer than expected CNY reference rate
• Saudi official says it plans to keep its production below 10mln BPD, committed to do what ever it takes to keep the oil market balanced
• Dollar is generally softer vs. G10 counterparts, with antipodeans outperforming on the China data though NZD has been impacted by dovish comments from RBNZ Hawkesby
• Looking ahead,...

• Asian equity markets gained as a firmer than expected PBoC reference rate setting and Chinese trade data helped the region shake off initial tentativeness
• DXY flatlined during Asian hours with price action stuck around 97.50 and with uneventful trade observed across its major counterparts
• UK PM Johnson reportedly could call for a general election on November 1st (one day after Brexit), to get a boost from Leave supporters
• Looking ahead, highlights include US Initial Jobless Claims & Wholesale...

• European indices [Euro Stoxx 50 +1.3%] are firmer this morning defying the mixed Asia-Pac handover
• RBNZ and RBI cut rates by 50bp and 35bp respectively, adding further fuel to the global growth narrative
• Fixed continues to make ground with -60bps Bund yield ahead and Gold is inching closer to the USD 1500/oz mark
• Looking ahead, highlights include, Canadian Ivey PMI, Fed’s Evans, RBA’s Bullock & supply from the US
• Earnings: CVS & Fox

ASIA-PAC

Asian equity...

• Asian equity markets traded mixed as the region observed caution despite the rebound on Wall St.
• PBoC weakened the CNY reference rate to within a whisker of the 7.0000 ‘line in the sand’ level
• NZD/USD tumbled after the RBNZ announced a deeper than expected OCR cut of 50bps with Governor Orr refusing to rule out further action
• Looking ahead, highlights include German Industrial Output, Chinese FX Reserves, Canadian Ivey PMI, RBI Rate...

• US Treasury Department designated China as a currency manipulator, Treasury Secretary Mnuchin said they will engage with the IMF to eliminate the unfair competitive advantage
• China MOFCOM confirmed purchases of US agriculture products have been suspended and does not rule out placing tariffs on US agri products imported after August 3rd
• Major European indices are firmer thus far as sentiment has made a mild turnaround or not deteriorated further from the Asia-Pac session
• Looking ahead, highlights...

• Asian equity markets resumed the global sell-off after the S&P 500 posted a 6th consecutive day of losses and the DJIA dropped over 900 points intraday
• The US labelled China a currency manipulator whilst China confirmed purchases of US agricultural products have been suspended
• Markets found some comfort after the PBoC announced they are to to sell CNY 30bln of bills in Hong Kong and set the CNY reference rate within bounds of the perceived 7.00 line in the sand
• European diplomats have been...

• European indices are firmly in negative territory [Euro Stoxx 50 -1.4%] as the US-China trade narrative ramps up and USD/CNH went through the 7.00 handle
• China has asked state run firms to halt US agriculture purchases, however the State Planner later rebuffed the US’ accusation that China has not purchased farm products
• Fixed remains firmer, though of off session highs while the DXY continues to falter below the 98.00 mark
• Looking ahead, highlights include, US Services and Composite PMI; US...

• Asian equity markets were lower across the board as the stock rout resumed from last week’s tariff announcement by US President Trump
• China has asked state-run purchasers to halt US agriculture imports, while a collapse in the CNH through the 7.00 handle also exacerbated the risk-averse tone
• DXY slightly softened and dipped below 98.00, whilst safe-haven flows pressured USD/JPY below 106.00 for the first time since the flash crash at the beginning of the year
• Looking ahead, highlights include EZ, UK...

• European indices are firmly in the red as sentiment remains under fire from US President Trump announcing further China tariffs
• Fixed income has been underpinned on the risk sentiment with the German 30yr yield dropping below 0% for the first time and the 10yr below -50bps
• Chinese Commerce Ministry responded saying if the US is intent on implementing further tariffs China will have to take countermeasures
• Looking ahead, highlights include, US Jobs Report/Trade Data/Factory Orders & Uni. Michigan...

• Global sentiment dented after US President Trump announced a 10% tariff on the remaining USD 300bln of Chinese goods to the US
• In recent talks, Chinese sources stated that China was not backing down or adding back any of the concession language in the agreement
• DXY declined following the tariff announcement and continued to pull back from its highest levels in more than a year
• UK Conservative Party lost the Brecon and Radnorshire by-election. As such, the Conservative Party’s working majority in...

• European indices are off FOMC-lows, Energy sector is pressured after Shell’s earnings and lower oil prices
• Cable remains lacklustre around 1.2100 ahead of the BoE
• Looking ahead, highlights include US Initial Jobless Claims & ISM Manufacturing PMI, BoE Rate Decision, QIR & Press Conference
• Earnings: Verizon, S&P, General Motors, Marathon Petroleum

ASIA-PAC

Asian stocks traded lacklustre as the region reacted to the FOMC meeting. ASX 200 (-0.3%)...

• Fed cut rates by 25bps as expected, but disappointed expectations for more dovish signals
• Fed Chair Powell suggested the decision was different from the beginning of a lengthy cutting cycle but later added he did not say that the cut is going to be the start of a cycle of "just one" rate cut
• Asian stocks traded lacklustre, DXY broke above YTD highs and commodities were broadly lower
• Looking ahead, highlights include EZ & UK Manufacturing PMI (Final), US Initial Jobless Claims & ISM...

• European Indices are mixed this morning after an earnings dominated start to the session, and as further US earnings and the FOMC awaits
• US-China trade talks concluded early, with no substantial progress noted though the two sides are to meet again in September
• North Korea fired multiple projectiles early on Wednesday which was said to be 2 short-range ballistic missiles and a different type of weapon than previous launches
• Looking ahead,...

• European Indices are mixed this morning after an earnings dominated start to the session, and as further US earnings and the FOMC awaits
• US-China trade talks concluded early, with no substantial progress noted though the two sides are to meet again in September
• North Korea fired multiple projectiles early on Wednesday which was said to be 2 short-range ballistic missiles and a different type of weapon than previous launches
• Looking ahead,...

• Asian equity markets followed suit to the negative performance seen across global peers amid trade concerns, looming FOMC decision, mixed Chinese data and earnings
• Apple gained around 4.5% after-hours due to a beat on both top and bottom lines, Co. missed on iPhone sales but Q4 revenue forecast surpassed Street estimates
• DXY was flat around the 98.00 level amid a non-committal tone across most major currencies ahead of today’s FOMC meeting
• Looking ahead, highlights include German Retail Sales &...

• European indices [Euro Stoxx 50 -1.0%] are firmly in negative territory, though the FTSE 100 once again outperforms as Sterling remains subdued and post BP earnings
• Both FX and Fixed markets remain little changed (ex-Cable) ahead of this week’s risk events
• China's Communist Party's Politburo reiterates that China is to maintain prudent monetary policy, neither too tight nor too loose and will implement proactive fiscal policy
• Looking ahead, highlights include, US PCE and Consumer Confidence, US...

• Asian equity indices shrugged off the lacklustre lead from global peers and traded marginally higher across the board
• BoJ maintained current monetary policy settings and disappointed outside calls for a dovish tweak to forward guidance
• GBP remains under pressure with UK PM Johnson refusing to meet with any EU leaders until they agree to remove backstop
• Looking ahead, highlights include German GFk & CPI (Prelim), US PCE and Consumer Confidence, US & China Trade Negotiators meeting in China,...

• European Indices [Euro Stoxx 50 U/C] are little changed thus far, though the FTSE 100 (+1.1%) outperforms as sterling is subdued
• Iranian Official said a meeting with parties relating the to 2015 nuclear deal was constructive, though unresolved issues remain
• US & Japan are to have ministerial level talks in Washington on August 1st-2nd
• Looking ahead, today’s calendar sees a lack of tier 1 highlights
• Earnings: Simon Property Group, Baidu, Anadarko...

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• MON: UK Mortgage Lending and Approvals, Dallas Fed Manufacturing Index
• TUE: Japanese Unemployment and Industrial Production, Australian Building Approvals, German Import Price Index and GFK Consumer Climate, Eurozone Consumer Confidence (F),...

• Asian equity markets began the week tentative ahead of upcoming slew of key risk events (FOMC, NFP, US-China trade talks) US President Trump said China will probably want to wait on a trade deal and try to delay it until the US election
• UK Cabinet Minister Gove suggested the government will make intensive efforts to get a better agreement but added that we must operate on assumption of a no-deal Brexit
• Looking ahead, today’s calendar sees a lack of tier 1 highlights
• Earnings: Simon Property Group,...

• European stocks are largely dictated by earnings, telecoms gain on potential Vodafone unit IPO
• Post-earnings: Amazon (AMZN) -1.5%, Alphabet (GOOGL) +8.2% and Intel (INTC) +4.8% pre-market
• DXY gains after clearing some tech barriers ahead of Tier 1 data
• Looking ahead, highlights include US Q2 GDP, Baker Hughes Rig Count
• Earnings - McDonald’s, Phillips 66, AbbVie, Aon, Colgate-Palmolive,...

• Asian equity markets traded negatively as the region conformed to the downbeat global risk tone post-ECB and large-cap earnings
• Outgoing EC President Juncker told UK PM Johnson that the current Withdrawal Agreement is the best and only possible agreement
• ECB sources suggest a rate cut is coming in Sept, as well as possible bond purchases and guidance tweaks; case still needs to be made for tiering
• Looking ahead, highlights include US Q2 GDP,...