• European bourses are entirely in the red, with sentiment hit amid political uncertainty in Europe whereby the centre-right strengthened its majority although the far-right made gains; US equity futures are marginally softer, with the RTY underperforming
• Dollar is firmer in a continuation of post-NFP strength, EUR is hampered by political uncertainty
• USTs are flat and resilient to the downbeat mood in European peers; OATs underperform after French President Macron...

• APAC stocks began mixed in what was a holiday-thinned start to the week with markets in Australia, China, Hong Kong and Taiwan all closed.
• EUR slides as results in the European Parliament elections prompted Macron to dissolve the French parliament and announce a snap election.
• European equity futures declined with the Euro Stoxx 50 future down 0.4% after the cash market also closed lower by 0.4% on Friday.
• Israeli minister Gantz...

Week Ahead 10-14th June:

• MON: Japanese GDP Revised (Q1), Norwegian CPI (May), EZ Sentix Index (Jun), US Employment Trends (May)
• TUE: EIA STEO, OPEC MOMR, UK Jobs Report (Apr)
• WED: FOMC Announcement & Press Conference, IEA OMR, Chinese Inflation (May), German Final CPI (May), UK GDP (Apr), US CPI (May)
• THU: BoJ Announcement, G7 summit, Australian Jobs Report (May), EZ Industrial Production (Apr), US PPI...

• European equities are entirely in the red and at session lows; US futures trade tentatively ahead of US NFP
• Dollar is flat alongside G10 peers as markets await key employment data
• USTs trade within a contained range, Bunds are softer post-German data and unreactive to a slew of ECB speakers who mainly stuck to the data-dependent script; EGBs hit on Q1 wages
• Crude is flat, XAU dragged down on data which indicates that China halts Gold buying...

• APAC stocks traded mixed in cautious and tentative trade and macro newsflow on the quieter side ahead of the US jobs report
• European equity futures are indicative of a flat open with the Euro Stoxx 50 future unchanged after cash closed +0.7% on Thursday
• DXY traded flat in a narrow range, EUR & GBP contained; USD/JPY inched higher
• Fixed income rangebound but with a softer bias, little reaction to the latest BoJ Rinban...

• European bourses extend gains; US futures are mixed, RTY underperforms
• Dollar is flat and EUR incrementally gains ahead of today’s ECB policy announcement
• Bonds are slightly softer, giving back some of this week’s advances
• Crude is now around flat after trading higher for much of the morning, XAU/base metals continue recent strength
• Looking ahead, US Challenger Layoffs, IJC, ECB Policy Announcement and Press...

• SPX and NDX closed at record highs whilst NVIDIA joined the USD 3tln market cap club and overtook Apple as the second-largest US company.
• APAC stocks traded mostly firmer as the region largely took its cue from the positive lead on Wall Street, while South Korean markets were closed due to the Memorial Day holiday.
• DXY weakened as APAC traders reacted to the pullback in yields, JPY outperformed, and JGB futures were boosted after a strong 30-year...

• European bourses extend gains with Tech leading; US futures are modestly firmer
• Dollar is incrementally higher, JPY gives back recent strength with USD/JPY now above 156.00
• Bonds are incrementally softer and unreactive to EZ Final PMIs
• Crude is modestly firmer in what has been a choppy session, XAU gains modestly and base metals are mixed
• Looking ahead, Canadian & US Services & Composite PMIs, US ADP National...

• APAC stocks traded mixed as the cautious mood from Wall Street reverberated into Asia-Pacific, with macro newsflow overnight on the lighter side; Tokyo underperformed.
• DXY was caged in a tight range as traders look ahead to the US ISM Services data for impetus following Monday's dovish Manufacturing print.
• YouGov/Sky News Snap Debate Poll: PM Sunak won the first head-to-head election debate [Sunak 51%, Starmer 49%].
• European equity futures...

• Risk sentiment generally pressured to the benefit of havens ex-precious metals as the latest bearish driver stems from India’s election count
• Equities are entirely in the red; Energy and Basic Resources are the clear laggards, given the underperformance in the underlying commodity prices
• Dollar is firmer and attempting to claw back post-ISM losses, JPY bid with USD/JPY nearing 155, AUD slips given the risk sentiment
• Bonds are firmer in...

• APAC mixed following a similar Wall St. handover in the absence of fresh catalysts
• DXY consolidated, EUR above 1.09, GBP contained
• Fixed income rangebound after Monday's ISM move, modest upside on a strong JGB auction
• Crude continues to slip, XAU soft; geopols continue to focus on a phased truce plan
• Highlights include Swiss CPI, German Unemployment, US Durable Goods R, US JOLTS, US RCM/TIPP Economic Optimism Supply...

• Equities are in the green; Chip names help to prop up the tech sector, whilst meme-stock GME surges 66% pre-market
• DXY is incrementally firmer, G10s are mostly firmer against the Dollar except for the Yen, which gains marginally
• USTs continue Friday’s post-PCE advance ahead of US ISM Manufacturing
• Crude is incrementally firmer, though residing near lows post OPEC+ which outlined a future roadmap for the restoration of the supply from the...

• APAC stocks opened higher and then extended on gains as the region reacted to the softer-than-expected US Core PCE data on Friday alongside the prospect of a potential Israel-Hamas deal brokered by the US.
• Crude prices saw initial disappointment in the aftermath of the OPEC+ meeting which outlined a future roadmap for the restoration of the supply from the voluntary cuts.
• S&P cut France’s rating to AA- from AA; Outlook stable; downgrade on deterioration of...

• European bourses are mixed and US futures are entirely in the red, though with price action contained ahead of US PCE
• Dollar is flat, EUR gains following the hotter-than-expected EZ-HICP metrics
• Bonds are pressured and EGBs more-so after hotter EZ HICP metrics, downside which has been pared slightly
• Crude is modestly softer following disappointing Chinese PMI data, XAU is flat and base metals are mixed
• Looking ahead,...

• APAC stocks traded mostly in the green and shrugged off the weak lead from the US but with gains capped by disappointing official Chinese PMIs.
• Former US President Trump was found guilty by a jury verdict on all 34 counts he faced at the hush money trial and will be sentenced on July 11th.
• European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed higher by 0.4% on Thursday.
• DXY remains...

• APAC stocks traded mostly in the green and shrugged off the weak lead from the US but with gains capped by disappointing official Chinese PMIs.
• Former US President Trump was found guilty by a jury verdict on all 34 counts he faced at the hush money trial and will be sentenced on July 11th.
• European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed higher by 0.4% on Thursday.
• DXY remains...

• European equities are modestly firmer, US futures are mostly lower though have been edging higher in recent trade
• Dollar is softer, haven currencies bid with USD/JPY holding around 156.85
• ZAR pressured as early vote count/models point to ANC losing the majority and securing at most 45% of the vote
• Bonds have bounced modestly from recent lows, with sentiment improving following a robust JGB auction
• Crude is modestly...

• APAC stocks were on the back foot amid spillover selling from Wall St owing to the further upside in yields; Nikkei 225 slumped at the open and briefly fell beneath the 38,000 level.
• DXY traded flat but held on to the prior day's gains above the 105.00 level after benefitting from higher yields, USD/JPY gradually eased back from its recent peak amid mild haven flows.
• 10-year UST futures were contained after the recent continued bear-steepening owing to a weak 7-year...

• Equities are entirely in the red in continuation of similar price action seen in APAC trade
• Dollar is flat, EUR slips after German State CPIs show a cooler M/M and largely as-expected Y/Y
• Bonds are softer in a continuation of the prior day’s losses, Bunds pare most of the post-German State CPI upside
• Crude is firmer amid ongoing geopolitical uncertainty, XAU slips and base metals are mixed
• Looking ahead, German CPI,...

• APAC stocks traded mostly lower after the indecisive performance stateside amid the rising yield environment.
• European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed lower by 0.6% on Tuesday.
• DXY trades in a tight range above 104.50, EUR/USD is a touch softer below 1.0850, AUD shrugged off hot CPI.
• BoJ Board Member Adachi said the BoJ is not yet at a stage where they are convinced...

• European bourses are mixed continuing the price action seen in APAC; US equity futures are in the green
• Dollar is flat/softer, Kiwi the G10 outperformer after strong price action overnight and in continuation of the RBNZ last week
• USTs/Bunds are mixed and relatively contained, whilst Gilts outperform playing catch-up to Bund strength in the prior session
• Crude benefits from heightened geopol tensions, XAU dips and base metals are firmer...

• APAC stocks were mixed with price action mostly rangebound in the absence of a lead from Wall St and as geopolitical uncertainty lingered following an Israeli strike on Rafah which killed dozens of Palestinians on Sunday.
• DXY marginally softened beneath the 104.50 level albeit with trade kept to within a very tight range following the Memorial Day holiday weekend stateside and with the Fed's preferred inflation gauge scheduled for this Friday.
• An Egyptian soldier...

• MON: Bank of Israel Announcement , UK Bank Holiday, Chinese Industrial Profits (Apr), German Ifo Survey (May).
• TUE: Canadian PPI (Apr), US Monthly Home Prices (Mar).
• WED: Riksbank Financial Stability Report, Australian CPI (Apr), German Flash CPI (May), US Richmond Fed (May), South African Election.
• THU: Spanish Flash CPI (May), Swiss GDP (Q1), EZ Sentiment Survey (May), US GDP 2nd Estimate (Q1).
• FRI:...

• European bourses are entirely in the red, though have recently has clambered off lows; US equities are modestly firmer.
• Dollar is slightly softer, GBP shrugs off initial Retail Sales weakness, overall trade contained.
• Bonds are very modestly firmer, attempting to claw back some of the US PMI-induced pressure.
• Crude is softer and near session lows without a clear catalyst, XAU gains whilst base metals...

• The selling in US stocks yesterday accelerated once European desks packed for the day, with little fresh fundamentals driving the move after the US Flash PMIs.
• APAC stocks followed suit to the selling on Wall St where the initial NVIDIA-related euphoria was soured after strong US PMI data lifted the dollar and yields.
• DXY traded steadily after surmounting the 105.00 level in the aftermath of the strong US PMI data, USD/JPY marginally edged higher after reclaiming...