• Asian indices (ex-India) are subdued as US-China updates continue to drive markets; China’s Foreign Minister Wang Yi warned China will fight to the end
• FOMC minutes largely neutral, emphasis on patience and that the inflation downturn is transitory
• UK PM May is to meet 1922 Committee Chair Brady on Friday, where leadership changes will be discussed; HoC Leader Leadsom resigned
• Looking ahead, highlights include German GDP & Ifo, French,...

• European Indices [Euro Stoxx 50 +0.3%] are positive, but have traded choppily for much of the session ahead of FOMC and as markets await further US-China updates
• On the Brexit front, the 1922 Committee are due to meet at 16:00BST, with speculation that if over half of the committee are in favour then Graham Brady will instruct PM May to leave
• Looking ahead, highlights include Canadian Retail Sales, DoEs, FOMC minutes, Fed’s Williams, Bostic, and BoE’s...

• Asian indices were mixed as markets await further US-China updates and FOMC minutes
• US is contemplating blacklisting as many as 5 Chinese surveillance firms
• UK PM May’s latest Brexit offer has led to a backlash from both Conservative Eurosceptics and the Labour Party
• Looking ahead, highlights include UK CPI, Canadian Retail Sales, DoEs, FOMC minutes, ECB’s Draghi, Praet, Fed’s Williams, Bostic, and BoE’s...

• European indices [Euro Stoxx 50 +0.6%] extend advances ahead of the US’s entrance to market
• In FX, the dollar broadly outperforms its G10 counterparts particularly antipodeans following RBA Governor Lowe stating they will consider a rate cut at June’s meeting
• Looking ahead, highlights include US Existing Home Sales, EZ Consumer Confidence (Flash), US & Japan Trade Talks, Fed’s Evans & Rosengren

ASIA-PAC

Asian stocks eventually traded mostly...

• Asian indices were mixed following the negative Wall St lead, although, respite was granted as the US announced a 90-day general license for Huawei
• The RBA further tied their outlook to the labour market and Governor Lowe stated the board will consider lowering rates at the June meeting
• Looking ahead, highlights include US Existing Home Sales, EZ Consumer Confidence (Flash), US & Japan Trade Talks, Fed’s Evans & Rosengren, ECB’s de...

• European Indices [Euro Stoxx 50 -1.2%] have continued to move lower, after a relatively uneventful opening, with the downside stemming from unconfirmed negative reports on US-China trade
• In FX, the USD is subdued vs all G10 counterparts in particular the AUD following PM Morrison’s surprise victory
• Saudi Energy Minister Al Falih, at the JMMC, stated that there is consensus to gently drive inventories down and that Saudi Arabia see no need to quickly boost production with oil around USD...

• Asian indices mixed with focus on Australian elections and reports that US-China trade talks have stalled
• Saudi Energy Minister Al Falih stated that there is consensus to drive down inventories gently and Saudi Arabia sees no need to boost production quickly now with oil at around USD 70/bbl
• Reports around UK PM May’s Brexit bill differ, some indicate it contains improved measures others that it contains nothing new and retains the Irish...

• Major European indices [Euro Stoxx 50 -0.5%] are subdued following from a mixed Asia session, with sentiment afflicted by reports that China potentially has no current interest in the continuation of US talks
• Opposition Labour Leader Corbyn confirms that cross-party Brexit talks have gone as far as they can
• Looking ahead, highlights include US University of Michigan Sentiment, Fed's Clarida & Williams, ECB's de Guindos

ASIA-PAC

Asian equity markets...

• Asian indices were predominantly positive following a firmer close on Wall St.; although markets were afflicted by negative US-China updates
• China's state media reported that China potentially has no interest in furthering talks with the US right now; little sincerity seen by China in US President Trump’s approach
• Cross-party talks between Conservatives and Labour are near to drawing to a close without an agreement; focus now turns to Parliamentary voting...

• European indices [Euro Stoxx 50 +0.3%] are volatile, following on from the somewhat mixed performance of their Asian counterparts
• China’s MOFCOM spokesman stated that they have no information regarding a US visit to Beijing
• Looking ahead, highlights include US Building Permits, Housing Starts, Initial Jobless Claims & Philadelphia Fed Business Index, Canadian Manufacturing Sales, ECB’s de Guindos & Coeure, Fed’s Kashkari & Brainard, BoC’s Poloz & Wilkins
• Earnings: Applied Materials,...

• Asian indices were mixed as the auto-driven positivity from Wall St. was countered by the blacklisting of Huawei and disappointing regional earnings
• UK PM May is to face the 1922 committee today, with the committee to hold a meeting immediately after; cross-party talks with Labour remain on the verge of collapsing
• Looking ahead, highlights include US Building Permits, Housing Starts, Initial Jobless Claims & Philadelphia Fed Business Index, Canadian...

• European Indices [Euro Stoxx 50 -0.6%] fail to maintain the positive lead from Asia-Pac as sentiment turns risk-off
• Bunds have breached the 167.00 level supported by the deteriorating sentiment and the ongoing political turmoil in Italy with the BTP spread blowing out further towards 300bp
• Looking ahead, highlights include US NY Fed Manufacturing, Retail Sales, Industrial Production, Manufacturing Output, Business Inventories, NAHB, Canadian CPI, Fed’s Quarles, Barking, Rosengren & George; ECB’s Coeure...

• Asian indices were firmer after positive comments from US President Trump regarding China trade; although, gains were capped by poor earnings and data
• UK PM May’s government has confirmed that the Withdrawal Agreement will be put to Parliament in the first week of June
•  Looking ahead, highlights include EZ GDP, US NY Fed Manufacturing, Retail Sales, Industrial Production, Manufacturing Output, Business Inventories, NAHB, Canadian CPI, IEA Monthly Oil Report,...

• Major European indices [Euro Stoxx 50 +0.6%] are firmer as risk sentiment begins to unwind slightly after yesterday’s sell-off
• China Global Times Editor states that China may release additional retaliatory measures; notably, China declined to comment on US Treasury holdings
• Two Saudi Aramco oil pumping stations have been attack in Riyadh; Saudi Energy Minister states that Aramco has halted pumping in the east-west pipeline
• In FX, the risk sentiments improvement has happened at the detriment of safe...

• Asian indices were subdued after China’s tariff retaliation and the USTR posting details on tariffs for an additional USD 300bln; although, sentiment was aided by optimism from US President Trump
• Cross party Brexit talks reportedly made no progress, while PM May is under pressure to abandon compromise attempts and is considering definitive votes to break the Brexit deadlock
• Looking ahead, highlights include German CPI (F), ZEW, UK Employment Change, US Import &...

• European indices are downbeat [Euro Stoxx 50 -0.5%] following on from the performance of their Asian counterparts as focus remains firmly on US-China trade uncertainty
• China Global Times Editor believes that China has not yet released countermeasures immediately as China may be drafting a plan which will have precise effects
• In FX, the safe haven’s JPY and CHF are outperforming while antipodeans are underperforming with FX largely dictated by the trade induced...

• Asian stocks and US equity futures began the week negative as focus remained on the US-China trade tensions
• President Trump thinks China felt they were being beaten so badly on negotiations that they may as well wait around for next election, but warned that a deal will become far worse for them if it is negotiated during his second term
• UK PM May is being pressured by cabinet ministers to drop cross-party Brexit talks and launch a final attempt to reach a...

• Asian stocks and US equity futures began the week negative as focus remained on the US-China trade tensions
• President Trump thinks China felt they were being beaten so badly on negotiations that they may as well wait around for next election, but warned that a deal will become far worse for them if it is negotiated during his second term
• UK PM May is being pressured by cabinet ministers to drop cross-party Brexit talks and launch a final attempt to reach a...

• US President Trump increased tariffs from 10% to 25% on USD200bln of Chinese goods; however, he did comment that a trade deal is possible this week
• Major European Indices [Euro Stoxx 50 +0.8%] are firmer following the choppy overnight action as sentiment turned risk-on as market’s remain hopeful that a deal can be secured
• Looking ahead, highlights include US CPI, Canadian Building Permits & Jobs Report, Fed's Brainard, Bostic & Williams, ECB's...

• US President Trump has increased tariffs to 25% from 10% on USD 200bln of Chinese goods; China says they will take countermeasures
• Choppy price action in Asian equities with Chinese Vice Premier Liu He reportedly stating that it is now up to President Trump and President Xi to work this out
• Looking ahead, highlights include German Trade Balance, UK GDP, Industrial, Manufacturing & Construction Output, US CPI, Canadian Building Permits & Jobs Report, Fed's...

• Major European indices [Euro Stoxx 50 -1.0%] remain subdued in-line with the performance seen overnight on continuing US-China uncertainty
• On the geopolitical front, and adding to the risk-off sentiment, reports state that North Korea fired what is likely to be two short-range missiles
• Looking ahead, highlights include US PPI & Wholesale Inventory, Fed's Powell, Bostic & Evans, RBNZ's Orr, supply from the US

ASIA-PAC

Asian equity markets were...

• Asian indices were negative ahead of the Chinese delegation arriving in Washington for the resumption of trade talks
• In FX, the DXY was steady along with other safe havens while remaining G10 currencies are subdued/flat vs USD
• Looking ahead, highlights include US PPI & Wholesale Inventory, Norges Bank Rate Decision, ECB's Lane & Nowotny, Fed's Powell, Bostic & Evans, RBNZ's Orr, supply from the UK & US
• Earnings: UniCredit,...

• Source reports indicate that China backtracked on legal issues affecting nearly every section of the proposed US trade agreement
• Major European indices [Euro Stoxx 50 -0.3%] have given up the mornings initial gains as sentiment turns once again on US-China updates
• FX markets are broadly reflecting the tentative tone, with JPY supported as a risk haven and Cable subdued on uncertainty around PM May’s departure
• Looking ahead, highlights include, ECB's Draghi, Fed's Brainard, Riksbank's af Jochnick,...

• Asian equity markets were mostly negative as ongoing US-China trade uncertainty continued to take its toll on risk sentiment
• UK PM May will reportedly stay in office until the Conservative party conference in September after setting a new summer deadline to finalize Brexit talks
• RBNZ cut rates by 25bps and lowered its forecasts for the future OCR path
• Looking ahead, highlights include, Swiss Unemployment Rate, German Industrial Output, BoE's...

• European Indices have drifted lower as the day progressed [Euro Stoxx 50 -0.6%], in-spite of reports that China’s VP Liu He is to attend trade talks in the US providing a boost to sentiment
• In FX, AUD is outperforming after the RBA stood pat and were less Dovish than anticipated in their statement; remaining G10 currencies are little changed vs USD.
• Looking ahead, highlights include US JOLTS EIA Short Term Energy Outlook, Fed's Kaplan & Quarles, BoE's Haldane, Supply from...