• European bourses are mixed thus far as trade is choppy in a quiet session
• US Treasury Secretary Mnuchin and US Trade Representative Lighthizer conducted a phone call with Chinese Vice Premier Liu He on Saturday in which they were said to have held "constructive discussions"
• US government is reportedly preparing to extend licences to allow US companies to use Huawei equipment by 2 weeks
• USD is little changed with Sterling outperforming on weekend polls; DXY remains below 98.00
• Looking ahead,...

• Asian equity markets partially resumed the momentum from last Friday’s record-setting performance on Wall St.
• US Commerce Secretary Ross said the finish line is close regarding a China Phase One Trade Deal on paper
• HK Police officers were said to threaten to use live rounds if rioters carry out more violence
• UK election polling over the weekend has shown a trend towards the Conservatives increasing their lead over Labour
• Looking ahead, highlights include ECB’s de Guindos, Lane & de Cos;...

• European bourses are modestly firmer this morning, as sentiment struggles to find direction on the mixed trade remarks
• White House Economic Adviser Kudlow said we are getting close to a trade deal with China; noted, US President Trump is not ready to sign off
• IEA Monthly Oil Report: maintains oil demand growth estimates for 2019 and 2020
• USD is little changed thus far and remains in a tight bank with the Fixed complex equally...

• Asian equity markets traded mostly higher as sentiment remained at the whim of the temperamental trade rhetoric
• White House Economic Adviser Kudlow suggested they are getting close to an agreement and the sides were on the short strokes of a phase 1 deal
• However, Kudlow noted President Trump was not yet ready to sign off on a deal with the comments also following an FT report that suggested US and China were struggling to complete the Phase One trade deal
• Looking ahead, highlights include EZ CPI...

• European bourses are little changed in what has been tentative trade thus far on mixed US-China remarks, ahead of Powell part 2
• China customs have lifted restrictions on US poultry meat imports, according to reports
• German Q3 GDP Flash QQ 0.1%, avoiding a technical recession
• Antipodeans underperform on poor AUD labour data, with the USD slightly firmer at present
• Looking ahead, highlights include US Initial Jobless Claims, Weekly EIA Inventories, OPEC Monthly Report (12:10 GMT), Banxico Rate...

• Asian equity markets traded somewhat mixed after a tentative lead from Wall St due to ongoing trade uncertainty
• US-China trade talks have hit a snag over agricultural purchases according to the WSJ
• Sentiment was also hampered overnight by weaker than expected Chinese Industrial Production and Retail Sales data
• UK Tory party was said to offer a deal to the Brexit Party in which the latter would only contest 40 seats, although this was rejected by party leader Farage
• Looking ahead, highlights...

• European bourses are subdued as the post-Trump underwhelming tone remains, ahead of potential Auto tariffs and Fed’s Powell
• Tariffs are reportedly emerging as the main stumbling block for US and China to reach a limited trade deal, according to WSJ citing sources
• NZD outperforms after the RBNZ remained on hold overnight, DXY retains some mild firmness
• Looking ahead, highlights include US CPI, EIA STEO, APIs, Japanese GDP, Fed’s Powell, Barkin, Kashkari, RBNZ's Orr, RBA’s Bullock; President’s Trump...

• Asian equity markets were lower across the board and US equity futures pulled back from record levels
• US President Trump’s speech failed to provide any fresh insight on US-China trade but continued to warn the US will substantially raise tariffs on Chinese imports if there is no deal made
• US Trade Representative's Office will submit a report on possible tariffs on autos and auto parts to the White House by today
• Looking ahead, highlights include German, Swedish, UK CPI, EU Industrial Output, US CPI,...

• European equities are firmer this morning on strong EZ data, following the slightly firmer Asia-Pac handoff
• FX complex sees a slightly firmer USD with the NZD the notable underperformer ahead of tomorrow’s RBNZ rate decision
• US President Trump is expected to delay the EU auto tariff decision for another 6 months., according to Poltico
• US President Trump is reportedly to have a 'constructive statement on China' in his remarks at the Economic...

• Asian equity markets whipsawed overnight following a similar indecisive lead from Wall St where there was a mild downside bias
• US President Trump is reportedly expected to delay the EU auto tariff decision for another 6 months, according to Politico
• Brexit Party Chairman Tice said rumours his party will stand down more candidates to help out PM Johnson are “utter rubbish”
• Looking ahead, highlights include US President Trump to speak on 'Trade & Economic Policy' at the Economic Club of NY, UK...

• European bourses are subdued as the sentiment from Hong Kong unrest outweighs Singles Day, financials remain under pressure given Moody’s downgrading UK and Spanish election stalemate
• US President Trump said he thinks trade talks are moving along very nicely, while he suggested that the accord with China has to be the right deal and that reports on the level of tariffs being lifted were incorrect
• FI markets have a slight bid thus far, USD is slightly subdued on the deterioration in sentiment; NZD...

• Asian equity markets traded mostly negative with sentiment clouded by uncertainty; Hang Seng underperformed amid further unrest in Hong Kong with reports of police using live rounds
• Results from the Spanish election showed no party attained a majority as expected, Spain’s Socialists won the most seats
• In FX markets, the DXY was flat, EUR/USD and GBP/USD were uneventful, USD/JPY was slightly pressured, NZD modestly outperformed
• Looking ahead,...

• Major European bourses are cautious as the US/China trade front positivity abates slightly
• In FX, DXY is firmer above 98.000, AUD subdued by SOMP, PBoC set USD/CNY fix below 7.00
• Iranian Air Defences have reportedly shot down a drone on the edge of Persian Gulf, US defence Official said no reports of a US drone being shot down
• Looking ahead, highlights include Labour Market Report; US University of Michigan Sentiment, Baker Hughes Rig Count; Fed’s Bostic, Williams, Daly, Brainard, Moody’s on...

• Asian bourses traded mixed as the region failed to sustain the momentum from the record levels on Wall St
• US and China sources noted that both sides want to have a Phase 1 trade deal down on paper by the end of next week
• However, source reports stated the US plan to roll back China tariffs faces fierce internal opposition, no final decision has been made
• Chinese trade figures topped estimates but continued to show a contraction in both...

• European bourses are higher as risk sentiment derives support from the trade flow in early hours
• China and US have agreed to cancel existing tariffs in different phases, MOFCOM said; noting the magnitude of tariff cancellations for Phase 1 can be negotiated if a deal is reached
• Debt complex is significantly subdued on the risk-on tone, USD/CNH drops further below the 7.0 mark
• Looking ahead, highlights include, US Initial Jobless Claims and Consumer Credit, BoE Rate Decision, MPR & Press...

• Asian equity markets traded indecisively as they took their cue from the similar performance of their US peers
• US President Trump meeting with Chinese President Xi to sign a trade deal could be delayed until December as discussions over terms and venue continue
• Senior US administration official said that the US is mulling a Trump-Xi meeting to sign an interim trade deal after the NATO summit in London in early December (3rd-4th)
• Looking ahead, highlights include German Industrial Output, Chinese FX...

• Major European bourses are little changed thus far, in a relatively quiet EU session
• Chinese President Xi's visit to Brazil next week may be too soon to sign a Phase One trade deal with the US., SCMP
• Iranian President Rouhani says nuclear site Fordow will "soon be back to full production"; follows reports that they have begun injecting gas into the facility
• FX complex is uninspiring with the USD marginally softer overall,...

• Asian equities traded lacklustre following a flat finish on Wall St where the major indices remained near record highs
• Participants await the next developments in the trade saga and whether the US succumbs to China’s demands to roll-back tariffs
• Brexit Party leader Farage is reportedly in discussions with certain Eurosceptic Conservatives over withdrawing rival Brexit Party candidates at the upcoming general election
• DXY slightly eased back from the 98.00 level but held on to the majority of the...

• European bourses are firmer in risk-on trade this morning following the positive US-China rhetoric
• US reportedly considers dropping some tariffs on China with the White House said to mull whether to roll back levies on USD 112bln of Chinese imports which were introduced at 15% on September 1st
• US National Security Adviser O’Brien stated that US President Trump invited Chinese President Xi to the US if the two sides are ready to sign the phase one agreement; is...

• Asian equity markets were higher as the region sustained the momentum from Wall St where all major US indices posted record highs on the continued US-China trade optimism
• FT reports that the US is mulling rolling back the 15% tariffs on USD 112bln of Chinese imports that took effect from September 1st
• However, doubts remain over whether or not US President Trump would be willing to support such a move
• Looking ahead, highlights include UK Markit Services PMI, EZ PPI, US International Trade, Markit...

• Asian equity markets kick-started the week on the front-foot following a strong performance from Wall St., Japan was away on holiday
• SCMP opinion piece noted that China might make further compromises, but the Phase 1 deal does not provide any incentive for a more comprehensive agreement
• US Commerce Secretary Ross suggested the US may not need to impose auto tariffs later this month
• In FX, DXY is firmer, GBP, EUR, CAD, JPY and CHF are softer,...

• Asian equity markets kick-started the week on the front-foot following a strong performance from Wall St., Japan was away on holiday
• US Commerce Secretary Ross said they are very far along in Phase 1 of the US-China trade deal, whilst USTR Lighthizer and WH Trade Adviser Navarro highlighted constructive talks with China
• SCMP opinion piece noted that China might make further compromises, but the Phase 1 deal does not provide any incentive for a more comprehensive...

• European Cash indices are a touch firmer but little changed as markets await the US Jobs report
• Chinese Caixin Manufacturing PMI beat Exp.; foreign ministry says reports of a US/China leaders meeting in Macau is speculation
• US Secretary of State Pompeo said US is to impose new sanctions and nuclear curbs on Iran
• FX complex is little changed overall vs. a slightly softer USD
• Looking ahead highlights include US Labour Market Report, Construction Spending and ISM; Fed’s Clarida, Williams,...

• Asian equity markets mostly staged a turnaround from the weak Wall St. lead, China outperformed whilst Nikkei 225 lagged
• In FX, USD held onto recent losses, JPY was marginally firmer, antipodeans welcomed above-forecast China Caixin Manufacturing PMI
• US Secretary of State Pompeo said US is to impose new sanctions and nuclear curbs on Iran
• Looking ahead, highlights include Swiss CPI, UK Manufacturing PMI, US Labour Market Report, Construction...

RANsquawk Daily US Opening News - 31st October 2019

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