• 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...

NOTE: This analysis was sent to RANsquawk clients last Friday. Sign up for a free trial by following this link.  

• 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,...

• European equities trade with no firm direction as bourses are dictated by a slew of large cap EU earnings
• DXY is flat while EUR hovers above YTD lows awaiting the ECB (full preview available in the Research Suite)
• Looking ahead, highlights include CBRT and ECB Rate Decisions, US Durable Goods and Initial Claims, Canadian Average Weekly Earnings, ECB President Draghi
• Earnings: Amazon, Alphabet, Bristol-Myers Squibb, Hershey, Southwest...

• Asian equity markets mostly traded with cautious gains after a similar performance on Wall St and ahead of upcoming key risk events
• UK PM Johnson launched a huge overhaul of his cabinet yesterday, appointing prominent Brexiteers to key roles
• In FX markets, price action was predominantly uneventful across the major pairs amid a lack of tier-1 data and as the DXY continued its range-bound path
• Looking ahead, highlights include CBRT and ECB Rate Decisions, German Ifo, US Durable Goods and Initial...

• European stocks are marginally lower, FTSE 100 lags as miners slide
• EUR pressured and Bunds spiked amid downbeat EZ flash PMIs, DXY extends gains above 97.500
• US DoJ is reportedly opening broad antitrust review on large tech firms
• Looking ahead, highlights include US Flash PMIs, DoEs and US 5yr Note Auction
• Earnings: Boeing, American Airlines, Allergan, Facebook, Ford, AT&T, Align Technology, Alexion...

• Asian equities were supported by reports that USTR Lighthizer will lead a small team of negotiators to China next Monday for trade discussions
• US Commerce Secretary Ross said he will deal with Huawei waiver applications within the next few weeks
• PM-elect Johnson will begin assembling a majority Brexiteer Cabinet today as he aims to get Britain ready to leave the EU by October 31st
• Looking ahead, highlights include EZ and US Flash PMIs, DoEs and US 5yr Note Auction
• Earnings: Boeing, American...

• European stocks are higher across the board [Eurostoxx 50 +1.0%], material and tech sectors outperform
• DXY inches closer to July highs while GBP awaits the new PM announcement
• Looking ahead, highlights include, US Existing Home Sales, US API Crude Stocks, NZ Trade Balance, Hungarian Rate Decision, BoE’s Haldane, supply from the US
• Earnings: Lockheed Martin, AMD, Biogen, Chubb, Discover Financial, Hasbro, Harley-Davidson, Kimberly Clark,...

• Asian equity markets were mostly higher as the region took its cue from gains on Wall St, where all major indices closed higher
• UK new PM announcement due between 1100-1200BST today, in which a win by hardliner Brexiteer Boris Johnson is seen as a forgone conclusion
• White House confirmed US President Trump met with CEO's of large tech firms regarding Huawei and 5G technology
• Looking ahead, highlights include, US Existing Home Sales, US API...

• WTI and Brent futures extend on gains as tensions rise in the Strait of Hormuz
• Major European indices are relatively flat [Eurostoxx 50 +0.1%], energy sector outperforms on price action in crude markets
• DXY has consolidated recovery gains above the 97.000 handle, NZD, CAD and AUD outperform
• Looking ahead, highlights include US National Activity Index, BoJ’s Kuroda

ASIA-PAC

Asian equity...

• Asian equity markets traded mostly lower with the region cautious amid dampened hopes for a more aggressive Fed rate cut and geopolitical concerns
• Fed officials reportedly could suggest potential for additional stimulus beyond July and signal a 25bp cut is likely at the July meeting
• IRGC said it seized a UK tanker which has been taken to a coastal area and turned over to the maritime authorities to carry out the necessary legal steps
• EU...

• European equities are mostly lower [Eurostoxx 50 -0.2%] as Fed fuelled momentum wanes
• New York Fed stated that the comments made by Fed's Williams were academic, based on research and not about potential policy actions at the upcoming FOMC meeting
• Italy underperforms on domestic political angst, FTSE MIB and BTPs lower
• Looking ahead, highlights include, Canadian Retail Sales, University of Michigan Sentiment (Prelim), Baker Hughes Rig Count,...

• Asian equity markets were positive across the board as the region took its cue from the late gains in US following dovish comments from Fed's Williams
• However, these were later clarified as academic comments and not about potential policy action this month
• The US shot down an Iranian drone which was said to have approached to within a threatening distance of the USS Boxer
• Looking ahead, highlights include UK PSNB, Canadian Retail Sales,...

• European stocks initially slipped as tech names succumbed to SAP’s decline, SMI buoyed by heavyweight pharma names
• In FX markets, DXY weakens towards 97.00, GBP is bolstered by retail sales and AUD feels support from labour market data, EUR declined on ECB sources
• Looking ahead, highlights include, SARB Rate Decision, Fed’s Williams & Bostic
• Earnings: Microsoft, Union Pacific, Morgan Stanley, Phillip...

• Asian equity markets traded negatively as the risk-averse tone rolled over from Wall St where all major indices declined for a 2nd consecutive day
• US-China trade talks reportedly stalled as the Trump administration determines how to address Beijing’s demands of easing restrictions on Huawei
• BoK cut the 7-Day Repo Rate by 25bps to 1.50% vs. Exp. unchanged
• UK House of Lords backed an attempt to prevent the next Prime Minister from shutting down Parliament in order to force a no-deal...

• European bourses have continued the largely lacklustre trend from the US session
• China recently appointed hawkish Zhong Shan to the negotiations team, seen as an indication that China are in no rush to wrap up US-China discussions
• US & Japan are reportedly considering a trade agreement by September; may involve auto’s and agriculture
• Data: Canadian CPI, US Building Permits & Housing Starts
• Earnings: Netflix, eBay, IBM, Abbott Laboratories, Bank of...

• Asian equity markets traded mostly lower as the region followed suit from the lacklustre performance on Wall St
• US President Trump suggested there is a long way to go regarding trade with China and that the US can put tariffs on another USD 325bln of goods if it wants
• US Secretary of State Pompeo stated that Iran has said it is prepared to negotiate about its missile program; Iran later refuted this
• UK PM candidate Boris Johnson is...