• APAC stocks were negative following the sell-off on Wall St where the S&P 500 and Nasdaq suffered their worst declines since late-2022.
• The PBoC surprised markets with a 20bps reduction to the 1yr MLF rate.
• European equity futures indicate a lower open with Euro Stoxx 50 futures down 0.5% after the cash market finished with losses of 1.1% on Wednesday.
• DXY is softer vs. havens (JPY and CHF) but firmer against the Antipodeans;...

• Equities are entirely in the red, hampered by significant post-earning weakness in key companies; LVMH -3.5%, Google -3.2%, Tesla -7.4%
• Dollar is flat, safe haven pairs outperform, USD/JPY around 154.50, Antipodeans lag
• USTs are flat, Bunds initially propped up on dire German/EZ PMI releases but are now off best levels
• Crude gains, XAU is incrementally firmer and base metals are mixed
• Looking ahead, US Flash PMIs, US...

• APAC stocks were mostly rangebound with a negative bias seen following the lacklustre handover from Wall Street after risk appetite was dampened by underwhelming earnings results.
• Alphabet (GOOG), Tesla (TSLA), and Visa (V) fell 2.2%, 7.8%, and 3.3% respectively post-earnings, whilst CAC futures slipped following LVMH (MC FP) numbers yesterday.
• Reuters/Ipsos poll showed US Vice President Kamala Harris leads Republican candidate Donald Trump 44% to 42% among...

• European bourses are mostly higher whilst US futures are mixed, with underperformance in the NQ following poor NXP (-9%) earnings.
• Dollar is softer vs the JPY but firmer vs other peers, USD/JPY as low as 155.83.
• USTs are caged within a tight range, Bunds are slightly firmer and surpasses 132.00 whilst Gilts lag.
• Crude is choppy and trading on either side of the flat mark, XAU benefits from news that India is to reduce import tax on gold bars...

• APAC stocks were mixed and only partially sustained the momentum from the tech-led rebound on Wall St.
• US VP Harris's campaign secured enough delegates to attain the Democratic Presidential nomination.
• European equity futures indicate a mildly higher open with Euro Stoxx 50 futures up 0.2% after the cash market finished with gains of 1.5% on Monday.
• USD is mixed vs. peers, JPY is the best performer across the majors, EUR/USD is...

• European equities are entirely in the green and reside near session highs; US futures are modestly firmer with slight outperformance in the NQ.
• US President Biden has dropped out of the Presidential race and endorsed VP Harris.
• Dollar is flat, JPY outperforms after catching a bid in early European trade, whilst the Antipodeans lag after disappointing stimulus efforts by the PBoC.
• USTs are flat and unreactive to Biden dropping out of the...

• US President Biden has dropped out of the Presidential race and endorsed VP Harris
• PBoC surprised markets by cutting its 7-day reverse repo rate by 10bps
• APAC stocks mostly began the week on the back foot after last Friday's selling pressure on Wall St
• European equity futures indicate a higher open with Euro Stoxx 50 futures up 0.5% after the cash market finished lower by 0.9% on Friday
• DXY is steady and in a...

Week Ahead 22nd-26th July:

• MON: PBoC LPR
• TUE: NBH Policy Announcement; US Existing Home Sales (Jun), Richmond Fed (Jul), EZ Consumer Confidence Flash (Jul)
• WED: BoC Policy Announcement & MPR; Japanese Flash PMIs (Jul), German GfK (Aug), EZ, UK & US Flash PMIs (Jul)
• THU: CBR Announcement, CBRT Announcement; EZ M3 (Jun), German Ifo (Jul), US Durable Goods (Jun), GDP Advance & PCE (Q2), IJC (20th...

• Equities are entirely in the red, with sentiment hit amid ongoing worldwide IT outages, sparked by CrowdStrike (-14%) updates, which have impacted Microsoft (-2.2%) and Nvidia (-1%) services.
• Dollar is firmer, G10s are mostly lower, with slight underperformance in the Antipodeans given the risk tone, GBP slips post-Retail Sales.
• Bonds are pressured and trading within a tight range, having initially been boosted by the broader risk...

• APAC stocks mostly followed suit to the losses on Wall St where sentiment was dampened and the Trump trade was seen in play as President Biden's re-election chances dwindled further.
• Chinese senior party official for economic affairs said China's economic recovery is not strong enough and needs to implement macro policies more effectively.
• Several people close to US President Biden reportedly said they believe he has begun to accept the idea that he may have to drop...

• European equities are choppy, Tech is lower in Europe and fails to benefit from strong TSMC earnings & guidance, but has helped to lift the NQ
• Dollar is firmer, AUD benefits on the region’s jobs data, GBP back below 1.30 post-wages
• Bonds are pressured ahead of the ECB; Bunds saw two-way action around the French & Spanish auctions
• Crude erases initial strength, XAU incrementally firmer and base metals are...

• APAC stocks followed suit to the tech rout stateside owing to the recent rotation play, concerns of China tech curbs and tariff fears.
• European equity futures indicate a slightly softer open with Euro Stoxx 50 futures down 0.1% after the cash market finished lower by 1.1% on Wednesday.
• DXY remains on a 103 handle, EUR/USD holds onto 1.09 status and Cable is testing support at 1.30.
• CNN quoted a senior adviser stating that US President...

• European equities almost entirely in the red with sentiment hit following ASML earnings; results which has led to significant NQ weakness
• Dollar is weaker and slips to 103.70, carry trade unwinding seen with significant strength in JPY & CHF, GBP climbs past 1.30
• Fixed complex is rangebound, with Bunds underpinned but USTs capped near Tuesday’s best into supply
• Crude is incrementally firmer, initially catching a bid amid the weaker...

• APAC stocks were mixed despite the positive handover from Wall St, while China trade frictions and tariff threats clouded over Asia-Pac sentiment.
• NZD/USD was ultimately boosted despite the softer-than-expected New Zealand CPI data for Q2 as the attention turned to the 5.4% surge in non-tradeable consumer inflation; DXY struggled for direction.
• Former President Trump said the Fed should abstain from cutting rates before the November election and wants to bring the...

• European equities are entirely in the red; US futures gain, and with clear outperformance in the RTY
• USD gains vs NZD, AUD & JPY, EUR/USD reclaims 1.09 and USD/JPY holds around 158.40
• Bonds are higher following Fed Chair Powell's comments and with yields unwinding some of their Trump-induced steepening
• Crude resides at session lows, XAU gains and eyes its ATH and base metals are mostly lower
• Looking ahead, US...

• APAC stocks were mixed amid a quiet calendar and after the choppy but positive performance stateside.
• Fed Chair Powell acknowledged more inflation progress and that recent inflation readings added confidence in inflation falling.
• European equity futures indicate a softer open with Euro Stoxx 50 future -0.3% after the cash market closed down by 1.2% on Monday.
• DXY is marginally higher with the USD mainly firmer vs. JPY, AUD and NZD, EUR/USD...

• European bourses are mostly lower, but sentiment has improved in recent trade; Burberry -15% and Swatch -10% both warn on China weakness; US equity futures gain
• Dollar is subdued but still holds just above 104.00, EUR/USD at 1.09 & the Kiwi lags
• Bonds were initially subdued in reaction to the assassination attempt on former President Trump, pressure which has since pared
• Crude is choppy and modestly higher, XAU holds onto USD 2400/oz,...

• APAC stocks traded mixed as participants reflected on the Trump assassination attempt over the weekend and a slew of Chinese data.
• Chinese GDP and Retail Sales missed forecasts, while House Prices further deteriorated but Industrial Production topped estimates.
• European equity futures indicate a negative open with Euro Stoxx 50 future -0.6% after the cash market closed up by 1.3% on Friday.
• Initial strength in DXY faded, EUR/USD sits on...

Week Ahead 15th-19th July:

• MON: Republican Convention, Holiday: Japanese Marine Day, Eurogroup Meeting, Eurogroup Informal meeting of Energy Ministers; Chinese GDP (Q2), Industrial Output/Retail Sales (Jun), Swiss PPI (Jun), US NY Fed Manufacturing (Jul), EZ Industrial Production (Jun); China's Third Plenum (15-18th July)
• TUE: Republican Convention; German Wholesale Price Index (Jun), ZEW (Jul), EZ Trade Balance (May), US Export /Import Prices (Jun), Retail...

• European bourses are entirely in the green, US futures are mixed with the ES and NQ flat whilst the RTY continues to outperform
• Dollar is flat having erased earlier gains, USD/JPY back below 160 after choppy trade overnight
• Bonds are pressured giving back some of the post-CPI strength
• Crude is firmer and resides near session highs, XAU lower and base metals are mixed
• Looking ahead, US PPI, Uni. of Michigan Prelim.,...

• APAC stocks took their cues from the mixed performance stateside where softer-than-expected CPI data boosted Fed rate cut bets and spurred a stock rotation out of large-cap tech into small-cap cyclicals.
• DXY found some slight reprieve following yesterday's selling, USD/JPY swung between gains and losses in volatile trade; Nikkei said the BoJ likely conducted rate checks in EUR/JPY today.
• Fed's Daly (voter) said it is likely some policy adjustments will be warranted...

• European bourses are entirely in the green whilst US futures take a breather from the prior day’s advances
• Dollar is incrementally softer, GBP benefits from the region’s strong GDP metrics
• Bonds are flat/lower, with Treasuries standing pat as focus remains on US CPI, Gilts marginally underperform
• Crude is incrementally higher, having pared overnight gains; XAU at session highs and base metals are mixed
• Looking ahead,...

• APAC stocks took impetus from Wall St where the S&P 500 and Nasdaq rose to fresh record highs once again.
• European equity futures indicate a mildly positive open with Euro Stoxx 50 future +0.2% after the cash market closed up by 1.1% on Wednesday.
• DXY sits just below the 105 mark, antipodeans lead, Cable has held onto recent gains and USD/JPY continues to edge higher.
• BoE's Mann said that wage growth is still far away from being...

• Equities are entirely in the green and hold near session highs
• Dollar is flat and just above 105, NZD underperforms after the RBNZ kept rates unchanged but language struck a less hawkish tone
• Bonds are firmer ahead of US 10yr supply and another appearance from Chair Powell
• Crude was initially subdued following Chinese inflation data, but caught a bid on geopolitical headlines; XAU is incrementally firmer
• Looking...

• APAC stocks were mixed following the indecisive performance stateside where the major indices finished rangebound after Fed Chair Powell largely stuck to the script.
• DXY traded rangebound, USD/JPY continued its gradual upward trend, NZD was pressured after RBNZ, and CNY did not react to softer-than-expected Chinese CPI.
• RBNZ unsurprisingly maintained the OCR at 5.50% although its language was less hawkish as it added that the extent of restraint will be tempered...