• APAC stocks were subdued in rangebound trade amid a lack of catalysts and following the US holiday lull.
• European equity futures indicate a firmer open with Euro Stoxx 50 future up 0.3% after the cash market closed higher by 0.7% on Wednesday.
• DXY is steady on a 105 handle with FX markets broadly contained, Cable holds above 1.27 ahead of the BoE announcement.
• Bunds are lower, whilst crude markets are contained after WTI hit resistance...

• US stocks inched higher in rangebound trade, APAC stocks mainly positive with Hang Seng outperformance
• European futures point to a contained open, after the cash market closed higher by circa. 0.7%
• DXY contained after the deluge of Fed remarks, peers rangebound
• Crude and spot gold largely sideways while base metals benefited from the constructive US tone
• Israel's military said operational plans for an offensive in...

• European bourses are entirely in the green whilst US futures are mixed
• Dollar is firmer, AUD gains post-RBA and USD/JPY holds above 158.00
• Softer session for fixed thus far, Bunds initially boosted by ZEW but slipped on a poor German outing
• Crude is slightly softer, hampered by the softer Dollar; XAU contained
• Looking ahead, US Retail Sales & Industrial Production, NBH Policy Announcement, Comments from ECB’s...

• European bourses are mostly firmer paring some of Friday’s pronounced downside, US futures are trading tentatively
• Dollar is flat, Antipodeans lag after weaker than expected Chinese industrial data
• Bonds are subdued paring recent EU political-induced upside on Friday, as participants digest ECB sources which suggest that the Bank is in no rush to discuss a French bond rescue
• Crude is flat in what has been a choppy session thus far, XAU/base...

• US stocks were mixed and the major indices finished off their worst levels seen early in the session alongside the broad risk-averse conditions
• APAC stocks were mostly negative as markets reflected on the latest soft Chinese data releases; European futures point to a firmer open
• DXY steady around 105.50, EUR/USD directionless & Cable below 1.27
• EGBs eased back from Friday's marked rally; ECB sources report they are in no rush to discuss...

• MON: PBoC MLF, Chinese Activity Data (May), EZ Wages and Labour Costs (Q1)
• TUE: RBA Announcement, NBH Announcement, EZ Final CPI (May), German ZEW Survey (Jun), US Retail Sales (May), Japanese Trade Balance (May)
• WED: BoC Minutes, BCB Announcement, UK Inflation (May), New Zealand GDP (Q1)
• THU: BoE Announcement, PBoC LPR Announcement, SNB Announcement & Press Conference, Norges Bank Announcement & Press Conference, German...

• European bourses are entirely in the red, with sentiment hampered by ongoing political angst in the EU; US futures are also lower, RTY underperforms
• DXY is bid, benefitting from the subdued EUR which dips below 1.07 and a weak JPY post-BoJ
• The BoJ kept rates unchanged but defied expectations for an immediate reduction of bond purchases, instead, it will decide on a specific bond-buying reduction plan at the next meeting
• USTs are flat, EGBs...

• APAC stocks were mostly subdued after the mixed performance stateside where soft data took centre stage, while participants turned their attention to the BoJ policy announcement. 
• The BoJ maintained rates as expected but defied expectations for an immediate reduction of bond purchases, instead, it will decide on a specific bond-buying reduction plan at the next meeting. 
• Nikkei 225 recovered early losses, USD/JPY advanced to just shy of the 158.00 level,...

• Downbeat session for European equities whilst US futures are mixed, with NQ outperforming, propped up by pre-market gains in Tesla, Broadcom and Nvidia
• Dollar is firmer, EUR continues to test 1.08 to the downside and the JPY is the marginal underperformer
• Bonds are slightly softer as participants digest the FOMC & hawkish dot plots ahead of US PPI
• Crude is on the backfoot, XAU and base metals both lower as the Dollar continues to recoup...

• APAC stocks were somewhat mixed following the key developments stateside where the S&P 500 and Nasdaq extended to fresh record levels following the softer-than-expected US CPI but despite the hawkish Fed dot plots. 
• Fed kept rates unchanged at 5.25-5.50%, as expected with the vote unanimous, while the statement noted there has been modest (prev. a lack of) further progress towards the 2% inflation objective.
• Fed’s updated dot plots now signal only one rate...

• European bourses are modestly firmer, trimming this week’s recent losses; price action tentative ahead of today’s US CPI and FOMC
• DXY is flat, G10s modestly gain vs the Dollar though the JPY dips slightly
• USTs are flat and at highs, Bunds/Gilts both move higher with the latter also factoring in the in-line GDP metrics, with focus on the soft Construction figures
• Crude is at highs amid ongoing geopolitical escalations, XAU flat while base...

• APAC stocks were mostly subdued after the mixed handover from US peers as markets braced for the incoming US CPI data and the FOMC announcement.
• Chinese inflation data saw softer-than-expected CPI and a narrower deflation in factory gate prices but with little follow-through to markets.
• Israel said it received the Hamas response to the ceasefire proposal via mediators and that Hamas changed the proposal's main parameters.
• Fitch Ratings said...

• Equities are modestly in the red, in a continuation of the downbeat mood seen in APAC trade overnight
• Dollar is incrementally firmer, EUR continues to slip and GBP is slightly softer following the UK’s job data which saw an unexpected uptick in the unemployment rate
• Bonds are in the green, attempting to recoup post-NFP losses, OATs remain pressured and Gilts outperform taking a bid after a record Gilt sale
• Crude is slightly softer, XAU is...

• APAC stocks traded with a negative bias after the choppy performance stateside; S&P 500 and Nasdaq notched fresh record closes. 
• Apple closed down 1.9% after its WWDC event failed to ignite enthusiasm; announced an integration of ChatGPT.
• European equity futures indicate a mildly positive open with Euro Stoxx 50 futures up 0.2% after the cash market closed down 0.7% on Monday.
• DXY is holding above the 105 mark, with FX...

• 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...