• Positive bias for APAC stocks after the US jobs report but with varied performance on the holiday return
• DXY remains near 105.00 with peers flat/mixed ex-JPY which has seen USD/JPY recoup Friday's losses
• Commodities supported as geopolitical tensions intensify with Gaza talks reportedly near collapsing and civilians being evacuated from Rafah
• Fed speak in focus with Williams & Goolsbee over the weekend, though fixed action limited with...

Week Ahead 6th-10th May:

• MON: UK Bank Holiday; EZ Final Composite & Services PMIs (Apr), Sentix (May) Producer Prices (Mar).
• TUE: RBA Announcement, EIA STEO; Swiss Unemployment (Apr), German Trade Balance (Mar), EZ Construction PMI (Apr).
• WED: Norges Bank H1 Financial Stability Report, Riksbank Announcement, BCB Announcement; German Industrial Output (Mar), Italian Retail Sales (Mar).
• THU: BoE Announcement...

• European equities entirely in the green; US equity futures are mixed ahead of US NFP
• Dollar is slightly softer, USD/JPY dips lower to around 153.00
• Bonds are mixed but remain rangebound ahead of today’s key events
• Crude trades within a tight range, XAU flat and base metals mostly firmer
• Looking ahead, US NFP, Services PMI & ISM Non-Manufacturing, Comments from Fed's Goolsbee &...

• US equity futures were boosted after-hours following better-than-expected earnings from Apple (+6%) which announced an additional USD 110bln buyback.
• APAC stocks took impetus from Wall St where equities extended on post-FOMC gains; Hang Seng extended its rally after having recently entered a bull market; Japan and Mainland China were closed.
• DXY was lacklustre with markets now awaiting key US jobs data; USD/JPY continued to decline and printed fresh intervention...

• European equities are mixed while US equity futures are entirely in the green
• Dollar is flat, CHF bid after hotter inflation metrics, USD/JPY higher and at 155.20
• USTs softer but relatively contained in the fall-out of the FOMC; Bunds are higher and playing catch up
• Crude is incrementally firmer, XAU is softer and base metals are mixed
• Looking ahead, US Challenger Layoffs, International Trade, IJC, CNB Policy...

• Fed kept rates unchanged, noted a lack of progress on inflation and decided to slow the pace of its balance sheet runoff.
• US Stocks ended the session softer despite an initial dovish reaction, US yield curve bull-steepened.
• European equity futures indicate a lacklustre open with the Euro Stoxx 50 future down 0.2%.
• USD/JPY dropped aggressively late in the US session amid suspected FX intervention; formed a trough near...

• European bourses are closed for Labour Day, with the exception of the UK’s FTSE 100, which is incrementally firmer; US equity futures are entirely in the red
• Dollar is flat with G10 peers also holding pattern awaiting a slew of US data and the FOMC
• USTs are unchanged ahead of today’s key events, with QRA also in focus; Gilts subdued
• Crude sinks lower, XAU is incrementally firmer and base metals are lower across the...

• NOTE: All major European markets (ex-UK) are closed for Labour Day.
• APAC stocks took their cues from the losses on Wall St and with trade mired by mass holiday closures.
• DXY is rangebound on a 106 handle, EUR/USD sits just above 1.0650, USD/JPY edged closer to 158.00.
• Amazon beat on top and bottom lines; Co. shares were up 1.2% after-hours.
• Looking ahead, highlights include UK, US Manufacturing PMI, US ADP,...

• European bourses are mixed, though have tilted lower as the session progressed; US equity futures modestly softer
• DXY is flat, EUR benefits from strong EZ GDP metrics, USD/JPY firmer and just shy of 157.00
• Bonds are lower, dragged down by French/German and finally EZ figures
• Crude is incrementally firmer as Gaza peace talks continue, XAU at session lows and base metals in the red
• Looking ahead, US Employment Cost...

• APAC stocks were mostly higher but with gains capped heading into month-end alongside a slew of data and earnings.
• Official Chinese NBS Manufacturing and Caixin Manufacturing PMIs topped forecasts but Non-Manufacturing PMI disappointed.
• European equity futures indicate a flat open with the Euro Stoxx 50 future unchanged after the cash market closed down 0.5% on Monday.
• DXY is a touch firmer in an attempt to unwind recent losses, USD/JPY...

• European bourses were initially firmer, though have since dipped lower; US futures remain modestly in the green
• Dollar is softer amid hefty USD/JPY selling; the pair rose to 160.00 before sharp downticks with intervention suspected
• Bonds are firmer benefiting from dovish Spanish/German inflation metrics
• Crude is softer as Israel-Gaza truce talks continue; XAU flat and base metals mixed
• Looking ahead, German CPI, EZ...

• APAC stocks began the week on the front foot after the tech-led surge last Friday on Wall St; Japan was on holiday.
• European equity futures indicate a positive open with the Euro Stoxx 50 future +0.4% after the cash market closed up 1.4% on Friday.
• USD/JPY saw volatile trade in which it initially surged to above 160.00. The pair later saw a sharp drop and breached 156.00 to the downside despite the absence of any obvious drivers.
• Egypt...

• MON: Spanish Flash CPI (Apr), German Prelim CPI (Apr), EZ Sentiment Survey (Apr); Japan Market Holiday (Showa Day).
• TUE: FOMC Meeting Commences (Announcement on 1st May), Japanese Retail Sales/Industrial Output (Mar), Chinese NBS PMIs (Apr), Chinese Caixin Manufacturing Final PMI (Apr), French Flash CPI (Apr), German Flash GDP (Q1), EZ Flash CPI (Apr)/Flash GDP (Q1), US Employment Wages (Q1)/CaseShiller (Feb), US Chicago PMI (Apr), New Zealand Jobs...

• Equities are firmer, benefiting from strong Big Tech earnings; Google (+11.7%), Microsoft (+3.6%)
• Dollar is flat, USD/JPY moved lower in quick succession before paring back, Aussie outperforms given the risk tone and higher metal prices
• Bonds are modestly firmer, though very much contained ahead of US PCE
• Crude within recent ranges, XAU trudges higher and base metals entirely in the green; 3M LME topped USD...

• APAC stocks were mostly higher as the region digested recent market themes and the BoJ policy announcement.
• The BoJ kept policy settings unchanged and refrained from any major hawkish surprises.
• Tech earnings from Alphabet (+11.5%) and Microsoft (+4.3%) topped forecasts and boosted futures after-hours.
• DXY lacked firm direction overnight, JPY softer post-BoJ with USD/JPY on a 156 handle, EUR/USD is back above...

• European bourses are mostly lower, US equities are mixed, with the NQ underperforming after Meta (-13.1%) results
• Dollar is lower, Antipodeans benefit from higher metals prices, JPY is softer holding above 155.50 against the USD
• Bonds are rangebound awaiting impetus from Tier 1 data later today
• Crude is slightly lower in absence of energy-specific newsflow, XAU benefits from the weaker dollar, base metals are mostly...

• APAC stocks were mostly subdued after the uninspiring handover from the US; Australia and New Zealand markets were closed for ANZAC Day.
• US equity futures were pressured with underperformance in Nasdaq 100 after Meta shares dropped over 15% post-earnings.
• European equity futures indicate a slightly softer open with the Euro Stoxx 50 future -0.1% after the cash market closed down 0.4% on Wednesday.
• DXY is steady below the 106 mark, USD/JPY...

• European bourses are mostly firmer; NQ outperforms, propped up by gains in Tech names – TSLA +10.5% pre-market, TXN +7.3%
• Dollar is firmer, AUD benefits from the risk tone and on hotter Aussie CPI, USD/JPY printed a high of 154.96
• USTs are pressured, giving back some of the PMI-induced gains; Bunds follow suit and eye YTD lows
• Crude and XAU are subdued by Dollar strength, base metals remain resilient
• Looking ahead,...

• APAC stocks gained as the region took impetus from the rally on Wall St where soft PMI data spurred a dovish reaction across asset classes.
• Tesla shares were up 13% post-earnings despite its results falling short of estimates as the Co. flagged a sooner launch of new and more affordable models.
• DXY holds below the 106 mark following yesterday's sell-off, EUR/USD is lingering around the 1.07 level, AUD boosted post-CPI.
• European equity...

• European equities are entirely in the green; US equity futures trade modestly on either side of the unchanged mark.
• Dollar is slightly softer, EUR incrementally firmer post-EZ PMI; USD/JPY hits multi-decade highs once again.
• USTs initially remained in overnight ranges but succumbed to modest selling pressure following EZ PMIs.
• Crude is marginally firmer, underpinned by EZ PMIs; XAU continues to decline and base metals...

• APAC stocks traded with a mild positive bias after the tech-led rebound stateside.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +0.5% after the cash market closed up 0.4% on Friday.
• DXY is holding above the 106 mark, EUR/USD lingers around 1.0650 and USD/JPY sits near its multi-year high.
• Crude futures edged modest gains in quiet trade, Bund futures took a breather after recently rebounding to above the 131.00...

• European bourses trade mixed; Stateside futures are entirely in the green; US “Big 6” downgraded at UBS
• Dollar is flat, Antipodeans benefit from positive risk appetite, whilst safe-havens are modestly suffer
• Bonds are pressured and contained within a tight range
• Crude is subdued given the lack of geopolitical escalation over the weekend; XAU is softer and at session lows
• Looking ahead, BoC's Market Participants...

• APAC stocks were mostly positive following the lack of any major geopolitical escalations over the weekend.
• China's benchmark Loan Prime Rates were maintained at their current levels, as expected.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +0.4% after the cash market closed down 0.4% on Friday.
• DXY remains on a 106 handle, risk-sensitive antipodeans outperform, safe-havens JPY and CHF...

Week Ahead 22nd-26th April:

• SAT: Bitcoin Halving Event (estimate)
• MON: PBoC LPR, US National Activity Index (Mar), South Korean PPI Growth (Mar)
• TUE: EZ/UK/US Flash Manufacturing PMI (Apr), US Richmond Fed (Apr), NBH Announcement, New Zealand Trade Balance (Mar)
• WED: Australian CPI (Mar), Bank of Indonesia Announcement, EZ/UK/US Flash Services and Composite PMI (Apr), German Ifo Survey (Apr), US Durable Goods...

• Equities are entirely in the red, though well off worst levels following geopolitical events overnight
• Israel conducted an operation against Iran which an Iranian official said was on a military airbase near Isfahan. However, Iran's Press TV later denied reports of a foreign attack in Iranian cities including Isfahan
• Dollar lower and around 106.00, safe-haven status benefits CHF, whilst Antipodeans lag
• Bonds are modestly firmer, though has...