• European bourses and US futures are pressured as growth concerns draw focus before key US data
• Cyclicals lag while defensives outperform, but remain red; Meta is bolstered as Threads launches
• DXY slips post-Minutes while USD/JPY reverses through 144.00 and Antipodeans lead despite risk aversion
• Gilts gap lower as BoE tightening expectations continue to lift, EGBs and USTs in-fitting with yields lifting further
• Crude...

• APAC stocks were mostly lower following the post-Independence Day hangover in the US owing to recent weak global data releases and a rising yield environment.
• The FOMC Minutes provided little to deviate from the current view of future rate increases - almost all participants judged it appropriate or acceptable to leave the target rate unchanged at the June meeting.
• Fed's Williams (voter) said he is not content with where inflation is right now, and that a June rate...

• European bourses are in the red after bleak EZ and Chinese PMI data, US futures similarly downbeat pre-FOMC Minutes
• Crude initially pressured on the above but lifted by Saudi commentary from the OPEC+ seminar
• DXY remains in close proximity to 103.00, with JPY benefitting from a broader yield pullback while EUR slips post-PMIs
• Fixed income is bid, following data and strong UK and German supply; yields lower, short-end...

• APAC stocks were mostly lower following the holiday lull stateside and as participants digested the latest Chinese Caixin Services PMI data.
• DXY eked mild gains and retained the 103.00 status with price action rangebound after the Independence Day celebrations in the US.
• Crude futures faded some of the prior day's gains amid the mostly risk-averse mood in Asia, while the focus turns to the OPEC International Seminar.
• Chinese President Xi...

• APAC stocks traded mixed with the regional bourses mostly rangebound amid the holiday-thinned conditions stateside
• DXY traded rangebound, EUR/USD and GBP/USD lacked direction, USD/JPY was choppy, AUD slipped after the RBA.
• The RBA decided to keep rates on hold, but maintained a hawkish tone and kept the door open for future rate hikes.
• Two drones were intercepted in the Moscow region and one in the Kaluga region, according to Russian...

• European bourses are firmer with sectors similarly supported while US futures are incrementally higher pre-ISM and after a constructive APAC handover
• Tesla outperforms in the pre-market after record Q2 deliveries, TSLA +6.2%
• In FX the USD recovers post-Friday’s data while CHF lags post-CPI, EUR hit on PMIs and JPY dented as yield differentials widen
• Crude benchmarks were initially contained but have seen renewed upside on the Russian and...

• APAC stocks began the new trading month on the front foot with momentum from last Friday's rally on Wall Street; European equity futures are indicative of a marginally higher open.
• DXY was contained ahead of the thinned conditions stateside where markets will close early owing to tomorrow’s Independence Day celebrations.
• Chinese Caixin Manufacturing PMI topped forecasts for its second consecutive monthly expansion.
• US confirmed that Treasury...

Week Ahead July 3-7th

• MON: BoJ Tankan Survey (Q2), Chinese Caixin Manufacturing PMI Final (Jun), Swiss CPI (Jun), EZ/UK/US Manufacturing PMI Final (Jun), US ISM Manufacturing PMI (Jun)
• TUE: RBA Announcement, NBH Announcement, South Korean CPI (Jun), German Trade Balance (May),
• WED: FOMC Minutes, Chinese Caixin Services PMI Final (Jun), EZ/UK/US Services & Composite PMI Final (Jun), US Durable Goods R...

• European bourses trade on the front-foot with the Stoxx 600 on track to close the week out with gains, with little action seen on the EZ Flash CPI metrics.
• US equity futures are around flat/tilting higher ahead of today’s key PCE data for May, before traders head out for the long Independence Day holiday weekend.
• ASML does not expect the Dutch government's chip export measures to have a material impact on its financial outlook.
• China may...

• APAC stocks mostly traded with cautious gains as participants digested a slew of data releases at quarter-end.
• Chinese Manufacturing PMI matched estimates and Non-Manufacturing PMI was slightly softer-than-expected although remained in a firm expansion.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed up 0.2% yesterday.
• DXY has held on to a bulk of yesterday's gains,...

• APAC stocks mostly traded with cautious gains as participants digested a slew of data releases at quarter-end.
• Chinese Manufacturing PMI matched estimates and Non-Manufacturing PMI was slightly softer-than-expected although remained in a firm expansion.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed up 0.2% yesterday.
• DXY has held on to a bulk of yesterday's gains,...

• European bourses trade with little in the way of firm direction following a similarly indecisive close on Wall Street yesterday.
• US equity futures are around flat with the ES holding above the 4400 mark.
• Fed Chair Powell revealed his expectations for Friday’s PCE data (Core PCE likely rose 4.7% Y/Y in May, overall PCE estimated to have risen 3.9%) and remarked that a strong majority of Fed policymakers see two or more rate rises by the end of this...

• APAC stocks traded mixed amid some indecision heading closer towards month/quarter/half-year end and after the choppy performance stateside.
• US bank shares were marginally supported after-hours following the Fed's stress test results which all 23 of the largest banks passed.
• European equity futures are indicative of a flat open with the Euro Stoxx 50 +0.4% after the cash market closed up 0.9% yesterday.
• DXY is back on a 103 handle,...

• European bourses trade on the front foot as the region plays catch up to the afternoon gains on Wall Street.
• DXY defies gravity given negative rebalancing signals on spot month, Q1 and H1-end, as the index continued to pivot 102.50.
• Debt futures overcame several wobbles before establishing a more solid base to mount a firmer recovery from sub-par lows.
• WTI and Brent whipsawed between gains and losses this morning despite a lack of newsflow,...

• APAC stocks traded mixed and only partially sustained the momentum from Wall St. which was led higher by tech. 
• Softer-than-expected monthly CPI data from Australia added to the bets for the RBA to keep rates unchanged at next week’s meeting.
• European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.4% after the cash market closed up 0.6% yesterday.
• DXY is a touch firmer above 102.50, AUD lags...

• European bourses have been edging lower throughout the morning despite the enthusiasm seen ahead of the cash open, with the ECB Sintra Forum underway.
• DXY is on a softer footing intraday with the range on either side of 102.50, whilst prelim rebalancing models tilt Dollar-negative.
• Debt futures have extended their pull-back from yesterday’s best levels to deeper lows.
• WTI and Brent futures have given up the mild gains seen in early European...

• US stocks finished predominantly lower with underperformance in the Nasdaq, whilst small caps were resilient and the Russell 2000 closed in the green
• APAC stocks were mostly positive as the risk tone improved following the predominantly negative handover from the US
• European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.3% after the cash market closed up 0.2% yesterday
• DXY is a touch softer but holding...

• European bourses trade on the backfoot following on from the soft close in the US on Friday with losses having picked up since the cash open.
• DXY is caged to a tight range on either side of 102.75, EUR looks heavy after bleak German Ifo data, and Yen is among the outperformers.
• Safe havens are bid across the board, with bonds, precious metals, JPY and CHF on firmer.
• German Ifo Economist said the likelihood that the German economy will shrink...

• APAC stocks traded mostly subdued after Friday's losses on Wall St with weekend newsflow dominated by the brief uprising of the Wagner Group in Russia.
• Wagner Group chief Prigozhin accepted a proposal by Belarusian President Lukashenko to stop the movement of his troops to Moscow.
• European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.2% after the cash market closed down 0.8% on Friday.
• In FX, DXY is...

Week Ahead June 26-30th

• MON: BoJ SOO, German Ifo Survey (Jun)
• TUE: Canadian CPI (May)
• WED: ECB TLTRO-III.4 Operation Matures, German GfK (Jul), Italian CPI (Jun)
• THU: Riksbank Announcement, Japanese Retail Sales (May), EZ Sentiment Survey (Jun), German Prelim. CPI (Jun), US GDP Final (Q1) and PCE (Q1)
• FRI: Japanese Tokyo CPI (Jun), Chinese NBS PMIs (Jun), German Unemployment (Jun), EZ...

• European bourses trade on the backfoot with sentiment in the region subdued after the Flash PMIs sounded recessionary warnings.
• US equity futures are also lower on the session with the ES briefly dipping under 4,400.
• Havens (ex-CHF) are bid on the back of the risk aversion while industrial commodities take a hit on growth concerns.
• Fed's Barkin (non-voter) said he is comfortable with more hikes if inflation is not heading to the goal but he...

• US stocks finished mixed. Nonetheless, the S&P 500 and Nasdaq 100 snapped their recent losing streaks with outperformance in the latter
• APAC stocks failed to sustain an early positive bias and faltered following the mixed performance stateside
• European equity futures are indicative of a softer open with the Euro Stoxx 50 -0.7% after the cash market closed down 0.4% yesterday
• DXY is firmer and back above 102.50, EUR/USD extended its...

• European bourses trade on the backfoot with selling pressure having picked up since the cash open; Chinese markets were closed overnight.
• US equity futures are also softer on the session, albeit to a lesser extent than European peers with the ES just about holding around the 4400 mark.
• SNB’s rate hike disappointed markets but matched analyst expectations while Norges opted for a larger-than-forecast rate hike and guided another hike in...

• Fed Chair Powell, when asked about the two hikes pencilled into the dot plot, responded "That's a pretty good guess of what will happen".
• Fed's Bostic (non-voter) said that rates should stay where they are for the rest of the year.
• APAC stocks were mostly lower following the tech-led declines on Wall St and with risk appetite also constrained by key holiday closures.
• European equity futures are indicative of a softer open with the Euro Stoxx...

• European bourses are indecisive with the main macro story of the session thus far coming via UK inflation metrics.
• GBP only knee-jerked higher on the hotter-than-expected CPI before shedding all and more of its gains on economic implications of further BoE tightening.
• DXY is firmer pre-Powell whilst the JPY is softer following more dovish BoJ commentary.
• US Treasuries have regained composure whilst Bunds saw a full recovery and Gilts trimmed...