• European bourses are generally contained pre-ECB, though the FTSE 100 sees marked outperformance
• Stateside, futures fare slightly better than mainland European peers ahead of numerous US data points
• DXY back to a 104.80 peak, AUD underpinned post-jobs with EUR & GBP rangebound
• Debt futures experience modest divergence going into the ECB where a hike is priced with around 65% probability
• Crude benchmarks continue...

• APAC stocks were predominantly firmer and mostly shrugged off the indecision seen on Wall St.
• European equity futures are indicative of a higher open with Euro Stoxx 50 future +0.2% after the cash market closed down 0.4% yesterday.
• DXY is a touch softer but holding above 104.50, EUR/USD lingers around 1.0750 ahead of ECB, AUD firmer post-jobs.
• The latest Aussie employment data provided encouragement but was predominantly fuelled by an...

• European bourses are in the red following the risk-off sentiment in APAC trade, US futures tentative pre-CPI
• European autos saw brief marked outperformance on von der Leyen’s comments, though this has since pared
• DXY is on a firmer footing with EUR & GBP softer while the PLN experienced marked appreciation after the Polish PM’s advisor spoke
• EGBs softer after hawkish ECB sources while Gilts remain in the green after particularly soft...

• APAC stocks were pressured following the tech-led declines on Wall St owing to the Apple event and with participants cautious ahead of the upcoming US CPI data.
• Apple (AAPL) shares sold off after the new iPhone prices provided some disappointment, whilst some also cited a “sell the news” event. 
• ECB’s new 2024 inflation projection is to be above 3% vs. 3% in June, firming the case for an interest rate hike, according to Reuters...

• European bourses/US futures are generally struggling for direction though Tech lags post-ORCL -9.1% pre-market
• USD at the top-end of parameters but still sub-105.00; GBP stumbles on caveats to UK wage data
• Gilts outperform post-data but are off highs as BoE’s appointee Breeden says she agrees that August CPI risks are skewed to the upside
• Crude benchmarks choppy with specifics light while TTF continues to benefit from strike action, metals...

• APAC stocks were mixed with the region tentative in the absence of any fresh macro catalysts.
• European equity futures are indicative of a slightly higher open with Euro Stoxx 50 future +0.2% after the cash market closed up 0.4% yesterday.
• DXY was contained above 104.50, EUR/USD and USD/JPY are steady on 1.07 and 146 handles respectively, Cable eyes jobs data
• Australia union said it wants industrial action to continue until it secures a...

• European bourses & US futures are firmer in a continuation of the APAC handover where action was driven by Chinese inflation
• Tesla +5.5% in pre-market trade following action by Morgan Stanley
• USD pressured by both the JPY & Yuan following Ueda and midpoint/CPI respectively
• Core fixed benchmarks remain depressed but are off worst as JGBs regroup from BoJ-inspired lows
• Crude continues to pullback despite...

• APAC stocks traded mixed as yields climbed following comments from BoJ Governor Ueda.
• Ueda said the BoJ cannot rule out that they might have sufficient data by year-end to determine whether they can end negative rates. 
• Chinese inflation data showed headline CPI Y/Y was softer than expected but no longer in deflationary territory.
• European equity futures are indicative of a slightly higher open with Euro Stoxx 50 future...

• MON: Norwegian CPI (Aug)
• TUE: EIA STEO, OPEC MOMR; Swedish Unemployment (Aug), UK Unemployment (Aug) & Wages (Jul), Norwegian GDP (Jul), Germany/EZ ZEW (Sep)
• WED: IEA OMR; UK GDP Estimate (Jul), US CPI (Aug)
• THU: ECB Policy Announcement, Norges Bank Regional Network; Australian Employment (Aug), Swedish CPIF (Aug), US Retail Sales (Aug), IJC (w/e 4th Sep), New Zealand Manufacturing PMI (Aug)
• FRI: Quad...

• US futures reside in the red but are faring better than European counterparts which have drifted since the open
• AAPL unreactive to incremental iPhone updates while Morgan Stanley believes the two-day stock sell-off is overdone
• DXY has slipped as yields lift but remains near 105.00 as the JPY wanes from best, Antipodeans outperform after recent pressure
• Core benchmarks underpinned on risk aversion ahead of Canadian jobs and a Fed...

• APAC stocks declined amid US-China tech-related frictions and disappointing Japanese GDP revisions.
• Fed’s Logan who noted that it could be appropriate to skip an interest rate increase this month and that skipping does not imply stopping rate hikes.
• European equity futures are indicative of a slightly higher open with Euro Stoxx 50 future +0.1% after the cash market closed down 0.4% yesterday.
• DXY retreated back below 105, EUR/USD sits in...

• European bourses spent the morning in the red but have benefited from a broader yield-induced pick up in sentiment
• Stateside, futures remain in the red but as above are off lows. NQ lags given marked AAPL pressure in the pre-market
• DXY remains firmer but has been unable to breach the 105.00 mark with GBP suffering as BoE expectations drift further
• Gilts lead European benchmarks higher, though the complex is yet to retain the bulk of...

• APAC stocks were pressured as the region took its cue from the losses stateside, while participants also digested the latest Chinese trade data.
• Chinese trade data showed a continued contraction in the nation’s exports and imports but was not as bad as feared.
• European equity futures are indicative of a lower open with Euro Stoxx 50 future -0.3% after the cash market closed down 0.7% yesterday.
• DXY held on to yesterday's data-driven gains,...

• European bourses & US futures are under pressure, though the latter comparably more contained pre-data/Fed speak
• DXY dips but retains an underlying bid while JPY outperforms after jawboning, CAD soft pre-BoC as crude pullsback
• A session of consolidation for crude after Tuesday’s pronounced upside, metals feature spot gold near unchanged while base peers have lifted from lows in-line with China
• EGBs pressured by hawk-Knot after fleeting...

• APAC stocks traded mostly in the red following the subdued handover from Wall Street where sentiment was clouded by the higher yield environment.
• European equity futures are indicative of a lower open with Euro Stoxx 50 future -0.4% after the cash market closed down 0.3% yesterday.
• DXY has held on to a bulk of yesterday's gains, USD/JPY remains on a 147 handle, EUR/USD languishes firmly below 1.08.
• Japanese top currency diplomat Kanda...

• European bourses/US futures are subdued as soft Chinese data weighs on sentiment, though equities are off lows as the US returns
• DXY continues to climb with risk-aversion and accompanying yield upside fuelling the strength, Antipodeans lag given the China data while the RBA was as-expected
• Core fixed benchmarks are in the red with action occurring around the EZ/regional and UK PMIs but for the most part this has been shortlived; US yields bid across the...

• APAC stocks were mostly subdued after the holiday lull stateside and as the region digested disappointing data including weaker-than-expected Chinese Caixin Services PMI.
• European equity futures are indicative of a slightly lower open with Euro Stoxx 50 future -0.1% after the cash market closed down 0.1% yesterday.
• DXY is contained above the 104.00 level, EUR/USD lingers below 1.08 and AUD lags.
• RBA kept the Cash Rate Target unchanged at...

• APAC stocks traded mostly higher led by strength in China’s property sector amid gains in Country Garden Holdings.
• Country Garden Holdings surging by a double-digit percentage after it made a payment on a ringgit-denominated bond and won approval to extend its onshore private bond maturity by three years.
• European equity futures are indicative of a higher open with Euro Stoxx 50 futures +0.3% after the cash market closed down 0.3% on...

Week Ahead 4th-8th September

• MON: US & Canadian Labour Day; German Trade (Jul), Swiss GDP (Q2), EZ Sentix (Sep)
• TUE: RBA Policy Announcement; Final Composite & Services PMIs (Aug), EZ Producer Prices (Jul), US Factory Orders (Jul)
• WED: BoC Policy Announcement; German Industrial Orders (Jul), EZ & UK Construction PMIs (Aug), US ISM Services PMI (Aug), Canadian Trade Balance (Jul
• THU: Chinese Trade...

• Equity bourses/futures are incrementally firmer but the overall tone remains tentative ahead of key US data
• USD bounces from overnight lows but remains softer overall with peers generally contained; Yuan underpinned by PBoC action and data
• Energy benchmarks are firmer owing to the USD and Chevron/LNG updates, base metals glean support from Chinese stimulus
• Fixed benchmarks consolidate after month-end action and await data...

• APAC stocks traded mixed following a similar lead from Wall Street, whilst Hong Kong markets were closed due to Typhoon Saola.
• PBoC is to cut FX RRR by 2ppts to 4% (prev. 6%) from September 15th, according to the central bank; Several major Chinese banks lowered their deposit rates.
• DXY traded choppily within a tight range but was knocked to session lows after the PBoC headlines induced Yuan strength, which later pared back.
• Softbank's (9984...

• European bourses are mostly firmer after a packed morning ahead of an equally busy US agenda, ES +0.1%
• EUR & EZ yields slump after Flash HICP and balanced commentary from Schnabel on a hike/skip for upcoming meetings
• Pricing for a 25bp hike by the ECB in September down to a 30% chance from over 60% in recent sessions
• DXY bid as a result and pressuring peers, Cable dented further by Pill backing a steady for longer strategy vs...

• APAC stocks eventually traded mostly negatively following a marginally positive handover from Wall Street, which saw an equity bid underpinned by dovish US economic data.
• DXY was caged in a tight range after being dealt another blow by US data yesterday, JPY and AUD narrowly outperformed.
• European equity futures are indicative of a flat open after Euro Stoxx 50 cash closed -0.3% yesterday.
• Chinese PMIs were mixed, manufacturing topped...

• European bourses are in the red as expectations for the ECB September meeting turns more hawkish
• Stateside, futures are in the red with the NQ lagging slightly as yields lift
• German regional & Spanish Flash CPIs spurred ECB pricing to a circa. 60% chance of 25bp in Sep., vs 50/50 recently
• Broad debt retracement after Tuesday’s US-data inspired highs with EGBs leading post-data
• Crude benchmarks at highs as Idalia...

• APAC stocks traded positively following the JOLTS-induced gains seen on Wall Street, although Mainland China waned throughout the session.
• DXY was steady after the prior day’s slump, with the index finding overnight support near 103.50 while AUD was dented by softer-than-expected CPI.
• BoJ Board Member Tamara said it is appropriate to keep easy policy now and he doesn’t expect the 10yr JGB yield to hit 1.0%.
• European equity futures are...