• European bourses post modest losses whilst the NQ & ES teeter around the unchanged mark, RTY lags slightly.
• Bonds extended gains with Gilts outpacing counterparts though ultimately fell short of 96.00 level, with the complex now off best levels & USTs lower.
• USD bid with the index printing a 105.87 high, putting downward pressure on G10 peers; GBP bearing the brunt & largely attributed to outperformance in Gilts.
• Crude continues...

• APAC stocks traded mixed/mostly firmer following a similar lead from Wall Street, with the breadth of markets in APAC hours particularly narrow.
• DXY held a modest upward bias with G10s mostly subdued in what was a contained session for FX.
• European equity futures are indicative of a subdued open with Euro Stoxx 50 future -0.3% after cash markets closed -0.1% yesterday.
• US Treasury said no trade partners manipulated currencies; China remains...

• European equities/US futures in the red with sentiment sour ahead of a busy day of Fed speak
• Fixed benchmarks are back in bull-flattening mode, lifting from yesterday’s lows pre-supply
• DXY firmly above 105.50, whilst Antipodeans sink on weaker sentiment and post-RBA hike
• As expected, the RBA announced a 25bps hike, ensuing initial upside in the AUD before slipping on weaker forward guidance
• Crude benchmarks pare back...

• APAC stocks were softer across the board following the prior day’s gains and the choppy/mixed lead from Wall Street.
• DXY gradually inched higher towards the top end of a 105.25-42 APAC range with G10s softer against the Buck to varying degrees.
• RBA hiked its Cash Rate by 25bps as expected to 4.35% from 4.10%, while forward guidance saw a dovish tweak.
• European equity futures are indicative of a softer open with the Eurostoxx 50 -0.3% after...

• European bourses slip into the red while US futures remain afloat with fresh catalysts somewhat light
• Crude bolstered after Friday's pressure alongside ongoing geopols and a handful of bullish catalysts
• DXY sub-105.00 with peers generally extending gains, though JPY & NZD are capped
• Bonds hand back some of Fridays post-data gains, yields modestly firmer across the curve
• Looking ahead, highlights include Canadian...

• APAC stocks traded higher across the board following the post-NFP tailwinds from Wall Street on Friday; South Korea outperformed after a stock short-selling ban.
• DXY had a softer bias throughout the session, while G10s were largely flat; UST and Bund futures were subdued and JGB futures gapped higher.
• European equity futures are indicative of a flat open, with the Euro Stoxx 50 future -0.1% after cash markets closed +0.2% on Friday.
• Israeli...

• MON: FOMC SLOOS, BoJ Minutes (Sep), BoC Market Participants Survey; Japanese Jibun Final Composite/Services PMIs (Oct), German Industrial Orders (Sep), EZ Final Construction/Services PMIs (Oct), UK Final Construction PMI (Oct), US Employment Trends (Oct).
• TUE: RBA Policy Announcement, EIA STEO; Chinese Trade Balance (Oct), EZ Producer Prices (Sep), US International Trade (Sep), Canadian Trade Balance (Sep).
• WED: BoC Minutes (Oct), NBP Policy...

• European bourses are marginally firmer ahead of Tier 1 events while US futures are slightly softer post-AAPL
• USD depressed pre-data with NZD outperforming & JPY contained, CAD cautious ahead of its own jobs numbers
• Bunds & Gilts towards the low-end of their parameters with USTs modestly bid
• Crude benchmarks are modestly firmer as we await remarks from Hezbollah's Nasrallah
• Looking ahead, highlights include US...

• Apple was seen lower by 3.4% in after-hours trade amid declining product revenues and soft Chinese performance.
• APAC stocks traded higher as regional bourses tracked the advances in global peers, while disappointing Caixin Services PMI did little to derail the momentum.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.5% after cash market closed up by 1.9% yesterday.
• DXY is softer and just above the 106 mark,...

• European bourses & US futures are benefitting from a continuation of the post-Fed/Powell price action
• DXY pressured to a 106.15 trough with fixed income bid and long-end yields under pressure
• USD/JPY pressured on the latest BoJ sources while the NOK is ultimately softer after the Norges Bank
• Commodities lifted given the above with specifics somewhat light thus far
• Iran warned of “harsh consequences” if a...

• FOMC kept rates unchanged as expected and Chair Powell downplayed the September dot plots.
• APAC stocks mostly followed suit to the gains on Wall St which were spurred by soft data and Powell comments.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.7% after cash market closed up by 0.8% yesterday.
• DXY remains softer post-FOMC, EUR/USD pivots around the 1.06 mark, USD/JPY continues to pull back from...

• US futures are a touch softer ahead of Tier 1 events while European bourses have recovered slightly from initial downside with overall action fairly contained
• USD bid with the index eclipsing its end-October peak, JPY attempts to claw back post-BoJ downside while NZD slips after jobs numbers
• Fixed benchmarks cautious but have managed to benefit modestly from the risk tone
• Crude lifted by Iran’s Khamenei reiterating his call for Muslim...

• APAC stocks traded predominantly higher albeit with upside capped as the region digested disappointing Chinese Caixin Manufacturing PMI
• Chinese Caixin Manufacturing PMI Final (Oct) 49.5 vs. Exp. 50.8 (Prev. 50.6)
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.4% after cash markets closed up by 0.8% yesterday
• DXY is contained following yesterday's gains, JPY attempts to claw back lost ground but...

• BoJ maintained NIRP and the 10yr JGB yield target at 0% but widened the reference range to 100bps up or down from target
• European bourses & US futures in the green, with Europe unreactive to CPI & GDP data
• Action which followed mixed APAC trade given numerous data release incl. disappointing Chinese PMIs
• USD/JPY to 150.76 peak, DXY below 106.0 with EUR bid while Antipodeans diverge
• Fixed benchmarks...

• APAC stocks traded mixed amid a deluge of data releases at month-end including disappointing Chinese official PMIs
• BoJ maintained NIRP and the 10yr JGB yield target at 0% but widened the reference range to 100bps up or down from target
• European equity futures are indicative of a slightly softer open with the Euro Stoxx 50 -0.2% after cash markets closed higher by 0.4% yesterday
• DXY is firmer and just below the 106.50 mark, JPY lags...

• European bourses and US futures in the green ahead of a packed week of Tier 1 events
• DXY slips with AUD outperforming post-data while EUR & JPY are conscious of OpEx
• Debt fades from initial highs with Gilts and USTs now in the red but Bunds still just firmer post-data
• Crude & XAU a touch softer as geopolitical risk premium unwinds slightly from Friday
• Looking ahead, highlights include German Prelim CPI,...

• APAC stocks ultimately traded mixed but with the major indices mostly in the red as geopolitics continued to dominate headlines ahead of month-end and this week’s slew of upcoming risk events.
• DXY was rangebound, EUR/USD traded steadily, 10-year UST futures were contained, and Bund futures remained firmer after last week’s spoils and recent ECB commentary regarding no more hikes.
• Crude futures reversed most of Friday's gain, while reports also noted Saudi could...

Week Ahead 30th October - 3rd November

• MON: German Prelim CPI (Oct), EZ Sentiment Survey (Oct), Japanese Retail Sales (Sep) and Industrial Output (Sep)
• TUE: BoJ Announcement + Outlook Report, Chinese Official PMIs (Oct), EZ Flash CPI (Sep) and GDP (Q3)
• WED: FOMC & BCB Policy Announcements, RBNZ FSR, All Saints Day; Japanese Jibun Final Manufacturing PMI (Oct), Chinese Caixin Final Manufacturing PMI (Oct), UK & US Final...

• US futures are firmer as broader risk appetite is supported post-AMZN/INTC
• European bourses experience divergence as the above tone is offset in places by marked losses in heavyweight Sanofi post-results
• DXY remains above the 106.50 mark with the JPY around 150.00 where marked OpEx resides, PPI supports AUD
• Core fixed income awaits US PCE but retain an underlying bid
• Crude benchmarks benefit from a flare-up in...

• APAC stocks eventually traded firmer across the board as the well-received earnings from Amazon and Intel pushed sentiment into the positive after the mostly lower close on Wall Street.
• US equity futures resumed trading on a firmer footing as Amazon shares rose by over 5% in the after-market as the Co. was bullish on AWS in its conference call, while Intel shares had soared 7.5% amid high demand for AI products.
• US President Biden ordered strikes against two...

• Equities are in the red as a blockbuster docket of earnings dominates price action
• Within Europe, Autos & Banking names lag after results from Volvo Cars, Mercedes-Benz, Volkswagen, Standard Chartered, BNP Paribas & many more
• Stateside, Meta slips pre-market with desks citing a cautious/conservative outlook
• DXY in the green while JPY eclipses 150.50 before a brief but sharp pullback, core debt benchmarks near unchanged...

• APAC stocks traded lower across the board, following the weak lead from Wall Street; Mainland China saw the shallowest losses among the majors.
• Meta shares fell 3.4% after-market during the earnings call despite rising almost 5% post-earnings; Alphabet closed with losses of near 10%.
• DXY found a firmer footing and traded in an APAC range north of 106.50; G10s were softer across the board while USD/JPY approached 150.50.
• European equity...

• European bourses & US futures are in the red with the breakdown heavily influenced by a busy corporate docket
• Microsoft +3.6% & Google -6.8% in the pre-market, ahead of heavyweights include Meta & Boeing
• DXY eclipses Monday’s best to the modest detriment of peers, AUD gives up post-CPI gains & JPY continues to test 150.0
• Core fixed benchmarks lose initial upward momentum despite strong auctions, modest pressure emanating from...

• APAC stocks traded mixed following a firmer lead from Wall Street as eyes turned to earnings from heavyweights Microsoft and Alphabet.
• Microsoft shares rose 3.9% and Alphabet tumbled 5.9% with cloud growth in focus. ES and NQ dipped slightly as Microsoft issued its guidance.
• ASX 200 slipped and AUD/USD was boosted by hotter-than-expected Australian CPI, which led to hawkish revisions to some analysts' RBA calls.
• Israeli occupation forces...

• European bourses & US futures reside in the green despite initial PMI-pressure, focus turns to US mega-caps
• DXY in the green and aided by EUR downside to the modest detriment of peers though AUD outperforms post-Bullock
• EGBs bolstered by the PMIs with yields pressured as such while USTs remain more contained pre-data/supply
• Two-way commodity action on data and subsequent geopolitical/macro updates, crude currently in the...