Week Ahead 25-29th September

• MON: German Ifo (Sep), US National Activity Index (Aug), German State CPIs (Sep)
• TUE: Swedish PPI (Aug), US Consumer Confidence (Sep), New Home Sales (Aug) Richmond Fed (Sep)
• WED: Spanish Parliament PM Vote re. Feijoo (TBC), CNB Policy Announcement, BoJ Minutes (Jul); German GfK (Oct), Swedish Consumer Confidence (Sep), EZ M3 (Aug), US Durable Goods (Aug)
• THU: Banxico Policy...

• European bourses are mostly lower but have trimmed the losses seen at the cash open. The main macro story for the region thus far has been the flash PMI prints for September.
• French PMI missed, German PMI modestly beat, EZ PMI was mixed, UK PMI only saw manufacturing beat; the main theme of the PMIs was growth concerns.
• DXY is on a firmer footing following the uneventful BoJ decision overnight coupled with weakness from the EUR post-PMI; JPY...

• APAC stocks traded mixed amid a higher yield environment and after this week’s central bank frenzy culminated with a lack of surprises from the BoJ.
• BoJ kept monetary policy settings unchanged and made no change to forward guidance with the central bank to patiently continue monetary easing.
• European equity futures are indicative of a softer open with the Euro Stoxx 50 future -0.3% after the cash market closed down 1.5% yesterday.
• DXY...

• European bourses are pressured as the region reacts to the FOMC, US futures are lower but action is slightly more contained
• DXY is off 105.68 best but remains supported, GBP pressured and sub-1.23 ahead of the BoE with pricing still near 50/50
• CHF collapses as SNB leaves rates unchanged, SEK pressured on the initial Riksbank announcement before appreciating on FX hedging & NOK benefits from Norges Bank guidance for another hike
• Brief...

• The Fed kept rates unchanged and provided more hawkish dot plots; signalled a further rate hike this year and fewer cuts next year.
• APAC stocks were pressured in the aftermath of the FOMC’s hawkish pause; US futures are also softer (ES -0.3%) 
• European equity futures are indicative of a lower open with Euro Stoxx 50 future -1.0% after the cash market closed up 0.8% yesterday.
• DXY has held onto its post-FOMC gains, USD/JPY has...

• FTSE 100 outperforms after sub-forecast UK inflation data, Real Estate and Banking leading
• Stateside, futures are essentially flat pre-FOMC
• GBP undermined as market pricing pivots to 50/50 for pause/hike by the BoE, DXY at 105.00, USD/JPY over 148.00
• EGBs & USTs rise on significant Gilt upside, US yields lower with the short-end leading
• Crude benchmarks pressured after seven sessions of upside, XAU flat while...

• APAC stocks were mostly lower with risk appetite dampened ahead of the incoming deluge of central bank policy announcements.
• European equity futures are indicative of a contained open with Euro Stoxx 50 future flat after the cash market closed down 0.1% yesterday.
• DXY was steady above the 105 mark, EUR/USD and Cable sit below 1.07 and 1.24 respectively with the latter eyeing upcoming CPI data.
• Crude futures continued their pullback from a...

• European bourses & US futures are in the green but only modestly so as markets continue to count down to multiple Central Bank announcements
• USD remains pressured pre-FOMC but the index retains 105.00 with peers generally contained/modestly firmer
• EGBs and Gilts continue to regain some poise while USTs are contained and meandering either side of parity
• Crude benchmarks retain a positive bias but have slipped from best following the...

• APAC stocks were mostly lower following the flat performance stateside ahead of a flurry of central bank meetings.
• European equity futures are indicative of a contained open with Euro Stoxx 50 future flat after the cash market closed down 1.4% yesterday.
• FX markets are steady with the DXY maintaining 105 status, EUR/USD rangebound and USD/JPY bouncing off support at 147.50.
• Crude futures continued to gain with Brent crude futures above...

• European bourses are in the red with US futures contained in light newsflow ahead of a key Central Bank week
• DXY above 105.00, but in the red, Antipodeans outperform with other G10s relatively contained vs USD
• Debt futures depressed heading into a packed week, yields bid across the curve with the belly leading
• Crude benchmarks remain firmer as known demand- & supply-side factors continue to assist
• US’ Sullivan...

• APAC stocks were mostly lower following last Friday’s declines on Wall St and with the region cautious in holiday-thinned trade.
• Evergrande shares slumped by more than 20% after some of its wealth management employees were detained by Chinese authorities.
• European equity futures are indicative of a softer open with Euro Stoxx 50 future -0.1% after the cash market closed up 0.4% on Friday.
• DXY and EUR/USD were contained on 105 and 1.06...

• MON: Japanese Holiday; Canadian Producer Prices (Aug)
• TUE: RBA Minutes (Sep); EZ Current Account (Jul), US Building Permits/Housing Starts (Aug), Canadian CPI (Aug)
• WED: FOMC, PBoC LPR, Banxico & BCB Policy Announcements, BoC Minutes (Sep); Japanese Trade Balance (Aug), UK CPI (Aug), Swedish Unemployment (Aug), New Zealand GDP (Q2)
• THU: BoE, SNB, Riksbank, Norges Bank, SARB & CBRT Policy Announcements; UK...

• MON: Japanese Holiday; Canadian Producer Prices (Aug)
• TUE: RBA Minutes (Sep); EZ Current Account (Jul), US Building Permits/Housing Starts (Aug), Canadian CPI (Aug)
• WED: FOMC, PBoC LPR, Banxico & BCB Policy Announcements, BoC Minutes (Sep); Japanese Trade Balance (Aug), UK CPI (Aug), Swedish Unemployment (Aug), New Zealand GDP (Q2)
• THU: BoE, SNB, Riksbank, Norges Bank, SARB & CBRT Policy Announcements; UK...

• European bourses are in the green as sentiment improves after constructive Chinese data
• Though, US futures are more contained with specifics light into Quad Witching
• DXY idles above 105.00, JPY pressured as yields lift despite sources while Yuan rebounds on mentioned data
• Fixed benchmarks under pressure in a marked reversal of post-ECB highs with multiple factors weighing
• Crude benchmarks firmer intraday, though shy...

• US stocks rallied with risk sentiment spurred by several factors including strong US data, a dovish ECB hike, the PBoC RRR cut, and a blockbuster Arm IPO.
• APAC stocks gained after global risk was fuelled by the upside in Europe and the US; Hang Seng and Shanghai Comp were both initially underpinned by the encouraging Chinese activity data.
• DXY marginally softened but held on to most of the prior day’s gains above the 105.00 level while EUR/USD languished around a...

• 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...