• European bourses are firmer though the region is set to end the week where it began, US futures modestly bid.
• DXY underpinned vs most G10s with USTs slightly softer and Fed's Bowman saying recent CPI and NFP reports do not provide persistent evidence of disinflation.
• EGBs have struggled for firm direction but are veering lower after hitting WTD peaks on Thursday.
• Crude has lifted off initial lows to trade flat with macro news limited as we...

• The meeting between US President Biden and congressional leaders was postponed to next week.
• US House Speaker McCarthy said postponing the debt ceiling meeting doesn't mean that debt talks have fallen apart.
• APAC stocks were mostly lower amid a busy slate of earnings releases and after the subdued performance stateside.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.4% after the cash market closed...

• European bourses are firmer, but off best, with fresh drivers lacking after a busy pre-market ahead of the BoE
• Stateside, futures retain a positive bias but have been largely horizontal; DIS -5.5% after-earnings
• DXY lifts towards 102.00 with AUD lagging on Yuan/metals weakness after benign Chinese CPI/PPI
• Somewhat volatile EGB trade with Bunds bolstered by a 9k block but then slipping to lows with drivers slim
• Crude...

• APAC stocks traded mixed after the indecisive performance stateside where stocks whipsawed, while regional bourses also reflected on softer-than-expected Chinese inflation.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.2% after the cash market closed down 0.4% yesterday.
• DXY lingers around 101.50 with price action in FX markets broadly contained, Cable maintains 1.26 status ahead of the BoE.
• Fed...

• European bourses/US futures are slightly softer as broader sentiment tilts after mixed APAC trade ahead of US CPI
• DXY remains bid with peers generally contained though EUR slips on less-hawkish ECB speak while GBP remains bid pre-BoE
• EGBs caught a bid to fresh session highs after well-received UK supply and ECB's Lagarde on APP/PEPP
• Overall, commodities are pressured and in-fitting with the above; focus on China-Australia re. Copper and the...

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Expectations are for the BoE to deliver a 25 basis points hike in the Base Rate to 4.5%, according to 55 out of 56 analysts surveyed by Reuters. Market pricing concurs, with 25 basis points priced at around 85%. Dovish dissent from Tenreyro and Dhingra is expected once again...

• APAC stocks were mostly lower as the region digested a slew of earnings updates and following the weak handover from Wall St.
• There was a lack of progress in debt limit negotiations although President Biden will meet with congressional leaders again this Friday.
• Fed's Williams said the FOMC will raise rates again if needed and he doesn't see any reason to cut rates this year.
• European equity futures are indicative of a slightly higher...

• European bourses & US futures are softer as the region struggles for a foothold after mixed APAC trade and ahead of Fed/debt ceiling events
• USD picks up against peers ex-JPY as yields ease from best while AUD retreats after Chinese imports declined unexpectedly
• Yellen reiterates the Treasury could run out of cash as soon as June 1st, with the Bipartisan centre expecting the x-date between early-June to August
• Fixed benchmarks have been...

• APAC stocks were mixed following the indecisive performance on Wall St where the focus was on the Fed’s SLOOS
• The report showed that banks tightened credit terms and demand for loans declined.
• Chinese trade figures showed stronger-than-expected export growth but imports disappointed with a surprise contraction.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.2% after the cash market closed up...

• European bourses are firmer across the board, Euro Stoxx 50 +0.1%, though trade has been very contained/steady with the UK away.
• Stateside, the narrative is much the same with futures flat ahead of key Fed-related events and the focus thus far on BRK.B and debt ceiling.
• Biden to meet McCarthy & others on Tuesday re. debt limit, via FT; said he would not rule out invoking the 14th amendment
• DXY is softer and edging towards 101.00 with...

• APAC stocks mostly gained as the region took impetus from Friday's rally on Wall St and strong US jobs data.
• Fed's Bullard (non-voter) said he thinks the Fed will ultimately have to grind higher on rates because of forecasts for a slower decline in inflation than others.
• US President Biden is to meet with House Speaker McCarthy and other top congressional leaders on Tuesday regarding the debt limit crisis, according to FT.
• European equity...

Week Ahead May 8-12th

• MON: UK Bank Holiday, EZ Sentix Index (May), German Final CPI (Apr), Fed SLOOS
• TUE: Riksbank Minutes, NBH Announcement, EIA STEO, Chinese Trade Balance (Apr)
• WED: Norwegian CPI (Apr), US CPI (Apr)
• THU: BoE Announcement, BoJ Summary of Opinions, OPEC MOMR, Chinese Inflation (Apr), US PPI (Apr)
• FRI: New Zealand Inflation Forecasts (Q2), UK GDP (Mar/Q1), French CPI...

• European bourses and US futures are firmer despite the mixed APAC session as participants await NFP
• Within this, DAX 40 outperformers aided by German electricity adjustments and strong Adidas earnings.
• ABA is urging the SEC to investigate short-selling activity while the White House is hopeful on avoiding a debt default.
• AUD outperforms after hawkish-SOMP while CHF lags post-CPI; USD is softer but relatively...

• APAC stocks traded mixed after the weak lead from the US where risk sentiment was subdued by banking-related headwinds.
• US federal and state officials are reportedly assessing possible market manipulation regarding banking shares.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.5% after the cash market closed down 0.5% yesterday.
• Sources revealed ECB policymakers agreed to a smaller rate increase in return...

• European bourses are pressured following the subdued APAC/US handover, stateside performance is currently mixed/rangebound with a focus on regional banks/earnings.
• DXY nears 101.50 from a 101.02 base as the Euro failed to eclipse 1.11 with peers contained ex-out/underperformance in NZD and CHF
• Crude benchmarks are firmer after an initial marked slump overnight; Shell says they are nearing 2019 levels of oil demand in China
• UST yields...

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The consensus among analysts and market pricing is that the ECB will opt for a 25bps hike in the Deposit Rate to 3.25%. Policymakers have indicated that the options are between a 25bps and 50bps hike, with the aim of bringing inflation back to target. Considering the political nature of the...

• Fed delivered a 25bps hike and opened the door to a pause, although Powell was reluctant to officially call it one and pushed back on talk of rate cuts.
• PacWest Bancorp (PACW) is said to weigh strategic options including a sale, according to Bloomberg.
• APAC stocks were mixed in the aftermath of the FOMC which saw US stocks mostly decline post-Powell presser.
• European equity futures are indicative of a marginally softer open with the Euro...

• European futures are on the front-foot with US futures in-fitting after Tuesday's regional banking pressure.
• DXY continues to slip as USTs advance pre-FOMC, NZD leads while EUR and GBP eye 1.1050 and 1.2550.
• Crude benchmarks came under marked pressure despite limited fresh catalysts as focus remains on the broader growth outlook.
• "Several House GOP leadership sources said they would want to see the Senate pass a short-term debt-limit hike...

• APAC stocks were mostly negative following the losses on Wall St amid regional bank jitters which resulted in the regional banking ETF closing down by over 6%.
• White House said they have the tools necessary to keep the banking system safe and the FDIC will continue to monitor the banking situation.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.5% after the cash market closed lower by 1.5%...

• European bourses mostly softer in catch-up trade from the long weekend, US futures similar with attention on the Fed, debt ceiling & earnings
• AUD outperforms after a RBA hike and hawkish guidance, DXY picking up above 102.00 after pivoting the figure while EUR & GBP fade
• EGBs softer in corrective post-ISM trade though off lows as the ECB BLS sparked a dovish reaction
• Subsequently, the EZ Flash HICP measure saw little sustained...

• APAC stocks traded with a slight positive bias as many of the regional participants returned to the market from the long weekend.
• The RBA surprised markets with a 25bps rate increase, while the central bank's language remained hawkish with the Board expecting some further tightening of monetary policy will be needed.
• European equity futures are indicative of a mildly higher open with the Euro Stoxx 50 +0.2% after the index was unchanged...

• MON: South Korean Import/Export Growth (Apr), US S&P Global Manufacturing PMI Final (Apr), US ISM Manufacturing PMI (Apr), European Labour Day Holiday, UK Early May Bank Holiday
• TUE: RBA Announcement, South Korean CPI (Apr), German Retail Sales (Mar), EZ Flash CPI (Apr), US Durable Goods R (Mar), New Zealand Jobs (Q1)
• WED: FOMC Announcement, RBNZ FSR, CNB Announcement, BCB Announcement, Japan Constitution Day Holiday, EZ Unemployment (Mar), US ADP...

• European sentiment pressured by Flash-Prelim. growth data while earnings remain in focus
• A dynamic that has eased somewhat since the EZ-wide figure, Euro Stoxx 50 -0.7%, with attention on upcoming US data points/earnings
• AMZN initially rose but is currently -2% in pre-market with the focus on AWS; in Europe, banking names lag amid NatWest and yield action
• DXY eclipsed 102.00 as JPY sinks as BoJ maintains ultra-easy policy and gives dovish...

• APAC stocks were positive after taking impetus from the rally on Wall St while the region also digested a slew of earnings, data and the BoJ.
• BoJ kept policy settings unchanged, tweaked its forward guidance which remained dovish and announced it is to conduct a policy review.
• Amazon shares initially rose by some 9% in after-hours trade post-earnings before dropping to losses of 2% with some highlighting the Co. signalling lower AWS...

• European bourses relatively contained but with an underlying positive skew after a deluge of earnings.
• NQ outperforms post-META (+11% pre-market) with AMZN, among others, ahead.
• DXY edges above 101.50 with antipodeans outperforming while JPY and CHF are undermined by yields.
• EGBs remain subdued but have bounced off initial lows post-supply, USTs in-fitting pre-7yr/GDP
• Crude consolidates with metals mixed overall...