• European equities trade flat following Friday’s solid session for the region, FTSE 100 narrowly outperforms; US equity futures are flat
• Saudi Arabia announced it is to cut an additional 1mln bpd of oil output in July; all other OPEC+ producers agreed to extend earlier cuts through to the end of 2024
• Saudi’s Energy Minister said will keep the markets in suspense on whether the additional voluntary cut for July will be extended
• DXY maintains a...

• APAC stocks were mostly positive amid momentum from Friday's post-NFP gains on Wall Street and strong Chinese Caixin Services and Composite PMIs.
• Saudi Arabia announced it is to cut an additional 1mln bpd of oil output in July; all other OPEC+ producers agreed to extend earlier cuts through to the end of 2024.
• Saudi’s Energy Minister said will keep the markets in suspense on whether the additional voluntary cut for July will be...

• SUN: OPEC+ Meeting.
• MON: Chinese Caixin Services PMI (May), German Trade Balance (Apr), Swiss CPI (May), Turkish Inflation (May), EZ/UK/US Final Services and Composite PMIs (May), EZ Sentix Index (May), US Durable Goods (R), ISM Services PMI (May).
• TUE: RBA Announcement, NBP Announcement, EIA STEO, EZ/UK Construction PMI (May), EZ Retail Sales (Apr).
• WED: BoC Announcement, Australian Real GDP (Q1), Chinese Trade Balance (May),...

• European equities trade on the front foot following the Senate passage of the debt ceiling bill
• US Senate voted 63-36 to pass the US debt ceiling bill, which sends it to President Biden's desk
• DXY oscillates in a tight range on either side of 103.50 ahead of the US jobs report
• Industrial commodities are boosted by source reports that China is reportedly mulling a property-market support package to bolster the...

• US Senate voted 63-36 to pass the US debt ceiling bill, which sends it to President Biden's desk.
• APAC stocks traded higher as the region took impetus from Wall St where the S&P 500 and Nasdaq climbed to 9-month highs.
• Fed's Harker (voter) said the Fed does not have to keep moving rates up and thinks they should at least skip raising rates in June.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.5% after...

• European bourses are firmer as sentiment improves after the US House vote & Chinese Caixin PMI
• Stateside, futures are more contained as debt focus turns to the Senate and potential amendment votes
• DXY subdued after Wednesday’s Fed remarks with attention turning to US data before Friday’s NFP
• Flash EZ HICP spurred little sustained reaction, as it chimes with regionals; debt benchmarks dip after...

• APAC stocks were mostly positive after the US House passed the debt ceiling bill to avert a default which now moves to the Senate
• Chinese Caixin Manufacturing PMI data partially atoned for yesterday’s weak official PMI readings.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.7% after the cash market closed down 1.7% yesterday.
• DXY is a touch firmer on a 104 handle, EUR/USD remains stuck below 1.07, NZD and...

• European bourses & US futures are softer after a weak APAC handover on PMIs and despite softer inflation data 
• DXY lifted to a new WTD best as EUR succumbs on CPI, Yuan drifts on data and Mester remains hawkish
• EGBs bid on softer-than-expected inflation metrics from German states and France, though upside briefly capped by the latest Italian figures
• Crude continues to crumble while base metals are dented by soft Chinese data,...

• APAC stocks were mostly lower following the mixed handover from Wall St where sentiment was clouded as hardliners voiced opposition to the debt ceiling bill.
• US House Committee voted 7-6 to advance the debt ceiling bill which sends it to the full House for approval.
• European equity futures are indicative of a softer open with the Euro Stoxx 50 -0.4% after the cash market closed down 0.7% yesterday.
• Chinese Manufacturing and Non-Manufacturing...

• European bourses are mixed after a morning of choppy price action; IBEX outperforms on inflation numbers
• Stateside, futures are bid after an in-principal debt ceiling agreement with the NQ outperforming as NVDA leads in the pre-market
• DXY briefly surmounted 104.50 but has since receded as Kanda-induced JPY pressure abates and GBP surpasses 1.24
• EGBs/USTs extend after soft EZ data and Spanish inflation, fresh highs occurring after...

• US President Biden reached a budget agreement in principle with House Speaker McCarthy to raise the debt limit by 19 months until 1st January 2025
• In FX, DXY initially softened overnight alongside a downtick in US yields but then recovered against its major peers and as the CNY continued to depreciate; US equity futures saw mild gains
• In geopolitics, Russia launched a large drone attack on Kyiv over the weekend, while it was recently reported two residential...

• MON: US Memorial Day, UK Late May Bank Holiday.
• TUE: Japanese Labour Market Report (Apr), EZ Sentiment Survey (May).
• WED: Japanese Retail Sales (Apr), Chinese Official PMIs (May), Australian CPI (Apr), French, Italian, German Prelim CPI (May), German Unemployment (May), Canadian GDP (Q1).
• THU: ECB Minutes, CBRT Minutes, South Korea Import/Exports Growth (May), Chinese Final Caixin Manufacturing PMI (May), German Retail Sales (Apr),...

• Risk tone has slipped as we await substantive debt ceiling updates into the long weekend
• DXY is softer, but remains above 104.00, with CHF and JPY outperforming
• EGBs/Gilts slipped on UK Retail data, but have since pared with USTs bid on the above tone
• Commodities edging higher given the USD and XAU benefitting from sentiment
• McCarthy said there was no agreement Thursday; will stay to continue work. Biden said they...

• APAC stocks traded mixed following the mild positive bias stateside where the tech sector surged on Nvidia’s blockbuster report
• Nikkei 225 outperformed, US equity futures were rangebound, and European equity futures are indicative of a flat open
• US President Biden and House Speaker McCarthy are said to be near a deal that would raise the debt ceiling for two years and cap spending
• US House Speaker McCarthy said there was no agreement on...

• NQ outperforms post-NVDA, with Europe deriving upside in tandem though capped after German GDP revisions
• Stateside, debt ceiling concerns continue with focus on Fitch though journalist updates since have been somewhat constructive on talks
• USD remains dominant with the DXY above 104.00 with NZD descending further after Orr’s remarks
• EGBs/USTs continue to slip though Gilts remains the standout laggard in a continuation of the UK-CPI...

• APAC stocks were mostly lower with the region cautious after the losses on Wall St owing to debt ceiling fears, whilst Fitch placed the US on Credit Watch Negative.
• Nasdaq futures surged as NVIDIA (NVDA) shares rallied almost 25% after the close as earnings and forecasts beat expectations
• The FOMC May minutes were in fitting with recent Fed commentary and showed that officials were somewhat split on support for more rate hikes
• European...

• European bourses are under marked pressure as headwinds mount while US futures are lower but more contained awaiting debt ceiling developments
• Overall, updates via journalists this morning are skewed to the downside on a near-term agreement
• Hawkish impulses were seen on hot UK CPI, with core fixed income pressured & BoE pricing lifting
• Though, Bunds & USTs have reverted back to modest positive territory as focus returns to potential...

• APAC stocks were mostly lower following the negative lead from Wall St and amid US-China frictions.
• The US House China Select Committee Chair called for retaliation against China’s ban on Micron.
• US GOP Rep. McHenry said the top-line disagreement remains on spending and he cannot say when negotiations will resume.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.4% after the cash market closed down by 1.0%...

To download the report, please click here If you would like to subscribe to receive the research sheets directly in your inbox, you can now do so under the Research Suite section of the portal. To subscribe simply check the box next to "Email these reports" under the desired category. 

• RBNZ expected to hike the Official Cash Rate by 25bps to 5.50% on Wednesday as forecast by 21 out of 25...

• European bourses are pressured on continuing Manufacturing PMI softness alongside hawkish pricing implications
• Stateside, futures are essentially flat as we await further substantive debt ceiling updates and remarks from Fed’s Powell
• Biden said he is optimistic on making debt ceiling progress; McCarthy described the meeting as a productive discussion
• DXY is underpinned and benefitting further from EUR & GBP weakness post-PMIs while the...

• APAC stocks were indecisive as participants digested the latest from the debt limit negotiations.
• US House Speaker McCarthy said he had a productive agreement with President Biden but they don't have an agreement yet.
• European equity futures are indicative of a flat open with the Euro Stoxx 50 Unch. after the cash market closed down by 0.2% yesterday.
• DXY is steady on a 103 handle, FX ranges are narrow across G10 FX, EUR/USD lingers just...

• European bourses are mixed/flat with US futures diverging slightly with the ES & NQ pressured by Meta and Micron.
• Broader focus remains firmly on the debt ceiling after constructive weekend updates ahead of an expected Biden-McCarthy talk today (time TBC).
• DXY holds above 103.00 with the CHF outperforming and peers otherwise generally contained
• EGBs remain bid with the periphery outperforming after Greek elections and rating updates for...

• APAC stocks were mostly positive but with price action rangebound amid cautiousness as the debt limit deadline draws closer.
• President Biden said his discussion with House Speaker McCarthy on Sunday went well and they will talk again on Monday.
• Fed’s Kashkari (voter) said he is open to foregoing a June rate hike but would object to any kind of declaration that they are done lifting rates.
• European equity futures are indicative of a flat open...

Week Ahead May 22-26th

• SUN: Greek Elections
• MON: PBoC LPR Announcement
• TUE: BoK Announcement, EZ/UK/US Flash PMIs (May), US Richmond Fed (May)
• WED: FOMC Minutes, RBNZ Announcement, UK Inflation (Apr), German Ifo Survey (May)
• THU: CBRT Announcement, SARB Announcement, German GDP (Q1), GfK Consumer Sentiment (Jun), US GDP 2nd (Q1)/PCE Prices (Q1)
• FRI: Japanese...

• European bourses/US futures are firmer with fresh drivers limited and the focus firmly on Fed speak
• Debt ceiling reports indicate steady progress is being made, a view echoed by White House officials; Biden to leave G7 dinner early
• USD retreats from multi-weak peaks amid a Yuan revival to the benefit of G10s pre-Powell
• EGBs have seen two-way action but are holding off early German PPI-induced lows, USTs comparably more...