• The Fed delivered a widely expected 50bps rate hike and provided hawkish revisions to the dot plots.
• US stocks ultimately finished lower with the S&P 500 back below 4K, APAC stocks were subdued overnight.
• European equity futures were mildly lower with the Euro Stoxx 50 future down 0.4% after the cash market closed with losses of 0.3% yesterday.
• DXY was firmer overnight but sub-104 after swinging between gains and losses in the...

• European bourses are under pressure across the board, Euro Stoxx 50 -0.7%, as the CPI-induced upside wanes ahead of the FOMC & Powell thereafter
• USD has continued to slip with the index down to 103.66 at worst, nearing Tuesday's 103.57 trough to the benefit of most G10 peers.
• JPY outperforms with USD/JPY dropping below 135.00 to a 134.61 low in wake of BoJ sources
• Bunds under marked pressure given a sizeable 2023 issuance remit and...

• APAC stocks took impetus from the gains across global peers following the softer-than-expected US CPI (SPX +0.73%, NDX +1.1%).
• European equity futures were steady with the Euro Stoxx 50 future up 0.1% after the cash market closed with gains of 1.7% yesterday.
• DXY remains lacklustre and lingers just above the 104 mark, EUR/USD and USD/JPY sit on 1.06 and 135 handles respectively.
• US Congressional negotiators said they reached a deal...

• European bourses are firmer across the board Euro Stoxx 50 +0.8%, though action has been choppy with fresh drivers limited.
• US futures are similarly bid, though comparably more contained ahead of CPI and 30yr supply
• DXY is bid, but has been unable to convincingly breach the 105.00 mark despite a brief foray to 105.09, with peers generally contained vs USD.
• EGBs have been pressured throughout the morning, with Bunds initially lagging though...

• APAC stocks were mostly kept afloat following the gains on Wall St where the major indices unwound recent losses (S&P 500 +1.4%).
• Hong Kong Chief Executive Lee announced an end to the COVID contact tracing app requirement and will eliminate the three-day arrival monitoring period.
• European equity futures were firmer with the Euro Stoxx 50 future up 0.4% after the cash market closed with losses of 0.5% yesterday.
• DXY sits just below the...

• European bourses are under modest pressure, Euro Stoxx 50 -0.2%, as the cautious APAC tone continues but with magnitudes limited given the lack of newsflow.
• USD's initial extension faded with the index drifting within 105.23-104.72 parameters, peers mixed but generally rangebound.
• EGBs & Gilts have meandered to fresh intra-day peaks, though newsflow and drivers behind the upside are essentially non-existent.
• Crude benchmarks are under...

• APAC stocks began the week with mild losses following the subdued performance last Friday on Wall Street.
• European equity futures were lower with the Euro Stoxx 50 future down 0.5% after the cash market closed with gains of 0.5% on Friday.
• USD is broadly firmer vs. peers, EUR/USD maintains 1.05 status and USD/JPY lingers around the 137 mark.
• Crude prices were slightly higher in some mild respite from the recent selling...

Week Ahead December 12-16th:

• MON: UK GDP Estimate (Oct), Chinese M2/New Yuan Loans (Nov).
• TUE: OPEC MOMR; BoE Financial Stability Report; German CPI Final (Nov), UK Unemployment Rate (Oct)/Claimant Count (Nov), EZ ZEW (Dec), US CPI (Nov), Japanese Tankan (Q4), New Zealand Current Account (Q3).
• WED: FOMC Policy Announcement, IEA OMR; UK CPI (Nov), Swedish CPIF (Nov), EZ Industrial Production (Oct), US Export/Import Prices (Nov),...

• Equities in Europe trade with no firm direction in what has been a quiet morning session thus far in holiday-thinned volumes
• DXY managed to derive some support after losing 104.50 in early trade, with peers generally contained though JPY & CHF 'outperform'
• EGBs and USTs continue to diverge, but overall action has been limited given a lack of drivers and thin volumes.
• WTI Jan and Brent Feb remain firmer intraday but in the grander scheme...

• APAC stocks traded mostly higher as the region took impetus from the gains on Wall Street; Hang Seng and Shanghai Comp were indecisive
• US equity futures held on to the prior day's gains but lacked any significant follow-through during Asia hours
• DXY continued to weaken after retreating beneath the 105.00 level yesterday, G10s were firmer against the USD, and USD/JPY fell below 136.00
• US Treasury Secretary Yellen said dollar movements largely...

• European bourses and US futures reside in narrow ranges are essentially pivoting the unchanged mark
• DXY has managed to regroup amid an initial retreat in USTs; though, the index remains around the mid-point of a 105.04-105.42 range
• EGBs & their UK counterpart have, despite initial pressure, staged a firm rally to a test/eclipse of Wednesday's peaks; USTs remain lower
• Crude benchmarks are consolidating after yesterday's mid-week pressure,...

• APAC stocks traded cautiously after the lacklustre handover from Wall St where the major indices were subdued; Hong Kong outperformed 
• European and US equity futures lacked firm direction despite an earlier approach towards the prior day's lows
• DXY was marginally higher overnight, G10s were mostly lower, and the JPY lagged
• US Energy Envoy Hochstein said the US still needs to replenish the SPR for the...

• European bourses are somewhat mixed after a predominantly soft cash open, Euro Stoxx 50 -0.5%; though, the breadth of the market remains narrow.
• Stateside, futures are in relative proximity to the unchanged mark and are yet to meaningfully deviate from overnight ranges, ES -0.2%
• USD is mixed vs G10 peers, though the DXY itself, while negative on the session, remains underpinned around 105.50.
• Crude benchmarks are softer intraday given the...

• APAC stocks traded mostly lower following the tech-led rout seen on Wall Street which saw the NDX close with losses of 2%
• DXY was steady and held on to most of the prior day’s gain, USD/JPY was underpinned, Antipodeans attempted to nurse losses
• China will fine-tune COVID control measures and allow home quarantine, as well as ease testing, according to Xinhua; China will conduct a press conference at 15:00 local time (07:00GMT/02:00EST)
• NBC...

• Choppy session thus far across equities as the region looks for direction, ES circa. 4k.
• Followed mixed APAC trade given the hawkish Wall St. handover eased on further China COVID control adjustments
• DXY briefly eclipsed Monday's best to a 105.50 peak before fading in relatively limited newsflow and as UST yields ease.
• Aussie is the modest outperformer following a 25bp RBA hike and guidance for further inflation-justified...

• APAC stocks were somewhat mixed with early headwinds from Wall St where risk assets were pressured as bond yields and the Dollar gained
• DXY remained above the 105.00 level, USD/JPY extended on gains with a brief foray above 137.00, and Yuan pared back some recent gains
• RBA hiked its Cash Rate by 25bps and signalled further rate hikes ahead which prompted an adjustment in CBA's forecast for the terminal rate to 3.35% from 3.10%
• Beijing city...

• European bourses are under modest pressure, Euro Stoxx 50 -0.2%, with US futures in-fitting
• Following fairly contained APAC action though Chinese stocks outperformed amid a further easing of COVID controls
• Crude benchmarks have been choppy, but are ultimately firmer post-OPEC+ and as the Russian oil cap comes into effect at USD 60/bbl.
• DXY bid with the Yuan and AUD outperforming while JPY is the standout laggard
• EGBs...

• APAC stocks traded mostly positively, although the gains for the rest of the region were limited; China outperformed
• Several Chinese cities accelerated the loosening of COVID-19 restrictions over the weekend including Shanghai and Shenzhen
• OPEC+ ministers formally endorsed the output policy rollover and will hold the next JMMC meeting on February 1st, while it vowed to stand ready to adjust oil output to stabilise markets
• Russian Deputy PM...

• MON: Eurogroup; Chinese Caixin Services PMI (Nov), EZ, UK & US Composite/Services PMI Final (Nov), EZ Retail Sales (Oct), US ISM Services PMI (Nov).
• TUE: RBA Policy Announcement; Norges Bank Regional Network (Q4), US Georgia Runoff, EIA STEO; German Industrial Orders (Oct), EZ & UK Construction PMI (Nov), Canadian Ivey PMI (Nov).
• WED: BoC, BCB & NBP Policy Announcements; Australian Real GDP (Q3), Chinese Trade Balance (Nov), Swiss Unemployment...

• Equities in Europe are mostly mildly softer with the ranges particularly narrow ahead of the US jobs report; US futures in-fitting
• DXY is under pressure with peers modestly firmer and JPY outpacing given yield differentials and Tamura's remarks
• Bunds are modest bid but failed to breach 143.00 with USTs essentially unchanged pre-NFP
• Crude benchmarks similarly contained awaiting oil cap/OPEC+ developments
• Beijing City...

• APAC stocks were subdued following the uninspired lead from the US ahead of the looming NFP jobs report.
• European equity futures were slightly lower with the Euro Stoxx 50 future down 0.2% after the cash market closed with gains of 0.5% yesterday.
• DXY remains sub 105, EUR/USD breached 1.05 to the upside, GBP narrowly lags G10 FX, NZD is the modest outperformer.
• EU officials are to resume discussions to break the deadlock on a price cap for...

• European bourses have benefited from the post-Powell surge, US futures more contained pre-data
• Additional support derived in APAC hours from China's PMIs and COVID adjustments
• DXY remains downbeat given the dovish Powell reaction, JPY is the standout beneficiary given rate differentials
• EGBs are bid with pricing for December's ECB tilting towards 50bp given the magnitude of overnight price action, Lane speaks...

• APAC stocks took impetus from the strong rally on Wall Street (SPX +3.06%, NDX +4.58%) after Fed Chair Powell’s speech.
• Fed Chair Powell said it makes sense to moderate the pace of interest rate hikes, adding he does not want to over-tighten but cutting rates is not something to do soon.
• Chinese Vice Premier Chunlan noted that the country’s fight against COVID is entering a new phase, while Caixin Manufacturing PMI topped...

• European equities trade on a firmer footing following mixed leads from Wall St, with eyes set on Fed Chair Powell
• DXY under pressure after failing to surpass 107.00 overnight, Cable above 1.20 with antipodeans leading
• Yuan, base metals and COVID-sensitive areas supported following the latest China testing/restriction alterations
• Core bonds dented as core EZ inflation fails to decline, USTs directionally in-fitting but little changed overall...

• APAC stocks eventually traded mostly higher although gains were capped following the subdued handover from Wall St and disappointing Chinese PMI data.
• European equity futures were positive with the Euro Stoxx 50 future up 0.5% after the cash market closed flat yesterday.
• DXY ran out of steam ahead of 107, EUR/USD and Cable reside on 1.03 and 1.19 handles respectively, NZD outperforms.
• OPEC+ is likely to keep output levels flat at the Sunday...