• European bourses are once again on the backfoot as the downtrend in the equity space continues without much in the way of fresh drivers.
• US equity futures are trading on the back foot as sentiment continues to slump, extending the downward price action seen yesterday.
• In FX, DXY is resilient, JPY outperforms on yield dynamics, GBP lags following softer-than-expected UK retail sales, whilst the CNY saw the largest gap between the PBoC fixing and...

• APAC stocks traded mostly lower after the early reprieve from the recent global rout petered out
• European equity futures are indicative of a slightly lower open with the Euro Stoxx 50 -0.1% after the cash market closed down by 1.3% yesterday
• DXY is a touch softer but still firmly on a 103 handle, EUR/USD remains sub 1.09, JPY leads the majors as USD/JPY pulls back from 146
• 10yr UST futures extended on the rebound from yesterday’s trough as...

• European bourses trade on the backfoot after succumbing to the selling pressure seen Stateside and during APAC trade, while macro newsflow has been light.
• DXY faded from best levels after extending gains on the back of broad risk aversion, EUR sees several large option expiries, AUD underperforms after the Aussie jobs report.
• WTI and Brent front-month futures tilted higher this morning following APAC consolidation, with little in the way of fresh newsflow to drive...

• FOMC minutes stated that most officials saw "significant" upside risks to inflation and could require further tightening; account was otherwise balanced.
• APAC stocks mostly suffered another day of selling and followed suit to the losses on Wall St, participants also reflected on several weak data releases from the region.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.6% after the cash market closed down by 0.1%...

• European bourses trade mixed after opening after shrugging off mild broad-based opening losses with no obvious catalyst behind the move at the time.
• DXY is softer and trades on either side of 103.00, T-note futures hold near overnight peaks, US equity futures are trading flat with a positive bias ahead of FOMC minutes.
• GBP and NZD outperform, the former following hotter-than-expected UK inflation and the latter after RBNZ left rates unchanged but upped the OCR...

• US stocks closed lower with the S&P 500 closing below its 50DMA for the first time since March
• APAC stocks were pressured following the declines on Wall St amid the broad risk-off mood
• European equity futures are indicative of a weaker open with the Euro Stoxx 50 -0.3% after the cash market closed down by 1.0% yesterday
• RBNZ kept rates unchanged as expected and reiterated the OCR will need to remain at a restrictive level for the...

• European bourses have been unable to hold onto modest opening gains, whilst there wasn’t a clear reason behind the pullback in global equities.
• Stateside are trading on the back foot, with ES and NQ giving back some of yesterday's gains after overnight data out of China disappointed.
• Fitch analysts warn it may be forced to downgrade dozens of banks, including JPMorgan Chase (JPM), according to CNBC. 
• China's PBoC cut its 1-year MLF rate...

• US stocks were mostly positive with outperformance in the Nasdaq amid the advances in Nvidia after MS named the stock a top pick.
• APAC stocks traded mixed as participants digested key releases including disappointing Chinese activity data and the PBoC’s surprise cuts to its 7-day Reverse Repo and 1-year MLF rates.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.4% after the cash market closed up by 0.2%...

• European bourses trade on the front-foot after shrugging off opening losses which were in part a by-product of Chinese-related concerns overnight.
• Stateside, futures are trading slightly firmer ahead of a catalyst-thin docket, with the ES briefly topping 4,500.
• A partial pick-up in overall sentiment sapped some of the Greenback’s strength rather than any real change in fundamentals; G10s are flat.
• Debt futures regain composure after...

• APAC stocks were pressured amid ongoing Chinese economic woes and developer default concerns
• Goldman Sachs expects the Fed to begin cutting rates by the end of June 2024 at a gradual pace, which it anticipates likely to be once per quarter
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.4% after the cash market closed down by 1.4% on Friday
• DXY is firmer and just below the 103 mark, USD/JPY briefly climbed...

Week Ahead August 14th-18th

• MON: N/A
• TUE: PBoC MLF, RBA Minutes, Japanese Prelim. GDP (Q2), Australian Wage Price Index (Q2), Chinese Industrial Output and Retail Sales (Jul), Japanese Industrial Output (Jul), UK Jobs Report (Jun/Jul), German ZEW Survey (Aug), US Retail Sales (Jul), Canadian CPI (Jul)
• WED: RBNZ Announcement, FOMC Minutes, UK Inflation (Jul), EZ GDP and Employment 2nd (Q2)
• THU: Norges Bank...

• European bourses are under modest pressure as benchmarks gradually dip in catalyst thin trade; US futures near unchanged
• DXY is incrementally softer with GBP the standout outperformer post UK GDP
• Given the above, Gilts lag though EGBs are also lower while USTs remain afloat pre-data
• Crude benchmarks are near unchanged after Thursday’s subdued settlement, XAU bid
• Looking ahead, highlights include US PPI & UoM...

• APAC stocks traded mostly lower after the post-CPI dovish unwinding seen stateside, Chinese property concerns and holiday-thinned conditions.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.6% after the cash market closed up by 1.6% yesterday.
• DXY is contained just above the 102.50 mark, USD/JPY eyes 145, EUR/USD sits just below 1.10.
• Looking ahead, highlights include French Unemployment Rate, UK GDP,...

• European bourses are in the green, with sentiment inching higher in pre-CPI trade
• Stateside, futures are taking impetus from the above and recouping some of Wednesday’s pressure
• DXY lags in the FX space with CHF taking advantage while JPY lags on yield dynamics, EUR & GBP both bid
• Core fixed benchmarks are in the red with US yields higher across the curve but action remains limited
• Commodities hold a positive...

• US stocks finished lower in a choppy session with catalysts extremely light; APAC stocks were mixed with the regional bourses mostly rangebound amid a slew of earnings releases and with the mood tentative.
• European equity futures are indicative of a firmer open with the Euro Stoxx 50 +0.6% after the cash market closed up by 0.7% yesterday.
• DXY traded flat around the 102.50 level as participants lacked conviction heading into the US CPI data; 10yr UST futures were...

• European bourses are firmer as the tone improves while US futures attempted to claw back recent downside
• DXY dips under 102.50, Yuan in focus during APAC hours given Chinese inflation; Antipodeans lead
• Core fixed benchmarks are relatively contained, Gilts bid and Bunds pressured post supply, US 10yr due
• Crude benchmarks inch higher, with focus on earlier Saudi updates while metals derive support from the USD
• Chinese...

• APAC stocks traded mixed as participants digested a deluge of earnings releases and the latest inflation data from China
• Chinese inflation data was mixed but showed consumer prices in deflationary territory for the first time in more than two years
• European equity futures are indicative of a firmer open with the Euro Stoxx 50 +0.9% after the cash market closed down by 1.1% yesterday
• DXY is a touch softer, EUR/USD remains sub-1.10, USD/JPY...

• European bourses are lower given the risk tone post-China trade, banking names lag after an Italian windfall tax
• Stateside, futures are also in the red and feature continued underperformance in the RTY
• Given the tone after downbeat Chinese trade the DXY continues to lift with Antipodeans lagging
• Bunds surpassed last week’s best after a strong Bobl auction with the complex bid on the tone ahead of US 3yr supply & Fed...

• APAC stocks traded mixed after the early optimism following the positive lead from Wall St was soured
• This came as Chinese markets entered the fray, while the region also digested disappointing Chinese trade data
• European equity futures are indicative of a slightly lower open with the Euro Stoxx 50 -0.1% after the cash market closed up by 0.1% yesterday
• DXY heads into the European session firmer, JPY lags with USD/JPY above 143, EUR/USD...

• European bourses are pressured with fresh drivers light and price action continuing from subdued APAC trade
• Stateside, futures are more constructive with the NQ leading despite yield upside given last week’s pressure
• DXY is bid to the detriment of G10 peers with havens lagging as yields lift
• Debt dips with Central Bank speak taking centre stage; Bowman said more hikes likely while Williams said we are pretty close to peak...

• APAC stocks began the week mostly negative following on from last Friday's late retreat on Wall Street.
• Fed’s Bowman (voter) said more US rate hikes will likely be needed.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.3% after the cash market closed up by 0.7% on Friday.
• FX markets are contained with DXY steady just above 102, JPY marginally lags, EUR/USD eyes 1.10 to the...

Week Ahead August 7th - 11th

• MON: BoJ Summary of Opinions, German Industrial Output (Jun), EZ Sentix Index (Aug)
• TUE: EIA STEO, Chinese Trade Balance (Jul), German Final CPI (Jul), Canadian Trade Balance (Jul)
• WED: Chinese Inflation (Jul)
• THU: RBI Announcement, Banxico Announcement, OPEC MOMR, US CPI (Jul)
• FRI: IEA OMR, UK GDP (Jun), French/Spanish Final CPI (Jul), US PPI (Jul), US Uni...

• European bourses and US futures are modestly firmer with updates limited aside from numerous corporate developments pre-NFP
• AMZN +8.8% & AAPL -1.8% pre-market; Berkshire Hathaway reports on the weekend
• DXY is firmer but yet to lift above 102.50, Antipodeans outperform while havens pare some of their recent gains
• Fixed benchmarks dip to incremental WTD lows with the week’s bearish drivers still in play
• WTI and...

• APAC stocks traded mixed as most bourses in the region lacked firm direction after a lacklustre handover from the US
• Apple were lower by 2% after-hours as earnings once again showed declining sales, whilst Amazon was boosted by 8.7% following solid results
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.4% after the cash market closed down by 0.7% yesterday
• DXY is flat just below the 102.50 mark...

• European bourses & US futures continue to slump in an extension of Wednesday’s price action with yields on the up
• EGBs/USTs continue to drop and have made new lows below the post-Refunding/Fitch trough, Gilts pressured further pre-BoE
• Further upside for the USD with JPY outperforming on haven action while EUR & GBP slip
• Commodities are in-fitting with the above risk tone and accompanying USD strength; complex is conscious of punchy...