• Cash bourses in Europe hold the downside bias seen across APAC stocks overnight which emanated from China reporting a record increase in COVID cases
• Stateside, futures are under similar pressure with the ES below 4000
• USD is under pressure as the risk tone favours JPY & others, alongside month-end models pointing to USD selling
• Initial haven bid in EGBs has faded ahead of Central Bank speak incl. President...

• APAC stocks traded mostly lower with risk appetite sapped by the ongoing COVID-related issues in China which has resulted in public unrest.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 future -0.6% after cash markets closed flat on Friday.
• DXY remains stuck on a 106 handle, EUR/USD lingers around 1.0350, JPY outperforms G10 FX, antipodeans lag.
• Crude declined with Brent beneath USD 82/bbl for the first time...

• MON: Australian Retail Sales (Oct), EZ M3 (Oct), Japanese Unemployment (Oct), Retail Sales (Oct)
• TUE: Swiss GDP (Q3), EZ Consumer Confidence Final (Nov), German CPI Prelim. (Nov), US Monthly Home Price (Sep)
• WED: Chinese NBS PMIs (Nov), German Import Prices (Oct), Swiss KOF (Nov), German Unemployment (Nov), EZ CPI Flash (Nov), US ADP (Nov), GDP 2nd (Q3), PCE Prices Prelim. (Q3), JOLTS (Oct)
• THU: Chinese Caixin Manufacturing PMI...

• European bourses and US futures are near the unchanged mark with newsflow limited in holiday-sapped trade
• DXY has experienced a resurgence to 106+ parameters, aided by the PBoC cutting the RRR as touted
• Core fixed is under pressure with Bund’s below yesterday’s trough though holding onto the 141.00 mark; USTs in-fitting directionally
• Crude benchmarks have been grinding higher despite the USD pickup and further China COVID controls, oil price...

• APAC stocks traded mixed with price action mostly rangebound amid a lack of notable newsflow and Wall St. trade.
• European equity futures were uneventful with the Euro Stoxx 50 future -0.1% after cash market closed up by 0.4% yesterday.
• DXY remains on a 105 handle, EUR/USD holds on to 1.04 status, G10 FX is overall relatively contained.
• Crude was marginally higher as top OPEC producers reaffirmed sticking to the OPEC+...

• APAC stocks followed suit to the gains on Wall St with risk sentiment underpinned following the FOMC Minutes which supported the view for the Fed to shift to smaller rate hike increments.
• China reported daily new COVID-19 cases in the mainland reached a record high and ordered a lockdown in Zhengzhou following violent protests.
• European equity futures are essentially unchanged in thin trade ahead of numerous Central Bank speakers.
• DXY is on...

• European bourses are flat/mixed and have struggled for direction all morning despite fleeting hawkish reactions to the region's PMIs
• Stateside, action is similarly ahead of a somewhat busier data docket on the last full session before Thanksgiving
• DXY reclaims but struggles to advance on 107.00 while Kiwi flies post 75bp RBNZ hike, GBP bolstered by PMIs & a court ruling
• Gilts outperform ahead of supply and BoE's Pill while core EGBs are...

• APAC stocks took impetus from the positive handover from Wall St where sentiment was underpinned amid a global risk revival.
• European equity futures were modestly higher with the Euro Stoxx 50 future +0.3% after cash markets closed up by 0.5% yesterday.
• DXY trades flat just above the 107 mark, EUR/USD is back on a 1.03 handle, NZD is firmer post-RBNZ.
• The RBNZ delivered a historic 75bps rate hike and raised its peak OCR forecasts to 5.50%...

• European bourses are modestly firmer, Euro Stoxx 50 +0.2%, though fresh developments have been limited and the upside itself is tentative at best.
• USD has lost overnight recovery momentum with peers benefiting across the board with the Kiwi leading ahead of the RBNZ
• Rangebound trade for core fixed income, though intraday boundaries have extended on both sides
• Comparably contained session for the crude complex after yesterday’s pronounced...

• APAC stocks were mostly positive as regional bourses attempted to recover from the recent China COVID woes.
• European equity futures were modestly higher overnight with the Euro Stoxx 50 future +0.2% after cash markets closed lower by 0.4% yesterday.
• DXY has pulled back after topping out just shy of 108, USD/JPY Is back below 142 and EUR/USD remains stuck on a 1.02 handle.
• Saudi officials denied talk of an increase in OPEC+ oil...

• European bourses are pressured across the board, Euro Stoxx 50 -0.6%, as China's COVID crackdown weighs on sentiment
• Stateside, futures are similarly impaired at the start of a holiday-thinned week with today's US docket particularly thin ex-supply
• USD has benefited from above risk-aversion with G10 peers lower across the board, particularly Yen & Yuan
• Despite pronounced action earlier on, core fixed benchmarks are in relative proximity...

• APAC stocks began the week mostly lower amid headwinds from China after several areas announced fresh virus restrictions.
• European equity futures were softer overnight with the Euro Stoxx 50 future -0.3% after cash markets closed higher by 1.2% on Friday.
• DXY is back on a 107 handle with EUR/USD, Cable and USD/JPY on 1.02, 1.18 and 140 handles respectively.
• Fed’s Bostic (2024 voter) believes that another 75bps-100bps tightening will be...

• MON: PBoC LPR & Israel Policy Announcements; German Producer Prices (Oct), US National Activity Index (Oct), New Zealand Trade Balance (Oct), UK CBI Orders (Nov)
• TUE: EZ Current Account (Sep), Canadian Retail Sales (Sep), EZ Consumer Confidence Flash (Nov), US Richmond Fed (Nov), Australian PMIs Flash (Nov)
• WED: RBNZ Policy Announcement, Japanese Holiday; EZ, UK & US PMIs Flash (Nov), US Durable Goods (Oct), University of Michigan Final (Nov), US...

• European bourses have experienced a firm bounce throughout the morning, Euro Stoxx 50 +1.2%, one which has occurred without a clear fundamental driver.
• Stateside, performance is much the same though magnitudes are a touch more contained, ES +0.6%.
• Core benchmarks are under notable pressure, downside which seemingly commenced without a clear catalyst or driver and prior to the latest remarks from ECB’s Lagarde & TLTRO.III repayment
• DXY...

• APAC stocks traded mostly firmer as sentiment somewhat picked up following the negative handover from Wall Street
• DXY was choppy on either side of 106.50 but held a downside bias whilst G10s gained and the NZD and GBP outperformed
• European equity futures were firmer overnight, with the Euro Stoxx 50 future +0.7% after cash markets closed lower by 0.1%.
• North Korea fired a missile believed to be an ICBM with the capacity to reach the US...

• Stocks in Europe are on a mixed footing after scaling back opening gains with no clear fundamental catalyst driving price action thus far ahead of numerous events.
• Similar action in US futures with the ES back below 4k ahead of data, Fed speak and some corporate updates.
• DXY has seen an intra-day recovery from a 106.08 low to a 106.68 peak, with G10 peers now all pressured vs initial modest upside against the Greenback.
• Gilts unchanged ahead...

• APAC stocks traded mostly lower throughout the session following the downbeat lead from Wall Street (-0.8%). 
• DXY was choppy in a tight range and traded on either side of 106.50 after printing a 105.85-106.79 range yesterday; Yuan underperformed
• ECB officials may favour a 50bps rate hike in December rather than 75bps, although an inflation surge could still lead to 75bps, according to Bloomberg sources
• Fed's Waller (voter, hawk) said...

• European bourses have spent much of the morning fairly contained but with a gradually increasing negative bias, as the recent rally pauses amid numerous geopolitical developments.
• DXY is once again on the backfoot and sub-106.00 to the modest benefit of peers, ex-JPY.
• The bund is currently near the unchanged mark despite some fairly marked gyrations overnight and throughout the European morning amid geopols. & hot UK CPI.
• Crude...

• APAC stocks traded lower throughout the session but climbed off session lows as markets juggled the US PPI data and the latest geopolitical developments.
• Polish Foreign Ministry said a "Russian-made" rocket landed in a Polish village at 15:40 local time on Tuesday
• US officials said initial findings suggest the missile that hit Poland was fired by Ukrainian forces at an incoming Russian missile, according to AP.
• DXY traded on either side of...

• European bourses are mixed overall, Euro Stoxx 50 +0.2%, as opening gains scale back after a mostly constructive APAC session.
• Stateside, US futures are firmer across the board with Tech leading after strong APAC tech trade and in wake of Fed's Brainard, ES +0.7%.
• DXY continues to slip after a pronounced move which occurred prior to the European cash open, currently near sub-106.00 lows to the broad benefit of peers.
• BTPs are leading the...

• APAC stocks traded mixed following a weak lead from Wall Street (S&P 500 -0.9%) with newsflow also quiet overnight
• Chinese Retail Oct Sales contracted Y/Y, whilst Industrial Output missed expectations; Japanese Q3 GDP unexpectedly contracted
• DXY traded on either side of 107.00, EUR/USD and GBP/USD were flat, AUD was unfazed by RBA minutes, JPY lagged
• European equity futures traded with modest gains throughout the session with the Euro...

• European bourses are posting mild gains, Euro Stoxx 50 +0.2%, with participants awaiting the conclusion of the Biden-Xi meeting.
• Stateside, futures are pressured as the recent rally seemingly runs out of steam and also following Fed's Waller pushing back on the post-CPI reaction, ES -0.4%.
• DXY has surpassed the 107.00 mark to the detriment of the traditional havens while the Yuan continues to draw focus.
• A concerted bid has recently been...

• APAC stocks traded mixed despite the positive lead from the US; Hong Kong outperformed on reports China is looking to support its property sector
• DXY attempted to claw back recently lost ground but remained under 107.00; Yuan outperformed following a much stronger PBoC fixing vs Friday
• Bitcoin declined under USD 16,000 overnight whilst Ethereum fell under USD 1,200 amid contagion fears from the collapse of FTX
• US President Biden and Chinese...

Week Ahead November 14th-18th:

• MON: OPEC MOMR, EZ Industrial Production (Sep), Japanese GDP (Q3).
• TUE: RBA Minutes (Nov), IEA OMR; Chinese Retail Sales (Oct), UK Unemployment Rate (Sep), Claimant Count (Oct), Swedish CPIF (Oct), EZ Trade Balance (Sep), GDP Flash Estimate (Q3), US PPI Final Demand (Oct).
• WED: UK CPI (Oct), US Export/Import Prices (Oct), US Retail Sales (Oct), Industrial Production (Oct), Canadian CPI (Oct), Japanese...

• Major bourses in Europe are mostly firmer following CPI-induced optimism, with added tailwinds from China easing COVID measures; FTSE 100 lags 
• DXY tumbles with G10s all firmer against the Buck, whilst the Yuan outperforms in the EM-space
• Crude futures and base metals are extending the gains seen overnight which were sparked by China’s COVID update
• Chinese President Xi will meet with US President Biden, according to the Chinese Foreign...