• European bourses & US futures are incrementally firmer in somewhat limited trade with corporate updates factoring and the focus on debt talks
• DAX 40 outperforms amid strength in Siemens & SAP; region follows mixed APAC trade, though Nikkei 225 surpassed 30k
• Overall, debt ceiling updates were slightly constructive, but the impasse does ultimately remain
• DXY briefly topped 103.00 as the Yuan continues to slip on soft data to the...

• APAC stocks were mixed with the region cautious after the weak handover from the US where risk appetite was clouded amid debt ceiling concerns.
• The meeting between Biden and congressional leaders achieved no major breakthroughs although was said to be productive and has set the stage to carry on further conversations.
• European equity futures are indicative of a flat open with the Euro Stoxx 50 unchanged after the cash market closed flat...

• European bourses are relatively contained, but off best after downbeat/mixed ZEW
• US futures spent the morning rangebound though have similarly dipped post-HD earnings, -4% pre-market
• President Biden is to meet McCarthy at 15:00ET/20:00BST, Yellen to speak beforehand
• DXY continues to retreat despite initial fleeting upside with G10s firmer, GBP picks up after weak labour data
• AUD, Yuan and base metals are dented by...

• APAC stocks traded mixed and only partially sustained the momentum from Wall St, while markets also digested weaker-than-expected Chinese activity data.
• US President Biden has scheduled a debt limit meeting with US House Speaker McCarthy on Tuesday at 15:00EDT/20:00BST.
• European equity futures are indicative of an uneventful open with the Euro Stoxx 50 unchanged after the cash market closed flat yesterday.
• DXY is steady below 102.50, EUR/USD...

• European bourses & US futures are firmer but with magnitudes modest amid limited specific newsflow
• DXY dips below 102.50 with its initial upside diminishing as peers are generally firmer ex-JPY while core debt drifts
• US President Biden said that debt ceiling talks are moving along and they will know more in the next couple of days about progress in discussions.
• SEK and TRY depreciate after soft inflation & inconclusive Turkish...

• APAC stocks traded mixed following the subdued performance last Friday on Wall St, while participants in the region brace for this week’s key economic releases.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed up 0.2% on Friday.
• DXY sits near Friday's highs, JPY lags the majors, antipodeans outperform, EUR/USD remains on a 1.08 handle.
• US President Biden said that...

• MON: Eurogroup Meeting, South Korean Trade Balance R (Apr), German Wholesale Prices (Apr), EZ Industrial Production (Mar).
• TUE: IEA OMR, Chinese Retail Sales (Apr)/Industrial Production (Apr), UK Labour Market Report (Mar/Apr), EZ Employment and GDP Flash (Q1), German ZEW (May), US Retail Sales (Apr), Canadian CPI (Apr), US Industrial Production (Apr).
• WED: Japanese GDP (Q1), Australian Wage Price Index (Q1), EZ CPI Final...

• 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...