• European bourses are modestly firmer though there are a number of closures given Whit Monday while US futures outperform modestly in quiet trade
• The USD has been downbeat for much of the morning to the benefit of EUR in particular though the DXY did stage a short-lived resurgence
• China's NDRC reportedly held discussions with major commodity firms and pledged to have zero tolerance on commodity futures violations
• US Secretary of State Blinken...

• MON: Canadian Holiday (Victoria Day); EZ Holiday (Whit Monday); US-China meeting (TBC).
• TUE: NBH Policy Decision; Indonesian Rate Decision; Special European Council Meeting; German Ifo Survey (May) and GDP Detailed (Q1); New Zealand Trade Balance (Apr).
• WED: RBNZ Policy Decision; Riksbank Financial Stability Report (H1-2021).
• THU: BoK Policy Decision; German GfK Consumer Sentiment (Jun); US GDP 2nd (Q1) and Durable Goods...

• Asia-Pac equities began the week choppy following on from last Friday’s mixed performance on Wall Street, light weekend newsflow and heading into month-end
• China's NDRC reportedly held discussions with major commodity firms and pledged to have zero tolerance on commodity futures violations
• DXY trades sub-90.0, EUR/USD and GBP/USD sit on 1.21 and 1.41 handles respectively, USD/JPY was capped by 109.00
• US Secretary of State Blinken stated...

• Major bourses in Europe are mostly higher but off best levels; US equity futures trade sideways
• The DXY has extends losses below 90.00, EUR/USD maintains 1.22 and Cable reclaimed 1.42 after PMIs
• US Republicans and Democrats have privately admitted there hasn’t been much progress so far on the infrastructure bill
• Israel and Hamas have agreed to a cease-fire on the Gaza Strip, commencing today
• Germany and France have...

• Asian equity markets were mixed after failing to sustain the early momentum from the constructive mood on Wall Street
• All major US indices finished higher amid a tech-led rebound. EU equity futures head into the open slightly firmer
• The DXY remains subdued beneath 90.00, EUR/USD and GBP/USD maintain 1.22 and 1.41 status respectively
• Israel and Hamas have agreed to a cease-fire on the Gaza Strip, commencing today
• US...

• European bourses trade mixed as the earlier mild optimism faded; US equity futures have been erring lower
• The White House is planning to submit its rebuttal to the Senate GOP infrastructure offer by Friday; Republicans are concerned that a deal may not be possible
• Iranian President Rouhani said main agreement has been reached in Vienna including the removal of major sanctions; other issues are still being discussed
• In FX, the DXY has been...

• Asian equity markets traded mixed with the region cautious following the mostly negative lead from the US
• April FOMC Minutes gave a nod to potential taper discussions in the approaching meetings
• In FX, the DXY is relatively steady above 90.00, EUR/USD remains sub-1.22 and GBP/USD sits on a 1.41 handle
• WTI crude futures have stabilised around USD 63.50bbl, spot gold prices remain elevated
• Looking ahead, highlights...

• Stocks in Europe have continued drifting lower; US equity futures are also lower across the board with the NQ lagging
• German bund yield topped -10bps in early trade whilst US 10yr cash yield remains above 1.65%
• There has been progress in JCPOA talks but the sides have not yet achieved a breakthrough, according to European sources
• In FX, the DXY rebounded but remains sub-90.00, EUR/USD holds on to 1.22 status and GBP/USD hovers around...

• Asian equity markets were mostly negative, US equity futures extended on the losses seen during the prior session
• Russia's envoy to JCPOA talks said important news is likely to be released by this Wednesday, although he later backtracked
• In FX, the DXY remains sub-90.00, EUR/USD holds on to 1.22 status and GBP/USD met resistance at 1.42
• Biden administration was said to be encouraged by the bipartisan infrastructure...

• Major bourses in Europe have drifted off best levels; US equity futures traded sideways with the NQ narrowly outperforming
• In FX, the DXY lost its 90.00 handle whilst EUR/USD and GBP/USD topped 1.2200 and 1.4200 respectively and USD/JPY dipped below 109.00
• Bent July futures rose above USD 70/bbl for the first time since March while WTI July tested USD 67/bbl to the upside
• US Senator Capito said the Republican infrastructure proposal is on...

• Asian equities traded mostly positive as the region shrugged off the negative lead from Wall Street
• In FX, the DXY remains subdued, EUR/USD extended gains above 1.2150 and GBP/USD trades at its best level in over two months
• WTI crude futures eked marginal gains to trade around the USD 66.50/bbl level
• US Senator Capito said the Republican infrastructure proposal is on track to be sent to President Biden on...

• Major bourses in Europe trade with little conviction whilst US equity futures remain contained with a downside bias
• Chinese industrial production printed inline with estimates and retail sales disappointed but still showed respectable growth
• China will extend tariff exemption for some US imported products from May 19th, according to the Finance Ministry
• In FX markets, DXY remains soft under Friday's lows; EUR/USD reclaimed 1.2150, GBP/USD...

• MON: Eurogroup Meeting; Chinese Retail Sales and Industrial Production (Apr)
• TUE: RBA Minutes (April); EU Economic & Financial Affairs Council; Japanese GDP (Q1); UK Jobs Report (Mar); EZ Employment (Q1) and GDP (Q1)
• WED: FOMC Minutes (April); UK Inflation (Apr); EZ CPI (Apr) Canadian CPI (Apr); Hong Kong Holiday
• THU: PBoC LPR, SARB Rate Decision, BoC Financial System Review presser; EU Foreign Affairs Council Meeting (Trade);...

• Asian equities traded somewhat mixed and only partially benefitted from last Friday’s rebound on Wall St.
• Chinese industrial production printed inline with estimates and retail sales disappointed but still showed respectable growth
• In FX markets, the DXY heads into the European open firmer, EUR/USD pulled back from 1.2150 and GBP/USD sits on a 1.40 handle
• WTI crude futures were uneventful overnight, whilst gold prices remained firm above USD...

• European bourses are firmer following the positive APAC performance with US futures following suit ahead of data, ES +0.6%
• USTs have been climbing all morning recovering recently lost ground with yields suppressed and the USD downbeat as such to the modest benefit of peers
• President Biden told Republicans that he wants to see real progress on a possible bipartisan deal by Memorial Day
• Israeli PM Netanyahu is reportedly showing signs of...

• Asia-Pac stocks were mostly higher as the region took impetus from the firm performance in the US
• Major US indices recovered from the recent inflation-triggered sell-off and snapped a 3-day losing streak
• In FX, the DXY traded within a narrow range overnight, EUR/USD remains sub-1.21 and GBP/USD sits on a 1.40 handle
• President Biden told Republicans that he wants to see real progress on a possible bipartisan deal by Memorial...

• European bourses are pressured following overnight losses though US futures are comparatively less pressured; Euro Stoxx 50 -1.5%, ES -0.3%
• DXY remains bid at fresh session highs but still sub-91.00 with peers modestly pressured overall as GBP and Antipodeans lag
• USTs have been oscillating the U/C mark for much of the morning though the 10yr yield retains 1.70% with EGB action more pronounced and yields extending to key levels
• Colonial...

• Asian equity markets were pressured following on from the losses in the US post-CPI
• The S&P 500 and DJIA posted their worst 3-day performance in over 6 months
• USD held on to most of yesterday's gains, EUR/USD is subdued beneath 1.21 and GBP/USD remains on a 1.40 handle
• Colonial Pipeline has announced that it is to restart operations; could take several days for operations to return to normal
• The Bipartisan Policy...

• European equities are firmer and earnings focused but US futures are softer and tentative overall going into US CPI
• USD is modestly firmer but contained with peers only marginally weaker ex-antipodeans and GBP unreactive to the latest EU-UK updates
• Core debt has consolidated somewhat going into CPI and Fed speak after which the 10yr outing will draw attention particularly if concession begins exerting influence once more
• Top Republican...

• Asian equity markets were subdued following the lacklustre performance in the US where the DJIA suffered its worst day in over two months
• Losses in the Nasdaq were only marginal after the tech sector spent most of the session nursing its recent underperformance
• In FX, the DXY is firmer, EUR/USD retreated further below 1.2150 and GBP/USD maintains 1.41 status
• WTI crude futures were flat after finding support at the USD 65.00/bbl level. Focus...

• Equities are depressed across the board in a continuation of the US & APAC spillover with tech among the underperformers as inflationary concerns remain at the forefront
• US Senate Republicans reportedly signalled that they could increase the infrastructure counterproposal to President Biden, Politico
• Chinese CPI printed below forecast while PPI rose at its fastest pace since 2017
• DXY is off lows but remains pressured in-spite of yields...

• Asia-Pac bourses traded with firm losses amid spillover selling from the tech-led declines on Wall St
• All major US indices were dragged into the red with underperformance in the Nasdaq as tech names sold off
• Chinese CPI printed below forecast while PPI rose at its fastest pace since 2017
• The DXY heads into the European session relatively flat, EUR/USD rests just below 1.2150 and GBP/USD maintains 1.41 status
• US...

• Equities are contained with the initial modest European strength dissipating while the ES is unchanged and NQ/YM are mixed
• DXY is off-lows and holding 90.00 but pressured with Cable eclipsing 1.40 amid Scottish election results
• US Colonial Pipeline shut down its entire network as prelim. reports indicate the cyber attack could have Russian links, no time-line for a restart at present
• LME copper hit record highs as did Dalian iron ore futures...

• MON: Riksbank Minutes; Norwegian CPI; EZ Sentix Index.
• TUE: BoJ SOO, CBRT Minutes, EIA STEO & OPEC MOMR; Chinese Inflation; German ZEW Survey, Australian Budget. 
• WED: IEA MOMR; UK GDP; US CPI. 
• THU: Banxico Rate Decision; India Holiday, Swiss Holiday. 
• FRI: ECB Minutes, BoC Senior Loan Officer Survey; US Retail Sales; University of Michigan Survey.

NOTE: Previews...

• Asian equities traded mostly positive as the region reacted to last Friday's disappointing US jobs data, which saw US majors hit record highs
• In FX, the DXY remains below 90.50, EUR/USD holds on to 1.2150 and GBP/USD trades on a 1.40 handle
• The SNP won 64 seats in the Scottish Parliamentary election, falling one short of the number required for an absolute majority
• A ransomware attack forced the shutdown of the Colonial Pipeline, which is...