• The FOMC hiked by 75bps to 2.25-2.50%, as expected, taking rates back to neutral for the first time since 2019.
• A dovish reaction was seen across markets with Chair Powell signalling a meeting-by-meeting data-dependant approach going forward.
• US equity futures were subdued overnight as Meta fell 4.7%; Europe is set for a firmer open following Wall Street’s late rally.
• In FX, JPY was the clear outperformer with JPY-pairs breaching...

• European bourses are firmer across the board continuing the MSFT & GOOG driven early APAC action amidst numerous European earnings
• US futures are firmer across the board though the NQ +1.4% outperforms amid those after-market developments though participants are looking to the FOMC
• Dutch TTF Aug’22 is the standout commodity mover, amid a reduction in physical flows through Nord Stream 1; thus far, TTF has printed a high of EUR...

• US equity futures were lifted after the bell as Alphabet’s advertising topped forecasts, whilst Microsoft initially fell on downbeat metrics but reversed course on guidance
• APAC stocks eventually traded mixed following a mostly subdued session. Eurostoxx 50 future is up 0.3% after the cash market closed lower by 0.8% yesterday.
• DXY took a breather from yesterday's run, EUR/USD posted mild gains, AUD/USD fell on Aussie CPI
• US...

• European bourses and US futures spent much of the morning under modest pressure, with the US in particular fairly rangebound pre-earnings & Wednesday's FOMC.
• However, further pressure has been seen in wake of the most recent Kremlin-related commentary, with the Nord Stream 1 turbine yet to be installed.
• Dutch TTF & Crude benchmarks bid ahead of further Nord Stream 1 curtailments, though, the upside waned as the EU agrees on an emergency energy deal for the...

• APAC stocks eventually traded mostly higher; Hang Seng outperformed as Alibaba seeks a primary HK listing.
• DXY declined heading into the Chinese cash open but then trimmed losses, EUR/USD saw resistance at 1.0250.
• Crude futures gained overnight amid a pullback in the Dollar, spot gold was flat and base metals rose.
• Walmart tumbled almost 10% after it issued a profit warning, Amazon fell in sympathy but later announced Prime subscription...

• European bourses are firmer across the board as the initially cautious tone amid soft-Ifo and weekend developments dissipated amid USD-downside and constructive Kremlin remarks
• US futures also modestly bid into the busiest Q2 earnings week and pre-FOMC
• USD is under pressure on the risk tone with EUR underpinned by Kazaks despite Ifo while antipodeans lead the way
• Core debt has seen pronounced two-way action amid the above factors; currently,...

• APAC stocks traded mostly lower; China’s property stocks and bonds rallied on reports of a potential real estate fund.
• DXY initially firmed before pulling back, EUR/USD traded on either side of 1.0200, and the AUD and NZD were the marginal G10 laggards.
• 10yr UST futures and Bund futures consolidated overnight and held onto last Friday's gains whilst APAC bonds played catch-up.
• Crude futures gave up earlier gains, base metals rallied whilst...

• MON: Germany Ifo Survey (Jul), US National Activity Index (Jun)
• TUE: NBH Announcement, US Monthly Home Prices (May), US Richmond Fed Index (Jul)
• WED: FOMC Announcement, Chinese Industrial Profits (Jun), Australian CPI (Q2), US Durable Goods (Jun)
• THU: EZ Sentiment Survey (Jul), US GDP Advance (Q2), US PCE Advance (Q2)
• FRI: Australian PPI (Q2), German Flash GDP (Q2); German Unemployment (Jul), EZ Flash CPI...

• European bourses are resilient despite Flash PMIs for June contracting, while US futures are subdued but rangebound
• DXY climbs amid EUR pressure post-PMIs, with the USD weighing on peers in turn though JPY & CHF benefit from yield action
• Core debt extends on post-ECB recovery rallies amidst this and curves steepen amid a paring of tightening expectations
• Crude benchmarks surrender APAC upside on contraction concerns and remain focused on...

• APAC stocks were mostly higher after the gains in the US but with upside capped by lingering growth concerns.
• European equity futures are indicative of a slightly lower open with Eurostoxx 50 -0.2% after the cash market closed with gains of 0.3% yesterday.
• DXY has recouped some lost ground, antipodeans lag G10 FX, EUR/USD is back on a 1.01 handle. 
• Nord Stream 1 turbine was said to be stuck in transit in Germany due to Russia not giving...

• European bourses gave up initial upside as Draghi resigns; however, current performance is more mixed with Nord Stream 1 flowing and earnings factoring
• Stateside, futures are directionally in-fitting but with magnitudes more contained thus far awaiting earnings developments.
• DXY has benefitted from JPY downside amid the BoJ while the EUR slipped on Draghi and awaits the ECB.
• Core debt is off lows and somewhat choppy while BTPs slump over 200...

• APAC stocks traded cautiously following the mixed performance of global counterparts and amid risk events.
• European equity futures are indicative of a softer open with Eurostoxx 50 -0.2% after the cash market closed with losses of 0.1% yesterday.
• Italian PM Draghi is set to announce his intention to resign at 08:00BST.
• DXY is on the backfoot, EUR/USD reclaimed 1.02 and JPY contained after BoJ stood pat on...

• European bourses are modestly firmer at present as we move towards the week's key risk events and as participants had already reacted to the Nord Stream developments.
• US futures similarly contained before further earnings releases, including Tesla after-hours.
• The USD is pressured though the DXY has marginally reclaimed 106.50 with peers eking marginal upside.
• Core debt continues to climb and BTPs lead the way after Draghi's initial Senate...

• APAC stocks followed suit to the gains in the EU and the US where sentiment was underpinned by Nord Stream optimism and a weaker buck.
• European equity futures are indicative of a higher open with Eurostoxx 50 +0.2% after the cash market closed with gains of 2.2% yesterday. 
• DXY was subdued on a 106 handle, antipodeans lead G10 FX amid the constructive mood, GBP and EUR also supported. 
• Crude futures plateaued overnight following...

• European bourses are under modest pressure continuing with the downbeat APAC handover, with pressure from AAPL, ECB sources and IBM impacting.
• US futures are modestly firmer, with key earnings including NFLX ahead; IBM -5% in pre-market
• EUR bid and EGBs dented on Reuters/BBG sources that a 25bp or 50bp rate hike will be discussed at Thursday's ECB
• DXY pressured as such and peers taking advantage, antipodeans lead the...

• APAC stocks mostly fell after reports of Apple slowing hiring and European energy woes stoked growth fears.
• European equity futures are indicative of a lower open with Eurostoxx 50 -0.8% after the cash market closed with gains of 1.0% yesterday.
• DXY heads into the European session flat, antipodeans lead G10 FX, EUR/USD is contained after hitting resistance at 1.02.
• Crude futures took a breather from the resurgence spurred by uncertainty...

• European bourses are firmer across the board in a continuation of and extension on the overnight risk tone, Euro Stoxx 50 +1.4%.
• US futures are similarly bid, as we await further earnings with key names including Goldman Sachs on the docket.
• DXY is under pressure to the benefit of peers across the board with iron ore and crude assisting AUD and petro-FX respectively
• Crude is lifted alongside the broader risk tone, after the weekend...

• APAC stocks gained with risk appetite spurred after last Friday's firm gains on Wall St.
• European equity futures are indicative of a higher open with Eurostoxx 50 +0.6% after the cash market closed with gains of 2.4% on Friday.
• DXY sits sub-108, EUR/USD remains north of parity, USD/JPY bounced off support at 138.
• US President Biden's Middle Eastern trip failed to secure any major Saudi commitments.
• Looking ahead,...

• SUN: UK Leadership Debate.
• MON: Japanese Marine Day Holiday, NZ CPI, UK Leadership Debate.
• TUE: UK Jobs Data.
• WED: PBoC, UK CPI, Canada CPI, NZ Trade Balance.
• THU: BoJ, ECB, CBRT, SARB, BoI, Japan Trade Balance, US Philly Fed.
• FRI: Japan CPI, UK Retail Sales, Flash PMIs, CBR, Canada Retail Sales.

NOTE: Previews are listed in day-order

UK...

• European bourses are firmer across the board, as initial jittery performance dissipated with participants looking to US data and Fed speak.
• US futures are in the green, but only modestly so, and have been relatively contained awaiting further guidance from upcoming Fed officials on the 75bp/100bp discussion.
• DXY continues to pullback with peers mixed as EUR consolidates and AUD underperforms
• Core debt pulls back from initial peaks though...

• APAC stocks traded mixed after the 100bps Fed rate hike bets unwound; Chinese Q2 GDP missed forecasts but June Retail Sales beat estimates
• DXY was rangebound, EUR/USD was slightly firmer, USD/JPY took a breather from yesterday’s rally, and AUD/USD was softer after the Chinese growth data
• 10yr USTs eked modest gains, Bunds remained elevated, and 10yr JGBs traded flat
• Crude futures were choppy, Spot gold lacked firm direction, and copper...

• European bourses are pressured across the board, Euro Stoxx 50 -0.8%, but off worst levels while the FTSE MIB -1.9% languishes on domestic turmoil
• Stateside, futures are off lows but in-fitting European benchmarks awaiting guidance from the key banking names due to report imminently
• TSMC beat on top-line metrics, some cautious commentary; INTC reportedly to increase prices, via Nikkei
• DXY continues to climb with peers impaired and USD/JPY...

• APAC stocks mostly traded with cautious gains, Nikkei 225 outperformed, and US equity futures were rangebound overnight
• DXY remained above the 108.00 level and closer to 108.50, EUR/USD weakened, and USD/JPY extended above 138.00
• 10yr USTs declined after the post-CPI fluctuations, Bunds continued to retreat, and 10yr JGBs were marginally lower
• Crude futures remained choppy, spot gold was kept rangebound, and copper traded...

• European bourses are pressured and towards the mid-point of the morning's parameters as we await US inflation data
• US futures more resilient, but similarly choppy, pre-CPI; ES +0.2%
• DXY continues to modestly ease, but remains above 108.00; as GBP benefits from UK data while EUR/USD lifts away from parity
• Core debt has faded from initial highs irrespective of broader sentiment; Italian & German supply well-received, US 30yr...

• APAC stocks were mostly positive as the region shrugged off the weak lead from Wall St; US equity futures eked marginal gains overnight
• DXY lacked firm direction after the prior day’s choppy price action, EUR/USD was contained, and USD/JPY saw a rebound
• 10yr USTs marginally weakened, Bunds were lower, and 10yr JGBs traded sideways
• Crude futures were choppy, spot gold was rangebound, and copper was indecisive
• RBNZ...