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  • APAC stocks traded mostly lower despite the gains seen on Wall Street on Friday, with the mood in the APAC region dampened by the continued decline in Chinese NBS Manufacturing PMI ahead of key risk events including US NFP on Friday.
  • DXY resided in a tight range, NZD lagged after last week’s strong performance, while CNH weakened post-PMIs.
  • The far-right German AfD will claim a clear victory in state parliamentary elections in the German state of...
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  • MON: US & Canada (Labor Day), EZ & UK Final Manufacturing PMIs (Aug), Chinese Caixin Manufacturing PMI Final (Aug)
  • TUE: Swiss CPI (Aug), Swiss GDP (Q2), Turkish CPI (Aug), US ISM Manufacturing PMI (Aug), Final Manufacturing PMI (Aug)
  • WED: BoC & NBP Policy Announcements; Australian GDP (Q2), Chinese Caixin Services PMI (Aug), EZ & UK Composite/Services Final PMIs (Aug), EZ Producer Prices (Jul), Canadian Trade Balance (Jul), US Durables...
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  • Equities are trading on the front foot; NVDA +1.6% pre-market
  • DXY is flat, EUR unfazed by a slight pick up in Services inflation
  • Bonds are incrementally firmer, Bunds climbed above 134.00 into the EZ-inflation metrics, but were unmoved by the release
  • Crude holds a modest upward bias, XAU around flat while base metals gain
  • Looking ahead, US PCE
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  • APAC stocks traded higher across the board despite a lack of fresh catalysts following a mixed lead from Wall Street, and ahead of US PCE and the US long weekend.
  • DXY traded within a very narrow range, EUR and GBP were uneventful, while JPY held a firmer bias after the Tokyo CPI surprisingly ticked higher.
  • Fixed income futures diverged slightly overnight, with USTs flat ahead of PCE, Bunds faded gains pre-EZ CPI, and JGBs softer after Tokyo...
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  • European bourses edge higher with Tech leading; US futures are slightly higher, NVDA -1.5% pre-market vs -4.9% after-hours
  • Dollar is firmer, Antipodeans outperform given the risk-tone whilst EUR is hampered post-German State CPIs
  • Bonds have been lifted after the cool German State CPIs vs mainland expectations
  • Crude is lower and near session lows, XAU gains whilst base metals are broadly lower
  • Looking ahead, US PCE...
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  • APAC stocks traded with modest losses across the board following the weak lead from Wall Street and in the aftermath of NVIDIA's ill-received earnings.
  • NVIDIA settled -6.9 % after-market despite solid earnings and a USD 50bln share buyback, some suggested disappointment as metrics fell short of the highest forecasts.
  • NZD was boosted after ANZ Business Outlook soared whilst JGB futures saw upticks on a well-received 2-year JGB...
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  • European bourses are generally firmer, US futures flat/firmer but NQ leads ahead of NVDA earnings after-hours
  • Dollar is firmer, AUD fares best post-CPI & EUR underperforms
  • Bonds are incrementally firmer awaiting impetus from Fed speak and US 5yr supply
  • Crude continues to slip, XAU and base metals hampered by the firmer Dollar
  • Looking ahead, DoEs, Fed's Bostic, BoE's Mann, Supply from the US, and earnings from...
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  • APAC stocks traded subdued but mostly within tight ranges following a mixed lead on Wall Street ahead of NVIDIA earnings.
  • DXY ticked higher during the back end of the APAC session, USD/JPY gradually rose, AUD/USD saw upside on hotter-than-expected Aussie CPI.
  • The Israeli army launched a large-scale operation against militants in various parts of the northern West Bank; the operation is expected to last days.
  • European equity futures are...
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  • Equities are modestly firmer across the board, despite a mostly lower APAC session overnight
  • Dollar is flat, GBP outperforms with Cable back above 1.32, JPY is lower
  • Bonds hold a bearish bias, with Bunds unreactive to the poor German GDP/GfK metrics
  • Crude is on the back foot, XAU is slightly softer and base metals gain
  • Looking ahead, US Richmond Fed, NBH Policy Announcement, Fed Discount Rate Minutes, and Supply from...
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  • APAC stocks traded mostly lower in quiet newsflow following a mixed lead from Wall Street, which saw the tech sector lag ahead of NVIDIA earnings on Wednesday.
  • DXY traded in a tight range with a mild upward bias. JPY lagged on yield differentials whilst EUR and GBP were flat and Antipodeans rebounded.
  • Microsoft (MSFT) CEO Satya Nadella sold 14,398 shares of Microsoft at an average price of USD 417.412/shr on Aug 23rd; Apple (AAPL) named Kevan Parekh as its new...
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  • Modest downside for European bourses while US futures pick up into a week headlined by NVDA & PCE
  • Weekend newsflow dominated by geopols; as it stands, we are awaiting any fresh details from Hezbollah and/or Israel on their next steps
  • Action which has underpinned crude, haven-FX and XAU. USTs largely unreactive while EGBs came under pressure on a better-than-feared Ifo
  • The event between Hezbollah and Israel was framed as one of the...
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  • APAC stocks kicked off the week mixed following the state-side gains on Wall Street after Fed Chair Powell's dovish pivot, whilst the weekend was packed with geopolitics.
  • Lebanon's Hezbollah launched hundreds of rockets and drones at Israel early on Sunday. Israel's military said it struck Lebanon with around 100 jets to thwart a larger attack; Gaza talks in Cairo ended without agreement but negotiations continue.
  • DXY is steady on a 100 handle, EUR/USD briefly...
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  • MON: UK Market Holiday (Bank Holiday), German Ifo (Aug)
  • TUE: CBRT Minutes, Chinese Industrial Profit (Jul), German GfK Consumer Sentiment (Sep)
  • WED: Australian CPI (Jul), Nvidia (NVDA) Earnings (Q2)
  • THU: Spanish Flash CPI (Aug), German State CPIs (Aug), EZ Sentiment Survey (Aug), US GDP (2nd) and PCE (Q2)
  • FRI: Japanese Tokyo CPI (Aug), French Prelim CPI (Aug), German Unemployment (Aug), EZ Flash CPI (Aug),...
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  • European bourses are modestly firmer, whilst US futures gain to a slightly higher degree
  • Dollar is flat, Antipodeans leads, JPY initially propped up by BoJ Governor Ueda, but has since pared
  • Bonds are in a holding pattern ahead of Fed Chair Powell
  • Crude is firmer and near session highs, XAU gains but is still below 2500, base metals in the green
  • Looking ahead, Canadian Retail Sales, Jackson Hole Symposium, Speeches...
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  • APAC stocks were ultimately mixed amid cautiousness as braced for a slew of global central bank rhetoric including Fed Chair Powell's speech at the Jackson Hole Symposium.
  • Fed's Collins (2025 voter) said the timing seems appropriate to begin easing monetary policy and policy is well-positioned, while she wants a gradual approach to interest rate cuts.
  • USD/JPY retreated beneath the 146.00 level and saw further downside alongside comments from BoJ Governor Ueda at a...
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  • European bourses are mostly firmer across the board; US futures gain incrementally
  • Dollar is trivially higher, GBP outperforms following stronger than expected PMI metrics
  • Bonds are lower following the generally better than expected PMI releases, particularly in France the EZ and the UK; Germany continues to print poor metrics
  • Crude is flat, XAU is slightly softer but remains above USD 2500/oz
  • Looking ahead, US PMIs,...
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  • APAC stocks traded with a mild positive bias after the gains on Wall St where a downward payrolls revision and the FOMC Minutes further supported the consensus for a September Fed rate cut.
  • FOMC Minutes from the July meeting continued to point to a September move as a vast majority of participants said it would likely be appropriate to ease policy at the next meeting if data continued to come in as expected.
  • DXY nursed some losses after retreating yesterday to...
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  • European bourses are mostly modestly firmer; US futures rangebound ahead of US Payroll Revisions and the FOMC Minutes
  • Dollar is incrementally firmer, JPY is the clear underperformer with USD/JPY around 146.00
  • Bonds are flat with traders mindful of today’s key risk events
  • Crude is flat, XAU is rangebound and holds just above USD 2500/oz, base metals entirely in the green
  • Looking ahead, Canadian Producer Prices, US...
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  • APAC stocks were subdued following the lacklustre performance stateside where the major indices finished with mild losses.
  • European equity futures indicate a marginally positive open with Euro Stoxx 50 future up 0.2% after the cash market finished with losses of 0.2% on Tuesday.
  • DXY remains on a 101 handle, JPY is the marginal laggard across the majors, EUR/USD holds onto 1.11 status.
  • A deal to bring an end to the fighting in Gaza was said...
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  • European equities are mostly, but modestly firmer (ex-FTSE 100); US futures are flat
  • Dollar is flat, NZD outperforms and USD/JPY back to 146.50
  • Bonds are incrementally firmer, Bunds dipped slightly on German Producer Prices but then edged higher as the morning progressed
  • Crude is lower in a continuation of the prior day’s price action; XAU prints another fresh ATH at USD 2521/oz and base metals gain
  • Looking ahead,...
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  • APAC stocks traded mixed and only partially took impetus from the tech-led gains stateside amid a lack of major macro drivers.
  • European equity futures indicate a slightly positive open with Euro Stoxx 50 future up 0.1% after the cash market finished with gains of 0.6% on Monday.
  • DXY remains sub-102, JPY has given back some gains vs. the USD, Cable is unable to breach 1.30.
  • ECB's Rehn said the recent increase in negative growth risks in the...
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  • Equities are mixed and struggling to find clear direction in catalyst thin trade
  • Dollar is lower, JPY sees significant strength as USD/JPY holds around 146.00
  • Bonds are firmer to varying degrees, Bunds lead as Germany reaches a deal regarding its 2025 budget
  • Crude is lower and resides near session lows, XAU holds around USD 2500/oz, base metals benefit from the softer Dollar
  • Looking ahead, BoC SLOOS, NZ Trade...
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  • APAC stocks were mixed with a somewhat cautious tone amid geopolitical uncertainty after Hamas rejected the latest ceasefire proposal.
  • Fed’s Daly (voter) said it is time to consider adjusting rates from their current level, Goolsbee (non-voter) said inflation and the labour market are cooling faster than expected.
  • European equity futures indicate a slightly positive open with the Euro Stoxx 50 future up 0.1% after the cash market finished with gains of 0.7% on...
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19th-23rd August 2024:

  • MON: US Democratic National Convention (Aug 19-22), Bank of Indonesia Announcement, New Zealand Trade Balance (Jul)
  • TUE: US Democratic National Convention (Aug 19-22), PBoC LPR, RBA Minutes, Riksbank Announcement, CBRT Announcement, EZ Final CPI (Jul), Canadian CPI (Jul)
  • WED: US Democratic National Convention (Aug 19-22), FOMC Minutes, Japanese Trade Balance (Jul)
  • THU: US Democratic National Convention...
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  • Equities are modestly firmer, ex-FTSE 100, in a continuation of the optimism seen in the prior session
  • Dollar is softer vs peers, Kiwi outperforms and USD/JPY holds around 148.70
  • USTs are contained, but off worst levels, Gilts fairly unreactive to its own Retail Sales, holding just shy of 100.00
  • Crude is on the backfoot, with pressure fuelled by updates from Libya’s Waha Oil Company, XAU incrementally firmer whilst base metals are...
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