• APAC stocks were mostly positive but with some of the gains capped following the tech underperformance on Wall Street.
• Nvidia (-6.5%) suffered a third consecutive day of losses and was down 13% from its peak last week.
• European equity futures indicate a weaker open with Euro Stoxx 50 future -0.3% after the cash market closed higher by 0.9% on Monday.
• DXY is lacklustre with FX markets broadly contained, USD/JPY remains...

• Equities are entirely in the green, benefiting from a pick-up in sentiment in the European session
• Dollar is softer, EUR is the G10 outperformer, but was initially pressured post-German Ifo, USD/JPY around 159.60
• Bonds are mixed with USTs contained, whilst Bunds slip to session lows
• Crude is incrementally firmer, XAU/base metals benefit from Dollar weakness
• Looking ahead, US Dallas Fed Manufacturing Business...

• APAC stocks were predominantly subdued heading closer to month-end and US PCE data later in the week
• DXY rangebound just below 106.00, G10 peers generally contained with JPY subject to fresh jawboning
• Fixed income contained into today's German data and ECB speak; JGB futures softer
• Crude lacklustre with specific lights and unreactive to Netanyahu's latest remarks
• China and the EU have agreed to hold consultations on...

• MON: BoJ Summary of Opinions, German Ifo Survey (Jun), German Import Prices (May)
• TUE: Japanese Services PPI (May), Canadian CPI (May), UK GDP (Q1)
• WED: Australian CPI (May), German GfK Consumer Sentiment
• THU: Biden/Trump debate on CNN, Riksbank Announcement, CBRT Announcement, CNB Announcement, European Council, Chinese Industrial Profits YTD (May), EZ Sentiment Survey (Jun), US GDP Final (Q1)
• FRI: European...

• Equities are subdued amid a broader risk aversion following the downbeat EZ PMI data
• France, Germany and the EZ-wide figure all reported lower-than-expected PMI data, which has led to outperformance in Bunds and slight pressure in the EUR
• Dollar is incrementally firmer, USD/JPY went as high as 159.12 before paring back towards 158.80 following the European data
• Crude is rangebound, base metals suffer from the subdued risk...

• APAC stocks were mostly rangebound with sentiment subdued after the lacklustre handover from Wall St where tech underperformed, and risk appetite was sapped.
• DXY took a breather but held on to the prior day's spoils after strengthening on firmer yields despite soft data; USD/JPY briefly rose above 159.00.
• 10-year UST futures remained lacklustre after weakening yesterday; Bund futures were kept afloat after rebounding from support near the 132.00...

• Equities in the green and Tech leads in Europe; NQ outperforms, lifted by pre-market gains in NVDA +2.7%
• Dollar is firmer, CHF sinks after the SNB cut rates by 25bps, GBP slightly softer ahead of the BoE
• Bonds are softer, Bunds initially lifted post-SNB but has since pared, French auction passes without issue
• Crude is incrementally firmer, base metals gain amid a generally positive risk tone
• Looking ahead, US IJC...

• APAC stocks were subdued in rangebound trade amid a lack of catalysts and following the US holiday lull.
• European equity futures indicate a firmer open with Euro Stoxx 50 future up 0.3% after the cash market closed higher by 0.7% on Wednesday.
• DXY is steady on a 105 handle with FX markets broadly contained, Cable holds above 1.27 ahead of the BoE announcement.
• Bunds are lower, whilst crude markets are contained after WTI hit resistance...

• US stocks inched higher in rangebound trade, APAC stocks mainly positive with Hang Seng outperformance
• European futures point to a contained open, after the cash market closed higher by circa. 0.7%
• DXY contained after the deluge of Fed remarks, peers rangebound
• Crude and spot gold largely sideways while base metals benefited from the constructive US tone
• Israel's military said operational plans for an offensive in...

• European bourses are entirely in the green whilst US futures are mixed
• Dollar is firmer, AUD gains post-RBA and USD/JPY holds above 158.00
• Softer session for fixed thus far, Bunds initially boosted by ZEW but slipped on a poor German outing
• Crude is slightly softer, hampered by the softer Dollar; XAU contained
• Looking ahead, US Retail Sales & Industrial Production, NBH Policy Announcement, Comments from ECB’s...

• European bourses are mostly firmer paring some of Friday’s pronounced downside, US futures are trading tentatively
• Dollar is flat, Antipodeans lag after weaker than expected Chinese industrial data
• Bonds are subdued paring recent EU political-induced upside on Friday, as participants digest ECB sources which suggest that the Bank is in no rush to discuss a French bond rescue
• Crude is flat in what has been a choppy session thus far, XAU/base...

• US stocks were mixed and the major indices finished off their worst levels seen early in the session alongside the broad risk-averse conditions
• APAC stocks were mostly negative as markets reflected on the latest soft Chinese data releases; European futures point to a firmer open
• DXY steady around 105.50, EUR/USD directionless & Cable below 1.27
• EGBs eased back from Friday's marked rally; ECB sources report they are in no rush to discuss...

• MON: PBoC MLF, Chinese Activity Data (May), EZ Wages and Labour Costs (Q1)
• TUE: RBA Announcement, NBH Announcement, EZ Final CPI (May), German ZEW Survey (Jun), US Retail Sales (May), Japanese Trade Balance (May)
• WED: BoC Minutes, BCB Announcement, UK Inflation (May), New Zealand GDP (Q1)
• THU: BoE Announcement, PBoC LPR Announcement, SNB Announcement & Press Conference, Norges Bank Announcement & Press Conference, German...

• European bourses are entirely in the red, with sentiment hampered by ongoing political angst in the EU; US futures are also lower, RTY underperforms
• DXY is bid, benefitting from the subdued EUR which dips below 1.07 and a weak JPY post-BoJ
• The BoJ kept rates unchanged but defied expectations for an immediate reduction of bond purchases, instead, it will decide on a specific bond-buying reduction plan at the next meeting
• USTs are flat, EGBs...

• APAC stocks were mostly subdued after the mixed performance stateside where soft data took centre stage, while participants turned their attention to the BoJ policy announcement. 
• The BoJ maintained rates as expected but defied expectations for an immediate reduction of bond purchases, instead, it will decide on a specific bond-buying reduction plan at the next meeting. 
• Nikkei 225 recovered early losses, USD/JPY advanced to just shy of the 158.00 level,...

• Downbeat session for European equities whilst US futures are mixed, with NQ outperforming, propped up by pre-market gains in Tesla, Broadcom and Nvidia
• Dollar is firmer, EUR continues to test 1.08 to the downside and the JPY is the marginal underperformer
• Bonds are slightly softer as participants digest the FOMC & hawkish dot plots ahead of US PPI
• Crude is on the backfoot, XAU and base metals both lower as the Dollar continues to recoup...

• APAC stocks were somewhat mixed following the key developments stateside where the S&P 500 and Nasdaq extended to fresh record levels following the softer-than-expected US CPI but despite the hawkish Fed dot plots. 
• Fed kept rates unchanged at 5.25-5.50%, as expected with the vote unanimous, while the statement noted there has been modest (prev. a lack of) further progress towards the 2% inflation objective.
• Fed’s updated dot plots now signal only one rate...

• European bourses are modestly firmer, trimming this week’s recent losses; price action tentative ahead of today’s US CPI and FOMC
• DXY is flat, G10s modestly gain vs the Dollar though the JPY dips slightly
• USTs are flat and at highs, Bunds/Gilts both move higher with the latter also factoring in the in-line GDP metrics, with focus on the soft Construction figures
• Crude is at highs amid ongoing geopolitical escalations, XAU flat while base...

• APAC stocks were mostly subdued after the mixed handover from US peers as markets braced for the incoming US CPI data and the FOMC announcement.
• Chinese inflation data saw softer-than-expected CPI and a narrower deflation in factory gate prices but with little follow-through to markets.
• Israel said it received the Hamas response to the ceasefire proposal via mediators and that Hamas changed the proposal's main parameters.
• Fitch Ratings said...

• Equities are modestly in the red, in a continuation of the downbeat mood seen in APAC trade overnight
• Dollar is incrementally firmer, EUR continues to slip and GBP is slightly softer following the UK’s job data which saw an unexpected uptick in the unemployment rate
• Bonds are in the green, attempting to recoup post-NFP losses, OATs remain pressured and Gilts outperform taking a bid after a record Gilt sale
• Crude is slightly softer, XAU is...

• APAC stocks traded with a negative bias after the choppy performance stateside; S&P 500 and Nasdaq notched fresh record closes. 
• Apple closed down 1.9% after its WWDC event failed to ignite enthusiasm; announced an integration of ChatGPT.
• European equity futures indicate a mildly positive open with Euro Stoxx 50 futures up 0.2% after the cash market closed down 0.7% on Monday.
• DXY is holding above the 105 mark, with FX...

• European bourses are entirely in the red, with sentiment hit amid political uncertainty in Europe whereby the centre-right strengthened its majority although the far-right made gains; US equity futures are marginally softer, with the RTY underperforming
• Dollar is firmer in a continuation of post-NFP strength, EUR is hampered by political uncertainty
• USTs are flat and resilient to the downbeat mood in European peers; OATs underperform after French President Macron...

• APAC stocks began mixed in what was a holiday-thinned start to the week with markets in Australia, China, Hong Kong and Taiwan all closed.
• EUR slides as results in the European Parliament elections prompted Macron to dissolve the French parliament and announce a snap election.
• European equity futures declined with the Euro Stoxx 50 future down 0.4% after the cash market also closed lower by 0.4% on Friday.
• Israeli minister Gantz...

Week Ahead 10-14th June:

• MON: Japanese GDP Revised (Q1), Norwegian CPI (May), EZ Sentix Index (Jun), US Employment Trends (May)
• TUE: EIA STEO, OPEC MOMR, UK Jobs Report (Apr)
• WED: FOMC Announcement & Press Conference, IEA OMR, Chinese Inflation (May), German Final CPI (May), UK GDP (Apr), US CPI (May)
• THU: BoJ Announcement, G7 summit, Australian Jobs Report (May), EZ Industrial Production (Apr), US PPI...

• European equities are entirely in the red and at session lows; US futures trade tentatively ahead of US NFP
• Dollar is flat alongside G10 peers as markets await key employment data
• USTs trade within a contained range, Bunds are softer post-German data and unreactive to a slew of ECB speakers who mainly stuck to the data-dependent script; EGBs hit on Q1 wages
• Crude is flat, XAU dragged down on data which indicates that China halts Gold buying...