• The mood in Asia was mostly subdued following on from the losses in European bourses and indecision stateside
• Energy was the worst-performing US sector once again as oil retreated for a 6th consecutive day and cyclicals lagged
• China's legislature passed the Personal Information Protection Law
• In FX, the DXY remains firm above 93.50, EUR/USD and GBP/USD remain on 1.16 and 1.36 handles respectively
• Looking ahead,...

• Sentiment is firmly risk-off with European equity bourses and US futures pressured ES -0.6%, with USD, safe-haven FX and debt bid
• Fresh newsflow has been minimal and action a continuation of APAC weakness post-FOMC Minutes after a downbeat US close
• DXY is firmer but off 93.502 highs as activity/petro-FX slumps but JPY and CHF hold onto marginal gains; USTs outpace EGBs both both are bid
• Base metals are significantly hampered, LME Copper sub...

• FOMC minutes suggested that participants generally judge that the standard of "substantial further progress" had not yet been met
• Most judged that it could be appropriate to start reducing the pace of asset purchases this year
• Stocks across Asia succumbed to the weakness seen across US peers with global risk sentiment pressured post-FOMC minutes
• Hang Seng Tech Index declined to its lowest since its launch last year. Alibaba’s Hong Kong...

• European equities (Eurostoxx 50 -0.3%) trade with a mild negative bias with sectors mixed; US futures essentially flat
• The RBNZ kept rates unchanged at 0.25%; cited lockdown and uncertainty
• DXY is contained holding above 93.00 with peers equally contained ex-NZD post RBNZ; USTs are flat after APAC pressure pre-20yr supply & Fed events
• Fed's Rosengren supports a taper announcement next month for a start this fall and get on track to halt...

• Asia-Pac bourses gradually improved and managed to shrug off the early cautiousness stemming from the weak Wall St. handover
• The RBNZ kept rates unchanged at 0.25%; cited lockdown and uncertainty
• NZD recovered from initial losses with the RBNZ projecting a hike by year-end and another 100bps of increases in 2022
• The DXY, remains above 93.00, EUR/USD eyes 1.17 to the downside, JPY & CHF modestly lags vs. the...

• European equities/US futures are hindered as sentiment slips on China updates and NZ returning to lockdown; ES -0.5%
• DXY is firmer but within ranges as safe-haven's remain little changed but antipodeans lag, particularly NZD pre-RBNZ on updated calls; core debt is bid but off best
• China's market regulator issued draft regulations on banning unfair competition in the internet sector
• Fed's Rosengren would be supportive of announcing a taper...

• Asian equity markets were subdued following the mixed performance on Wall St; S&P 500 and DJIA posted a 5th consecutive session of record closes
• China's market regulator issued draft regulations on banning unfair competition in the internet sector
• Fed's Rosengren would be supportive of announcing a taper program in September if there is another strong jobs report
• In FX, the DXY is firmer above 92.50, antipodeans lag with NZD hampered by...

• European bourses/US futures are softer with FX-havens bid but core debt pulling back after initial upside on weekend/overnight updates; ES -0.2%
• Focus has been on disappointing activity data from China, while weekend newsflow was dominated by events in Afghanistan
• The Taliban effectively took control of Kabul which prompted a mass exodus of foreigners and embassy personnel from the city
• DXY benefits from pressure in activity currencies and...

• MON: Japanese GDP (Q2); Chinese Retail Sales and Industrial Production (Jul).
• TUE: RBA Minutes (Aug); UK Jobs Report (Jun/Jul); EZ Flash GDP (Q2) and Flash Employment (Q2); US Retail Sales (Jul).
• WED: RBNZ Policy Decision, FOMC Minutes (Jul); UK Inflation (Jul); EZ Final CPI (Jul); US Building Permits (Jul); Canadian CPI (Jul).
• THU: Norges Bank Policy Decision, CBRT Minutes (Aug); Australian Labour Market Report (Jul); US Philly Fed...

• Asia-Pac stocks traded mostly subdued and US equity futures pulled back from record levels
• Participants digested disappointing activity data from China, while weekend newsflow was dominated by events in Afghanistan
• The Taliban effectively took control of Kabul which prompted a mass exodus of foreigners and embassy personnel from the city
• In FX, the DXY was choppy around 92.50, EUR/USD eyes 1.18 ahead of the European...

• European bourses and US futures have a minimal positive bias but ultimately haven't deviated much from unchanged levels
• USD is downbeat but remains within reach of 93.00 with peers firmer but ultimately rangebound; debt sees USTs firmer while EGBs lost impetus after an initial flurry higher
• Tokyo daily COVID cases set a new record high and Japan's total exceed 20k for the first time while Australia's New South Wales reported record new...

• Asia-Pac equities traded mixed with a downside bias; the ASX 200 outperformed and the KOSPI lagged
• In FX, DXY traded on either side of 93.00 whilst the EUR saw a mild bid as EUR/GBP tested 0.85
• South Korea issued a weekend stay-at-home order whilst Australia's New South Wales reported record new COVID cases
• US FDA has allowed immunocompromised individuals to receive certain COVID booster shots, and said others do not need one at this...

• Contained and quiet equity trade amid minimal macro developments ahead of US data; ES U/C, Euro Stoxx 50 +0.2%
• The DXY is modestly firmer but little changed with peers equally uninspiring while debt meanders pre-30yr US issuance after yesterday's strong sale
• OPEC members have not collectively discussed output increases following the White House statement, according to sources
• US Treasury Secretary Yellen is said to be considering a trip to...

• Asia-Pac equities traded saw a mixed session with a downside bias and a cautious tone; China lagged
• FX markets were quiet; DXY remained in a tight range sub-93.000, EUR/USD and GBP/USD were flat
• White House said the outreach to OPEC is aimed at long-term engagement and not necessarily an immediate response
• OPEC members have not collectively discussed output increases following the White House statement, according to...

• Equity bourses/futures are mixed but relatively contained around the unchanged mark in minimal newsflow; ES -0.1%, Euro Stoxx 50 +0.2%
• USD retains an underlying bid to the detriment of peers across the board though EUR/USD remains above current YTD lows
• US Senate passed the infrastructure bill as expected, most GOP Senators pledged to not help Democrats on the debt ceiling; subsequently passing the USD 3.5trl Democrat resolution
• Core debt is...

• APAC equities saw a mixed session; the ASX 200 hit a new high and the KOSPI lagged
• FX markets were quiet, DXY tested yesterday's high before pulling back, USD/JPY remained above 110.50
• Crude futures drifted lower overnight amid COVID developments in the Asia-Pac region
• US Senate passed the infrastructure bill as expected; most GOP Senators pledged to not help Democrats on the debt ceiling
• North Korea said it will...

• European bourses are marginally firmer with US futures mixed/flat in quiet newsflow after initial overnight pressure in futures despite a lack of catalysts
• US Senate's infrastructure deal vote is expected today at 11:00EDT/16:00BST
• USD is underpinned to the detriment of safe-haven CHF & JPY while USTs are steady but EGBs/Gilts are bid post-ZEW/DMO issuance
• China's Daily noted that the PBoC may have to cut the RRR or interest rate to spur...

• APAC equities traded mixed; the Nikkei gave up its catch-up gains and China was choppy
• US equity futures were dented alongside sentiment despite the absence of a catalyst at the time
• Fed's Rosengren (2022 voter) said the Fed should announce QE tapering in September for a start this fall
• China's Daily noted that the PBoC may have to cut the RRR or interest rate to spur growth
• North Korea warned the US and South Korean...

• European bourses lack direction amid quiet newsflow following a Japanese market holiday while US futures are mixed and the RTY lags, -0.6%
• Spot gold and silver saw mini flash crashes in early and thin APAC trade, while crude futures continue to crumble
• In FX, the DXY remains pressured though relatively rangebound with peers similarly mixed and contained
• Beijing has imposed domestic travel restrictions and Israel warned of fresh lockdowns...

• MON: Japanese Holiday (Mountain Day); Chinese Inflation (Jul); EZ Sentix Index (Aug).
• TUE: EIA STEO; German ZEW Survey (Aug).
• WED: US CPI (Jul).
• THU: Banxico & CBRT Policy Decisions, OPEC MOMR & IEA OMR; UK GDP Estimate (Jun); US PPI (Jul).
• FRI: US Uni of Michigan Prelim Sentiment (Aug).

NOTE: Previews are listed in day-order

CHINESE INFLATION...

• APAC stocks traded cautiously with volumes light in Japan's absence; China eventually outperformed
• Spot gold and silver saw mini flash crashes in early and thin trade, while crude futures remained subdued
• In FX, DXY drifted off best levels, EUR/USD briefly dipped to a four-month low and USD/JPY traded sideways
• Beijing has imposed domestic travel restrictions and Israel warned of fresh lockdowns amid rising COVID...

• European bourses are marginally firmer in tentative and contained trade amid minimal newsflow
• US equity futures trade sideways in the run-up to the final jobs report before the Fed's Jackson Hole Symposium
• In FX, the DXY continues to grind higher to the detriment of peers across the board while EUR/GBP approaches YTD lows
• RBA Governor Lowe welcomes a lower AUD rate, but stressed that it is not a target
• US Senate...

• Asia-Pac equities saw a mixed session; Mainland China narrowly underperformed
• US equity futures traded sideways in the run-up to the final jobs report before the Fed's Jackson Hole Symposium
• In FX, DXY was firmer, EUR and GBP were flat whilst the AUD and NZD lagged
• RBA Governor Lowe welcomes a lower AUD rate, but stressed that it is not a target
• US Senate Majority Leader Schumer confirmed the infrastructure bill...

• European bourses are firmer but contained with earnings dominating as macro updates are minimal; Euro Stoxx 50 +0.4%, ES U/C
• USD has been pressured to the benefit of peers ex-JPY, though performance is overall relatively contained while USTs & EGBs diverge
• Fed's Daly (2021, 2024 voter) said her modal outlook is the Fed will be able to taper later this year or early next - but emphasized data dependency
• China said it opposes the US' arms...

• Asia-Pac equities traded mixed with the breadth of the price action narrow; US equity futures saw mild gains
• In FX, DXY held onto the Clarida-induced gains; the non-US Dollars saw some upside and the JPY narrowly lagged
• Fed's Daly (2021, 2024 voter) said her modal outlook is the Fed will be able to taper later this year or early next - but emphasized data dependency
• UK is removing the quarantine requirement for fully jabbed travellers coming...