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  • A firmer start to the week Stateside, ES +0.4%, as markets focus on the progress of Trump's Bill; however, Europe is more contained, Stoxx 600 +0.1%, as the reciprocal deadline nears.
  • US Senate voted to begin debating the Reconciliation Bill; vote-a-rama not expected to start until 09:00ET today, as such the House will not vote until Wednesday at the earliest, via Fox's Pergram.
  • DXY has kicked off week-, month-, quarter- & H1-end on a mildly...
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  • APAC stocks began the week mostly in the green following last Friday's record highs on Wall St; participants digested a slew of data including mixed Chinese PMIs.
  • US and Canada agreed to resume negotiations with a view towards reaching a deal by July 21st after Canada rescinded the Digital Services Tax.
  • The Senate is set to vote on Trump's sweeping tax cut and spending bill on Monday following a 51-49 vote to open the debate on the...
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  • US Commerce Secretary Lutnick stated that several deals will be announced in the coming week, with the Europe deal expected at the end.
  • Punchbowl reports that Republican Senators say voting on the Reconciliation Bill will not begin until Saturday at the absolute earliest.
  • European bourses benefit from a flurry of US-EU trade updates, US futures gain modestly into PCE.
  • DXY extends its losing streak for a fifth session as PCE...
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  • US President Trump said he just signed a deal with China on Wednesday; it was later clarified that the US and China have agreed to an additional understanding to implement the Geneva agreement.
  • US Commerce Secretary Lutnick stated that several deals will be announced in the coming week, with the Europe deal expected at the end.
  • Iranian Foreign Minister Araqchi said Tehran is assessing whether diplomacy with the US is in its interest, adding that there is currently...
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  • US President Trump may accelerate the announcement of a successor to Fed Chair Powell, according to WSJ sources.
  • Chinese state planner official said with policy implementation and introduction, "we are confident and capable of minimising the adverse impacts from external shock", according to Reuters.
  • Micron (MU) said there may have been some tariff-related pull-ins by certain customers; customer inventory levels have been healthy overall across end...
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  • APAC stocks traded mixed in choppy fashion following a similar session on Wall Street, with overnight newsflow relatively light as Israel and Iran seemingly continued to observe the ceasefire.
  • US President Trump may accelerate the announcement of a successor to Fed Chair Powell, according to WSJ sources.
  • Chinese state planner official said with policy implementation and introduction, "we are confident and capable of minimising the adverse impacts from external...
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  • Fox's Gasparino posted that Team Trump said it was close to announcing a handful of trade deals. The major ones the White House claimed progress on involved Japan, South Korea, and Vietnam.
  • European bourses are mixed in quiet newsflow whilst US futures hold around the unchanged mark.
  • USD looks to claw back recent losses. EUR/USD pulls back from multi-year high.
  • USTs await Powell part 2 and details from the NATO summit; Bunds are pressured...
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  • APAC stocks traded stronger following the firm lead from Wall Street, with gains capped as traders were cautious amid the fragility of the Israel-Iran ceasefire.
  • Geopolitical newsflow was relatively light in APAC hours, with no hostile incidents seen between Israel and Iran; “There have been no [US] sanctions lifted on Iran,” said Fox Business' Lawrence, in reference to President Trump's post suggesting China could continue to buy oil from Iran.
  • Fed Chair...
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  • Sentiment bolstered after US President Trump announced a ceasefire agreement between Iran and Israel, effective 05:00 BST / 00:00 EDT.
  • Though Israel claimed Iran had launched ballistic missiles and violated the agreement, which Iran has denied.
  • USD softer as geopolitical premium recedes, attention now turns to Fed Chair Powell who testifies before the House.
  • Bonds hold a bearish bias given latest Iran-Israel ceasefire; USTs are lower by a...
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  • Risk was supported on Wall Street following Iran's "symbolic" strike on a US base in Qatar—de-escalatory in nature, given the clear effort to minimise casualties and collateral damage.
  • Sentiment was further bolstered at the resumption of futures trading after US President Trump announced a ceasefire agreement between Iran and Israel, effective 05:00 BST.
  • Israeli strikes were continuous as markets headed into Iran's proposed ceasefire time (01:30 BST) vs Trump's...
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  • US President Trump confirmed the launch of “Operation Midnight Hammer”, which involved targeted strikes on Iranʼs nuclear facilities at Fordow, Natanz, and Isfahan.
  • US President Trump warned that “many targets remain,” emphasising that the US had no desire for regime change but threatened larger future strikes if Iran failed to engage diplomatically.
  • The Iranian parliament has approved the closure of the Strait of Hormuz after the US launched strikes against the...
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  • US President Trump confirmed the launch of “Operation Midnight Hammer”, which involved targeted strikes on Iranʼs nuclear facilities at Fordow, Natanz, and Isfahan.
  • US President Trump warned that “many targets remain,” emphasising that the US had no desire for regime change but threatened larger future strikes if Iran failed to engage diplomatically.
  • The Iranian parliament has approved the closure of the Strait of Hormuz after the US launched strikes against the...
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  • US President Trump offered Iran a two-week window to monitor negotiations before deciding on military action.
  • European stocks benefit from geopolitical optimism whilst US futures are slightly lower.
  • DXY flat, JPY mildly boosted by Y/Y Core CPI beat.
  • Two-way action for JGBs after reports suggest Japan plans to cut FY25 superlong JGB issuance by JPY 3.2tln, Gilts gap higher on retail sales but fade.
  • Crude curtailed by...
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  • APAC stocks initially saw directionless trade following a non-existent lead from Wall Street amid the Juneteenth market holiday.
  • US President Trump offered Iran a two-week window to monitor negotiations before deciding on military action.
  • APAC sentiment eventually turned mostly firmer with notable Israel-Iran newsflow on the lighter side.
  • Japanese Core CPI printed above forecasts; PBoC maintained its 1-year LPR at 3.00% and its 5-year LPR at...
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  • APAC stocks traded subdued following the mixed close on Wall Street, where traders juggled the FOMC alongside geopolitics, with markets apprehensive as US President Trump keeps participants in the dark about his touted move on Iran.
  • The Federal Reserve left rates unchanged at 4.25-4.5%, as was widely expected, with the 2025 dot plot left unchanged although the composition saw a hawkish shift; Fed Chair Powell pushed back on any dovish interpretation of policy in the short...
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  • Firing between Israel and Iran continued overnight. Iran used a hypersonic missile, while no attacks were seen from the US. Risk recovered and oil waned off highs.
  • US officials signalled that the next 24 to 48 hours would be critical in determining whether a diplomatic solution with Iran is possible -- or if the president might resort to military action instead, according to ABC.
  • European bourses tread water amid geopolitical updates and the looming FOMC rate...
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  • Stocks in the US were spooked by what seemed like an imminent US involvement in Israel's offensive against Iran.
  • Firing between Israel and Iran continued overnight. Iran used a hypersonic missile, while no attacks were seen from the US. Risk recovered and oil waned off highs.
  • US officials signalled that the next 24 to 48 hours would be critical in determining whether a diplomatic solution with Iran is possible - or if the president might resort to military action...
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  • US President Trump says he wants "a real end," with Iran "giving up entirely" on nukes”, via CBS’s Jacobs.
  • US President Trump says the EU is not yet offering a fair deal, there is a chance of a deal with Japan but they are "tough". Pharma tariffs coming soon.
  • Stocks hit as Iran-Israel strikes continue and Trump posts that "everyone" should evacuate Tehran.
  • FX markets in narrow ranges awaiting US Retail Sales; incremental strength in JPY...
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  • APAC stocks traded mixed/mostly lower with the region failing to coattail on Wall Street's gains, as geopolitical angst kept risk subdued.
  • US President Trump posted that "Everyone should immediately evacuate Tehran!" before cutting his G7 trip short, stoking fears of a US military offensive. Sentiment later stabilised after CBS reported that the US is not joining Israel offensively in its military operations against Iran.
  • BoJ maintained its rate at 0.5% as...
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  • Israel and Iran launched fresh attacks on each other's major cities, with exchanges of fire continuing into a third day on Sunday, according to multiple media outlets; Initial strength in crude now pared amid potential ceasefire efforts but no progress yet.
  • Israeli drones on Saturday targeted the South Pars Gas Refinery and the Fajr Jam Gas Refinery, according to Tasnim News Agency.
  • US President Trump posted on Truth Social on Sunday: "Iran and Israel should make a...
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  • Israel and Iran launched fresh attacks on each other's major cities, with exchanges of fire continuing into a third day on Sunday, according to multiple media outlets.
  • Israeli drones on Saturday targeted the South Pars Gas Refinery and the Fajr Jam Gas Refinery, according to Tasnim News Agency.
  • US President Trump posted on Truth Social on Sunday: "Iran and Israel should make a deal, and will make a deal, we will have PEACE, soon, between Israel and Iran! Many calls...
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  • Israel conducted pre-emptive strikes on Iranian nuclear and military targets; Iran warned that Israel and the US will pay a heavy price.
  • Iran's President to speak on the subject soon; US President Trump urged Iran to "make a deal, before there is nothing left".
  • Geopolitics driving all price action with crude posting significant gains & equities under pressure; ES -1.2%, Euro Stoxx 50 -1.4%
  • FTQ ensued overnight, supporting fixed income...
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  • APAC stocks traded lower and US equity futures were pressured amid the worsening geopolitical situation in the Middle East.
  • Israel conducted pre-emptive strikes on Iranian nuclear and military targets; Iran warned that Israel and the US will pay a heavy price.
  • European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 1.9% after the cash market closed with losses of 0.6% on Thursday.
  • DXY has been boosted by...
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  • US President Trump said at a certain point, they will send letters out for countries to take or leave and will send those letters out in a week and a half.
  • Geopolitics is driving newsflow as Iran was judged to have violated IAEA rules. An update which has sparked increasingly escalatory rhetoric.
  • Given the above, equities are in the red with the DXY pressured and havens leading FX while EUR/USD hits a new YTD peak and XAU climbs.
  • Crude...
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  • APAC stocks traded mixed following the subdued handover from Wall St; Europe primed for a lower open (Eurostoxx 50 future -0.7%)
  • US President Trump said he would be willing to extend the trade talks deadline but doesn't think it will be necessary
  • US President Trump is planning to send letters in a week and a half for countries to take it or leave it regarding a trade deal.
  • US evacuated non-emergency US government personnel from several...
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