• Asian equities trade lower across the board as Italian political woes and trade concerns grip sentiment overnight
• Cottarelli and Mattarella failed to reach an agreement on forming a government but will continue talks. ANSA report that failure to reach a deal could see elections on July 29th
• Looking ahead, highlights include regional and national German CPIs, US ADP, GDP, Advance Good Trade Balance, BoC Rate Decision, APIs

ASIA

Asian stocks traded lower...

• Asia traded mostly subdued as region lacked impetus following the market closures in US and UK. Political uncertainty in Italy and Spain added to the cautious tone
• In FX markets, the risk averse tone spurred flows into the safe-havens with JPY the main beneficiary which pushed USD/JPY briefly below the 109.00 handle
• Looking ahead, highlights include ECB’s Mersch and Lautenschlaeger

RECAP OF STORIES FROM OVER THE WEEKEND AND MONDAY FOR UK TRADERS AWAY FROM...

• Asian equity markets traded mostly higher on warming geopolitical ties with prospects of the US-North Korea summit back in play
• Italy PM-designate Conte reportedly gave up on efforts of forming a government after Italian President Mattarella rejected Eurosceptic Paolo Savona for the Economy Minister position
• Today’s calendar sees a lack of tier 1 highlights. UK and US markets are closed

• Asia cautious after US President Trump’s cancellation of the NK summit, albeit Trump has left the door open for the summit to take place in the future
• FX markets quiet with the USD recovering some of the lost ground from the FOMC minutes; GBP/USD back below 1.3400 and EUR/USD eyeing 1.1700
• Looking ahead, highlights include German IFO, UK GDP, US Durables, Uni. Of Michigan and a slew of speakers

• FOMC Minutes stated that most felt it would soon be appropriate to raise rates again if outlook remained intact. Minutes contained little that changes the current ‘gradual hikes’ script
• Asian equity markets traded subdued after US President Trump ordered the Commerce Department to consider a probe on auto imports
• Looking ahead, highlights include German GDP, UK retail sales, ECB minutes and a slew of central bank speakers

• Sentiment soured in Asia after Trump cast doubts over NK summit and expressed dissatisfaction regarding trade talks with China
• In FX, JPY was a beneficiary of safe-haven flows. USD flat. TRY experienced a ‘flash crash’ which saw the currency drop over 2.5% against the greenback
• Looking ahead, highlights include EZ Mfg and Services PMIs, UK CPI, US New Home Sales, DOEs, FOMC minute and a slew of speakers

• Asian stocks traded mostly subdued amid holiday closures and a lack of fresh catalysts. DXY was sideways around 93.50 following its recent pullback from YTD highs
• Italy’s President Mattarella reportedly expressed concerns with the 5SM/League fiscal plan and is said to need time to mull the PM choice
• Looking ahead, highlights include BoE QIR testimony, ECB’s Liikanen, UK/EU trade talks and US 2yr Note Auction

• Asian equity markets traded mostly positive with sentiment underpinned following the conclusion of the 2nd round of US-China trade talks
• China agreed to purchase more goods to avoid a trade war. Mnuchin announced that tariffs on China would be placed on hold as discussions progress
• Looking ahead, highlights include ECB’s Nowotny, Fed’s Bostic, Harker and Kashkari
• Due to Whit Monday, markets in Austria, Denmark, Germany, Hungary, Iceland, Norway, and Switzerland are...

• Asian stocks traded mostly positive but with gains contained as focus remained on US-China trade talks and the current geopolitical climate
• The Chinese trade delegation was said to offer a package to reduce the US trade deficit by USD 200bln annually
• Looking ahead, highlights include Canadian CPI, retail sales, Fed’s Mester, Kaplan and Brainard

• Asian equities failed to hold on to opening gains as trade concerns gripped sentiment ahead of China-US trade talks
• In FX, DXY is softer and underpinning its peers with GBP/USD also supported by reports that the UK is to tell the EU it is prepared to remain in the customs union arrangement beyond 2021
• Looking ahead, highlights include US weekly jobs, Philly Fed, ECB’s Constancio, Fed’s Kashkari, Kaplan and BoE’s Haldane

• Asian stocks were mostly negative on spill-over selling from the US. Sentiment also soured after North Korea cancelled a high-level inter-Korean meeting
• UK government is to publish its Brexit White Paper next month. Italy’s M5S leader Di Maio said there are still issues to resolve
• Looking ahead, highlights include Eurozone CPI, US industrial production, DoE’s, ECB’s Draghi, Praet and Constancio, Fed’s Bullard and Bostic

• Asian equity markets were subdued with prices relatively range-bound following the modest performance in US. FX markets consolidated throughout most of the Asia-Pac session
• UK PM May admitted that the current options regarding UK customs plan are unworkable. The League and 5SM in Italy need more time to form a government
• Looking ahead, highlights include GE and EZ GDP, UK jobs, German ZEW, US retail sales, Fed’s Williams and Kaplan

• Asian equity markets began the week mostly positive but with trade relatively rangebound. In FX, the greenback was somewhat subdued with the DXY below 92.50
• Italy’s 5-Star Movement and League reportedly reached an agreement on certain measures although still need to reach a deal on who to choose to be PM and cabinet members
• Looking ahead, highlights include the OPEC Monthly Report, Fed’s Mester, Bullard, BoE’s Carney, ECB’s Praet, Lautenschlaeger, and...

Asian stocks traded mostly positive after sentiment rolled over from the US

Asian stocks traded positive across the board following the energy-fuelled upside on Wall St

US President Trump announced the US is to pull out of the Iran nuclear deal and will institute ‘highest level’ of sanctions on Iran

Asian stocks began the week mostly positive as the region took its first opportunity to digest Friday’s gains on Wall St. In FX, the greenback was slightly weaker against its main counterparts

Asian stocks traded with a subdued tone following a yo-yo session in US where stocks finished mostly negative although well off worst levels

Fed held Funds Target Rate at 1.50%-1.75% as expected. Fed said inflation moved close to its “symmetric” inflation target of 2% and is expected to ‘run near’ that level over the medium term

US equity futures initially lifted by Apple earnings (outperformance in the Nasdaq 100) before gains were trimmed amid latest Trump/Mueller developments

Asia-Pac equity markets traded positive, although lacked firm impetus amid mass closures in the region