• APAC stocks were mostly positive as the region rebounded from the recent market turmoil.
• Nikkei futures saw an upside circuit breaker triggered, while the Korea Exchange activated sidecars for the Kospi and Kosdaq after early surges.
• The RBA policy announcement provided no major surprises as it kept rates unchanged and maintained its hawkish tone.
• Fed’s Daly (voter) said none of the labour market indicators she looks at are flashing red...

• European bourses opened with marked downside, following the APAC pressure post-NFP with sentiment hit further by updates concerning Apple and Nvidia; US futures slump, ES -2.5% & NQ -4.0%
• APAC pressure was pronounced with circuit breakers triggered in Japan and South Korea; Nikkei 225, -12%, closed with a record daily points fall
• Hefty losses for the DXY with JPY the main beneficiary and USD/JPY down to a 141.70 base, EUR benefitting modestly from the USD...

• APAC stocks mostly slumped following last Friday's continued sell-off on Wall St, while heightened tensions in the Middle East linger.
• MSCI Asia Pacific has wiped out all of 2024 YTD gains; Nikkei 225 fell over 12% and circuit breakers were triggered Japan and South Korea.
• US equity futures were pressured amid the sell-off in Asia; ES -1.9%, NQ -3.7%, YM -0.8%, RTY -3.0%.
• European equity futures indicate a lower open with Euro Stoxx 50...

Week Ahead 5th-9th August:

• MON: Canadian Market Holiday (Civic Day), Chinese Caixin Services PMI Final (Jul), UK/EZ/US Services & Composite PMI Final (Jul), US ISM Services PMI (Jul), EZ Producer Prices (Jun)
• TUE: RBA Announcement and SOMP, EIA Short-term Energy Outlook, EZ Retail Sales (Jun), Canadian Trade Balance (Jun), New Zealand Jobs (Q2)
• WED: BoC Minutes, German Trade Balance (Jun) and Industrial Output (Jun), Chinese Trade...

• European bourses/US futures under pressure with the ISM-induced downside exacerbated by tech pressure post-INTC (-21%)
• Chipmakers lower after a grim update from INTC, AMZN lower after earnings, AAPL modestly softer
• DXY pressured overall but with peers generally mixed-rangebound, EUR back above 1.08 while Cable continues to slip post-BoE
• Fixed benchmarks continue to rise with yields pressured across the curve into Payrolls and the first...

• US stocks sold off in the wake of the disappointing US ISM Manufacturing PMI data which sparked a flight to quality; APAC followed suit with hefty losses in the region.
• Post-earnings, Apple (AAPL) rose 0.6%, Amazon (AMZN) fell 6.9%, and Intel (INTC) tumbled 18.9%; US equity futures remained on the back foot.
• BoE Chief Economist Pill said there will be bumps in the road on inflation ahead and he is not committing to further interest rate...

• European bourses are lower across the board with a packed earnings slate dictating, stateside futures mixed post-FOMC and ahead of AAPL & AMZN; META +6%
• USD supported by pressure in GBP ahead of a potential BoE cut with EUR at lows as sentiment in the region deteriorates.
• Gilts lead fixed income pre-BoE, EGBs unaffected by Final PMIs and downbeat commentary from HCOB on Germany
• Crude continues to benefit from geopol. risk premia ahead of...

• FOMC kept rates unchanged at 5.25-5.50%, as expected, while it stated that inflation remains 'somewhat elevated' and the committee is attentive to the risks to both sides of its dual mandate. 
• Fed Chair Powell said if the Fed sees inflation move down with expectations, growth remains reasonably strong and the labour market remains as it is, a rate cut would be on the table in September.
• US stocks saw a rally in tech and some mild two-way action following the...

• BoJ hiked and announced changes to its bond purchases; during but mainly post-Ueda marked JPY appreciation occurred with USD/JPY as low as 150.07
• Stocks in Europe opened mostly firmer as the optimism from Asia-Pac reverberated into Europe; US futures bid pre-FOMC; MSFT -3%, AMD +9%
• DXY lower on account of JPY strength, EUR supported post-HICP, GBP contained, AUD hit on its own CPI print
• Fixed initially followed JGBs higher before paring on...

• APAC stocks gained heading into month-end as participants digested a slew of data releases and the BoJ policy decision.
• BoJ hiked rates by 15bps and is to taper monthly bond purchases by JPY 400bln per quarter.
• Chinese manufacturing PMI remained in contractionary territory, core Australian CPI measures came in below expectations.
• European equity futures indicate a mildly higher open with Euro Stoxx 50 future up 0.1% after the cash market...

• A mostly firmer start to the session, Euro Stoxx 50 +0.5%, with sentiment on a better footing than APAC counterparts as earnings take the spotlight ahead of this week's risk events.
• Stateside, a modest positive bias remains in play into JOLTS and then earnings which include MSFT, AMD, MRK, PFE & PG.
• DXY largely contained vs. peers, JPY on the backfoot while NZD outperforms. EUR marginally firmer after a data deluge
• Fixed benchmarks...

• APAC stocks were mostly pressured following the mixed performance stateside as this week's major risk events drew closer.
• European equity futures indicate a rangebound open with Euro Stoxx 50 futures up 0.1% after the cash market finished with losses of 1.0% on Monday.
• DXY was directionless overnight, JPY has lost ground to the USD, EUR/USD bounced off support above 1.08.
• US refinancing estimates ahead of the QRA saw the Treasury lower...

• A positive start for European bourses, following the APAC handover, quickly shifted into a more mixed picture as the broader risk tone became increasingly tepid
• USD now broadly firmer vs. peers after a sluggish start to the session, GBP and EUR underpressure while JPY pares initial strength
• Fixed benchmarks benefit from the more tepid tone, EGBs, Gilts & USTs all at/probing recent highs
• Crude came under pressure as the tone tilted and...

• APAC stocks traded mostly higher as the region resumed the momentum following last Friday's gains on Wall St.
• Israeli PM Netanyahu said Hezbollah will pay heavily for a rocket attack that killed children in the Golan Heights.
• European equity futures indicate a positive open with Euro Stoxx 50 futures up 0.5% after the cash market finished with gains of 1.1% on Friday.
• DXY is softer but holding above the 104 mark, JPY is outmuscling the...

• European bourses are mostly higher as sentiment improves after the prior day’s hefty selling pressure; US futures entirely in the green, with clear outperformance in the RTY
• Dollar is flat ahead of today’s US PCE, safe havens lag whilst the Antipodeans gain in a slight reversal from price action this week
• USTs are rangebound, EGBs softer with European specifics-light
• Crude is incrementally softer and just off best levels, XAU gains alongside...

• APAC stocks were mostly higher as risk sentiment in Asia improved with markets finding some composure following the recent sell-off and with some encouragement from stronger-than-expected US GDP data.
• Morgan Stanley commented to institutional clients on Thursday that computer-driven macro hedge fund strategies on Wednesday sold USD 20bln in equities and are set to shed at least USD 25bln over the next week after the stock rout, in one of the largest risk-unwinding events in a decade,...

• European bourses are entirely in the red after a slew of poor earnings; US equity futures are mixed and currently taking a breather from the prior day’s hefty losses
• Dollar is weaker vs safe haven currencies, whilst the high beta Antipodeans continue to lag
• Bonds benefit from the risk-averse mood, Bunds took a leg higher following weaker-than-expected German Ifo data
• Crude is at lows, XAU back below USD 2400/oz & base metals...

• APAC stocks were negative following the sell-off on Wall St where the S&P 500 and Nasdaq suffered their worst declines since late-2022.
• The PBoC surprised markets with a 20bps reduction to the 1yr MLF rate.
• European equity futures indicate a lower open with Euro Stoxx 50 futures down 0.5% after the cash market finished with losses of 1.1% on Wednesday.
• DXY is softer vs. havens (JPY and CHF) but firmer against the Antipodeans;...

• Equities are entirely in the red, hampered by significant post-earning weakness in key companies; LVMH -3.5%, Google -3.2%, Tesla -7.4%
• Dollar is flat, safe haven pairs outperform, USD/JPY around 154.50, Antipodeans lag
• USTs are flat, Bunds initially propped up on dire German/EZ PMI releases but are now off best levels
• Crude gains, XAU is incrementally firmer and base metals are mixed
• Looking ahead, US Flash PMIs, US...

• APAC stocks were mostly rangebound with a negative bias seen following the lacklustre handover from Wall Street after risk appetite was dampened by underwhelming earnings results.
• Alphabet (GOOG), Tesla (TSLA), and Visa (V) fell 2.2%, 7.8%, and 3.3% respectively post-earnings, whilst CAC futures slipped following LVMH (MC FP) numbers yesterday.
• Reuters/Ipsos poll showed US Vice President Kamala Harris leads Republican candidate Donald Trump 44% to 42% among...

• European bourses are mostly higher whilst US futures are mixed, with underperformance in the NQ following poor NXP (-9%) earnings.
• Dollar is softer vs the JPY but firmer vs other peers, USD/JPY as low as 155.83.
• USTs are caged within a tight range, Bunds are slightly firmer and surpasses 132.00 whilst Gilts lag.
• Crude is choppy and trading on either side of the flat mark, XAU benefits from news that India is to reduce import tax on gold bars...

• APAC stocks were mixed and only partially sustained the momentum from the tech-led rebound on Wall St.
• US VP Harris's campaign secured enough delegates to attain the Democratic Presidential nomination.
• European equity futures indicate a mildly higher open with Euro Stoxx 50 futures up 0.2% after the cash market finished with gains of 1.5% on Monday.
• USD is mixed vs. peers, JPY is the best performer across the majors, EUR/USD is...

• European equities are entirely in the green and reside near session highs; US futures are modestly firmer with slight outperformance in the NQ.
• US President Biden has dropped out of the Presidential race and endorsed VP Harris.
• Dollar is flat, JPY outperforms after catching a bid in early European trade, whilst the Antipodeans lag after disappointing stimulus efforts by the PBoC.
• USTs are flat and unreactive to Biden dropping out of the...

• US President Biden has dropped out of the Presidential race and endorsed VP Harris
• PBoC surprised markets by cutting its 7-day reverse repo rate by 10bps
• APAC stocks mostly began the week on the back foot after last Friday's selling pressure on Wall St
• European equity futures indicate a higher open with Euro Stoxx 50 futures up 0.5% after the cash market finished lower by 0.9% on Friday
• DXY is steady and in a...

• Equities are entirely in the red, with sentiment hit amid ongoing worldwide IT outages, sparked by CrowdStrike (-14%) updates, which have impacted Microsoft (-2.2%) and Nvidia (-1%) services.
• Dollar is firmer, G10s are mostly lower, with slight underperformance in the Antipodeans given the risk tone, GBP slips post-Retail Sales.
• Bonds are pressured and trading within a tight range, having initially been boosted by the broader risk...