• Sentiment has deteriorated throughout the morning with focus very much on the busiest day of earnings season for Europe & US
• White House Chief of Staff Meadows said we are nowhere close to a deal; talks expected to resume today
• Johnson & Johnson (JNJ) - Single dose of the COVID-19 vaccine candidate demonstrates robust protection in pre-clinical studies
• Several Hong Kong opposition candidates say they have been disqualified from running in legislative council elections
• China's...

• Asian equity markets were mostly kept afloat as the region took advantage of the post-FOMC tailwinds from Wall Street and a busy earnings slate
• The FOMC refrained from any policy adjustments as expected with Fed Chair Powell reiterating the Fed’s commitment to supporting the economy
• The DXY heads into the EU open modestly firmer (sub 93.50), EUR/USD and GBP/USD pulled back from resistance around 1.1800 and 1.3000 respectively
• White House Chief of Staff Meadows said we are nowhere close to a deal...

• Price action is tentative and largely directionless for European bourses after similar APAC session while US futures are marginally positive
• DXY has slipped further after yesterday’s initial late-door pullback, with major peers firmer as such while UST yield curve is slightly steeper
• US President Trump said there are some parts of the Republican coronavirus relief bill he does not support but didn’t specify which parts
• US Senate Democratic Minority Leader Schumer said the business liability...

• Asian equity markets traded somewhat indecisively following a lacklustre handover from Wall St
• Moderna has stated that its COVID-19 vaccine is able to induce a robust immune response and protect against infection in non-human primates
• The DXY just about snapped a 7-day losing streak yesterday although has since given back some gains
• US President Trump said there are some parts of the Republican coronavirus relief bill he does not support but didn’t specify which parts
• It was also reported...

• Equities have slipped ahead of US’ entrance following mixed APAC trade and a largely directionless European session
• XAU lost some of its shine dropping some USD 70/oz through the session with a number of factors cited as plausible drivers
• Senate Republicans unveiled their stimulus plan in which enhanced unemployment insurance will continue at a reduced amount of USD 200/week
• Senate Minority Leader Schumer said the GOP COVID-19 plan is...

• Asia-Pac stocks traded mostly higher but initial optimism abated; Nikkei 225 lagged
• Senate Republicans unveiled their stimulus plan which was met with Democratic resistance
• New Zealand is suspending the extradition treaty with Hong Kong following the imposition of the National Security Law
• UK PM Johnson has warned of the risk of a second wave of COVID-19 this autumn, but stressed the government will seek to avoid a national lockdown
• In FX, DXY gained traction towards the end of the session...

• European bourses are indecisive as travel names suffer as UK implements a quarantine for Spain while heavyweight SAP supports tech post-earnings
• UK government announced a 14-day quarantine rule for anyone arriving from Spain; France & Germany also on the radar
• White House Chief of Staff Meadows said the WH and Senate Republicans have reached a deal "in principle" on the next COVID-19 relief package, likely to be released today
• Chinese military began live-fire drills in the South China Sea on...

• Asia-Pac traded choppy as initial optimism petered out, Nikkei underperformed on catch-up play
• The US flag was lowered at its Chengdu consulate in China shortly after the closure deadline; Chinese military began live-fire drills in the South China Sea on Saturday
• White House Chief of Staff Meadows said the WH and Senate Republicans have reached a deal "in principle" on the next COVID-19 relief package, likely to be released today
• UK government announced a 14-day quarantine rule for anyone arriving...

Sentiment in Europe remains subdued but has picked up a touch following positive flash PMIs

China has confirmed it will be asking the US to close the Chengdu consulate in response to the closure of the Chinese consulate in US

EU Commission says the Airbus agreement to modify subsidy scheme achieves full compliance with WTO rulings, removing any grounds for the US to maintain countermeasures on EU exports

EU Commission states it is urgent that EU countries mitigate the risk of dependency on high-risk 5G...

• Asia-Pac stocks traded lower across the board after a similar performance on Wall St; Mainland China underperformed
• China has confirmed it will be asking the US to close the Chengdu consulate in response to the closure of the Chinese consulate in US, as speculated
• The head of the Chinese consulate in Houston will not commit to closing the office by the Friday deadline
• US GOP stimulus bill likely will not be released until Monday amid disagreements over jobless benefits and other issues
• In...

• Sentiment remains supported after strong EU earnings & as US-China tensions haven’t escalated further
• US President Trump said it is possible for more Chinese consulates in the US to be closed while China is reportedly moving to close the US consulate Chengdu
• MSFT beat on EPS & revenue but trade lower in the pre-market while TSLA also beat and are now eligible for S&P 500 inclusion, +5% in pre-market
• Brexit negotiations have reportedly not broken down, according to government sources, but...

• Asia-Pac stocks traded mostly lower with Mainland China weighed on by the escalating tensions with US
• US President Trump said it is possible for more Chinese consulates in the US are to be closed
• China is reportedly moving to close the US consulate in Chengdu in retaliation for the closure of the Chinese diplomatic facility in Houston, sources stated
• US prosecutors said the Chinese consulate in San Francisco is harbouring a Chinese military...

• Sentiment remains softer after mixed APAC performance and US-China tensions, but US futures have begun to edge higher
• US asked China to close their Houston consulate which prompted backlash from China and threats of retaliatory action
• US Treasury Secretary Mnuchin hopes to get a new COVID-19 bill passed by the end of July
• US President Trump reiterated that COVID-19 vaccines are coming sooner than anyone thought possible & working on a very powerful strategy
• DXY was bolstered on Houston...

• Asia-Pac stocks traded mixed amid a similar performance on Wall Street; Mainland China outperformed; Australia lagged
• The Telegraph reports that the UK is close to abandoning hopes on a post-Brexit EU trade deal; whilst a UK-US trade deal is unlikely before the US election
• US Treasury Secretary Mnuchin hopes to get a new COVID-19 bill passed by the end of July but reportedly did not talk about a payroll tax cut at the Senate Republican lunch
• Gold and Silver were in focus overnight as prices printed...

• Sentiment remains strong after similar APAC performance & EU recovery package agreement
• EU leaders have reached an agreement on a EUR 1.82tln budget and recovery package
• China urged UK to stop interfering in Hong Kong affairs and stated UK will bear consequences if it insists on going down the wrong road
• RBA Governor Lowe said the Board could lower the Cash Rate to 10bp (currently 25bps) but judgement is lower rates would have little benefit, would prefer a softer AUD
• FX, sees the USD...

• APAC stocks traded with firm gains, fuelled by the tech rally on Wall Street; Mainland China took a breather from yesterday’s outperformance
• EU leaders have reached an agreement on a EUR 1.82tln budget and recovery package
• China urged UK to stop interfering in Hong Kong affairs and stated UK will bear consequences if it insists in going down the wrong road
• RBA Governor Lowe said the Cash Rate could be lowered to 10bps but lower rates would have little benefit; he favours a weaker AUD but will not...

• Sentiment has strengthened in Europe but remains mixed/flat stateside as we await the EU Council recommencement
• EU leaders are yet to formally agree on the scale of grants in the Recovery Fund as talks enter a fourth day, leaders will reconvene today at 16:00CEST/15:00BST
• Frugal EU members have further eased their stance on grants, but asked Southern Europe and France to meet them halfway; France sees a path towards a deal
• Trump admin and GOP leaders to meet at White House today morning to discuss...

• Asia-Pac stocks traded choppy following a mixed lead from Wall Street; Mainland China outperformed
• EU leaders are yet to formally agree on the scale of grants in the Recovery Fund as talks enter a fourth day, leaders will reconvene today at 16:00CEST/15:00BST
• Frugal EU members have further eased their stance on grants, but asks Southern Europe and France to meet them halfway; France sees a path towards a deal
• PBoC stood pat on its 1yr and...

• European bourses are modestly firmer heading into US’ players arrival but trade for the morning has been tepid & without conviction
• Initial comments heading into the EU Summit include Dutch PM Rutte ascribing less than 50% chance to a deal and Merkel noting negotiations are tough
• Texas Governor Abbott later commented that there is no shutdown coming; following rumours this could be implemented today
• Applied DNA & Takis report positive preclinical results from Lineadna vaccine candidates for...

• Asian equity markets were mixed as efforts to recoup the prior day’s losses were fettered by the record increases in coronavirus numbers in US and abroad
• Texas Governor Abbot pushed back on rumours over a potential shutdown in the state, whilst the Miami Mayor suggested a stay at home order could be on the cards
• In FX, the DXY heads into the EU session relatively steady above 96.00, EUR/USD trades sub-1.14
• Reports suggest there are disagreements in the White House over the use of stimulus checks vs....

• Sentiment remains somewhat sour in a mild pull-back from vaccine induced upside after mixed APAC data pre-ECB & US data
• Chinese GDP and Industrial Production topped estimates whilst Retail Sales disappointed and showed a surprise contraction
• US is reportedly considering a travel ban on members of the Chinese Communist Party, although reports added that President Trump may ultimately reject a possible travel ban
• DXY is rangebound but firmer with major peers softer while debt remains in mild...

• Asian stocks traded mostly negative as recent vaccine optimism that underpinned global stocks took a back seat to the slew of tier-1 releases in the region
• Chinese GDP and Industrial Production topped estimates whilst Retail Sales disappointed and showed a surprise contraction
• NIH's Fauci said the US will have an effective COVID-19 vaccine by year-end and that Moderna's vaccine trial results were especially promising
• The DXY edged marginal gains above 96.00 after rebounding from the prior day’s...

• Sentiment remains strong following on from multiple COVID-19 vaccine updates ahead of US’ entrance
• Moderna (MRNA) COVID-19 vaccine produced antibodies in all patients tested in the initial study, according to reports
• US President Trump said he signed legislation and an executive order to hold China accountable for actions in Hong Kong
• BoJ kept monetary policy settings unchanged as expected with rates kept at -0.1% and 10yr JGB yield target at around 0% through an 8-1 vote
• Court rejects EU...

• Asian equity markets were mostly positive as regional bourses tracked the cyclical-led gains in US peers
• Moderna (MRNA) COVID-19 vaccine produced antibodies in all patients tested in an initial study, according to reports
• US President Trump said he signed legislation and an executive order to hold China accountable for actions in Hong Kong
• BoJ kept monetary policy settings unchanged as expected with rates kept at -0.1% and 10yr JGB yield...

• Sentiment is subdued in Europe, but off lows, as US futures remain robust ahead of US bank earnings
• China's Foreign Ministry intends to apply sanctions on Lockheed Martin (LMT) over arms sales to Taiwan
• Trump’s advisors have outruled breaking the USD/HKD peg while China says the US accusations over the South China Sea are unjustified
• UK reportedly will ban UK telecoms from purchasing Huawei equipment by year-end and will remove Huawei from all 5G networks by 2027
• FX sees the USD softer but...