• Asian equity markets were cautious from the open with sentiment later deteriorating as focus turned to the looming July 6th tariffs
• UK Brexit Secretary Davis has written to PM May in a last-ditch attempt to warn her that her Brexit plan to be presented at Chequers is unworkable
• Looking ahead, highlights include US ADP, ISM non-MFG, DOEs, FOMC minutes, supply from Spain and France and a slew of speakers

ASIA

Asian equity markets were cautious from the open...

• Asian shares traded lower, led by Chinese markets
• USD mostly lower; USD/CNY steadies despite weaker fix amid reports Chinese state banks were selling USD
• Looking ahead, highlights include PMIs from Europe and the UK; US markets closed for Independence Day

ASIA

Asia stocks traded lower following a subdued lead from the holiday-shortened US session, where all majors finished in the red and tech underperformed as Micron shares tumbled almost 7% after losing...

• Wall Street gains and CDU/CSU immigration agreement leads EU stocks into the green
• Riksbank leaves rates and rate path unchanged, but opposition from Floden and Ohlssen pushes SEK higher
• Looking ahead, highlights include, US factory orders, APIs and ECB’s Praet

ASIA

Asian stocks traded mixed as the region failed to take full advantage of the tail wind from the tech-led recovery on Wall St and early bargain hunting following the prior day’s hefty declines. ASX...

• Asian stocks traded mixed as the region failed to take full advantage of the tail wind from the tech-led recovery on Wall St
• In FX, DXY remained firm overnight, RBA was a non-event for AUD, USD/CNH higher by over 4 points after the PBoC set the weakest fix since August last year
• Looking ahead, highlights include Riksbank rate decision, UK construction PMI, US factory orders, APIs, ECB’s Praet

ASIA

Asian stocks traded mixed as the region failed to...

• Asian stocks traded mixed as the region failed to take full advantage of the tail wind from the tech-led recovery on Wall St
• In FX, DXY remained firm overnight, RBA was a non-event for AUD, USD/CNH higher by over 4 points after the PBoC set the weakest fix since August last year
• Looking ahead, highlights include Riksbank rate decision, UK construction PMI, US factory orders, APIs, ECB’s Praet

ASIA

Asian stocks traded mixed as the region failed to...

• Risk tone soured in Europe as US tariffs concerns and German political instability lead all equity markets into negative territory
• US President Trump said he spoke to Saudi Arabia’s King Salman on raising production by as much as 2mln barrels and that prices were too high, which the Saudi ruler agreed with
• Looking ahead, highlights include, US mfg PMIs, US construction spending, ISM manufacturing and ECB’s Praet

ASIA

Asian equity markets began...

• Asian equity markets began H2 indecisively with the region constrained by disappointing data releases including Chinese Official & Caixin Manufacturing PMIs
• EUR/USD hampered after CSU party leader Seehofer offered to resign amid the migration dispute
• Looking ahead, highlights include Eurozone, UK and US mfg PMIs, US construction spending, ISM manufacturing and ECB’s Praet

ASIA

Asian equity markets began H2 indecisive with the region constrained...

Central Banks

At the June meeting the Fed expectedly hiked interest rates by 25bps, however, the median now sees four hikes in 2018 from three previously. The decision was perceived as relatively hawkish as the Fed also dropped their reference that it expected interest rates to be below neutral for “some time”. Nevertheless, markets are still not fully believing the Fed and pricing for four rate hikes this year stands below 50%. Markets will be looking out for comments in...

• EU sentiment rebounds with equities all in the green as a deal is reached on migrants
• Positive UK GDP figure give GBP a lift
• Looking ahead, highlights include, US PCE, Canadian GDP, Chicago PMI, EU summit

ASIA 
Asian stocks initially struggled for direction and traded mixed for most the session with the ASX 200 (-0.3%) and Nikkei 225 (+0.1%) contained on month-, quarter- and half-year end rebalancing, while better than expected Industrial Production and a...

• Asian stocks initially struggled for direction before seeing a mild uplift after EU leaders reached an agreement on migration
• EUR/USD reclaimed the 1.1600 handle with most other majors benefitting from subsequent USD softness
• Looking ahead, highlights include German jobs, UK GDP (Q1), EZ CPI, US PCE, Canadian GDP, Chicago PMI, EU summit

ASIA

Asian stocks initially struggled for direction and traded mixed for most the session with the ASX 200 (+0.1%) and...

• European equities are lower across the board (Eurostoxx 50 -0.4%) as trade tensions continue to weigh on sentiment
• DXY remains above 95.00 in European trade after an early bout of strength (now off best-levels)
• Looking ahead, highlights include German national CPI, US GDP (F), weekly jobs, EU summit, BoE’s Haldane, US 7yr note auction

ASIA

Asian equity markets traded somewhat indecisive following the headwinds from Wall St where all major indices...

Arrivals scheduled at 12:30BST/06:30CDT on Thursday and 07:00BST/01:00CDT on Friday 

•  EU Summit is to be dominated by the migration issue
•  Brexit talks at the Summit to show little development 

MIGRATION ISSUE 
Leaders are expected to discuss the internal and external dimensions of the migrations policy. German Chancellor Merkel has been facing a domestic battle over migration with CSU coalition partners, which want ot...

• Asian equity markets traded somewhat indecisively after White House economic adviser Kudlow rejected the perception that Trump was softening his stance on China
• Chinese stocks later recovered amid pre-emptive trade measures including a further devaluation of the CNY and adjustments on tariffs for some imports from other Asia-Pac nations
• Looking ahead, highlights include regional and national German CPIs, US GDP (F), weekly jobs, EU summit, BoE’s Haldane, US 7yr...

• Equity bourses initially negative and around multi month lows as US trade concerns filter through to Europe
• Positive commentary from US Defence Secretary Mattis softens the blow, as President Xi talks have been “very, very” good
• Looking ahead, highlights include, US durables, US advanced goods trade, DoEs, RBNZ, Fed’s Quarles, Rosengren, US 5yr Note auction

ASIA

Asian equity markets were negative with the region cautious as trade...

• Trade concerns saw a slight moderation after US President Trump suggested he would ease off on demands for new tight restrictions regarding Chinese investments
• Asian equity markets remained cautious. In FX, USD, EUR and GBP were quiet overnight with the greenback holding onto the prior day’s advances
• Looking ahead, highlights include US durables, US advanced goods trade, DoEs, RBNZ, Fed’s Quarles, Rosengren, US 5yr Note auction

ASIA

Asian...

• Asian stocks were negative across the board amid trade-inspired spill-over selling from the US
• US Treasury Secretary Mnuchin suggested investment restrictions were not just specific to China but to all countries trying to steal US technology
• White House Trade Advisor Navarro provided momentary relief as he stated the US has no plans to impose investment restrictions but will defend itself against threats
• Looking ahead, highlights include US CaseShiller, Richmond Fed, NZ trade,...

• Asian equity markets began the week mixed as the region digested a targeted RRR reduction by the PBoC and reports the US is planning new restrictions on China
• US President Trump is said to be planning new restrictions on tech exports to China and Chinese investment with an announcement expected by end of the week
• Looking ahead, highlights include German IFO

TRADE

US President Trump is said to be planning new restrictions on tech exports to China and...

Key Events

Sunday: Turkish General Election

Monday: German IFO

Tuesday: N/A

Wednesday: BoE Governor Carney speaks, US Durable Goods, Trade Balance

Thursday: RBNZ Rate Decision, German CPI (Prelim), US GDP (Final), EU Summit

Friday: Japan Labour Market, German Labour Market, UK GDP (Final), EZ CPI, US PCE, Canadian GDP (monthly)  

Key Events

Sunday: Turkish General Election

Monday: German IFO

Tuesday: N/A

Wednesday: BoE Governor Carney speaks, US Durable Goods, Trade Balance

Thursday: RBNZ Rate Decision, German CPI (Prelim), US GDP (Final), EU Summit

Friday: Japan Labour Market, German Labour Market, UK GDP (Final), EZ CPI, US PCE, Canadian GDP (monthly)  

Key Events

Sunday: Turkish General Election

Monday: German IFO

Tuesday: N/A

Wednesday: BoE Governor Carney speaks, US Durable Goods, Trade Balance

Thursday: RBNZ Rate Decision, German CPI (Prelim), US GDP (Final), EU Summit

Friday: Japan Labour Market, German Labour Market, UK GDP (Final), EZ CPI, US PCE, Canadian GDP (monthly)  

Key Events

Sunday: Turkish General Election

Monday: German IFO

Tuesday: N/A

Wednesday: BoE Governor Carney speaks, US Durable Goods, Trade Balance

Thursday: RBNZ Rate Decision, German CPI (Prelim), US GDP (Final), EU Summit

Friday: Japan Labour Market, German Labour Market, UK GDP (Final), EZ CPI, US PCE, Canadian GDP (monthly)  

• Asian stocks mixed; DJIA closed lower for 8th consecutive trading session
• WTI and Brent crude higher amid uncertainty ahead of today’s OPEC meeting
• Looking ahead, highlights include Eurozone PMIs, Canadian CPI, and the OPEC meeting

ASIA

Asia stocks were somewhat mixed with the region cautious as trade concerns lingered and following a weak lead from Wall St where all major US indices closed negative and the DJIA declined for an 8th consecutive day...

• Asian equity markets mixed; China underperforms as trade fears linger
• FX markets quiet with DXY holding above 95.00; NZD soft as growth slows
• Looking ahead, highlights include rate decisions from BoE, SNB and Norges Bank

ASIA

Asia traded mixed although were initially mostly higher following a similar showing on Wall St where most major indices finished positive in which the Nasdaq Comp. and Russell 2000 rose to fresh record highs, while the DJIA lagged...

• SNB is expected to stand pat on policy rate at -0.75%, with little change anticipated to the policy statement
• The central bank is likely to reiterate its commitment to FX intervention in order to offset any unwanted appreciation of the “highly valued” CHF

EXPECTATIONS

The Swiss National Bank is expected to keep rates unchanged, maintaining the Sight deposit rate at -0.75%, and the 3-month LIBOR target range between -1.25% and -0.25%. In recent...

• Norges Bank to publish its rate decision and new economic projections at 09:00 BST
• Rates expected unchanged
• Growth, inflation profiles may be revised up
• Central bank expected to stick to its hawkish stance