• 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

FOMC

FOMC Minutes...

• 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

ASIA

Asian equity markets traded mostly...

• 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

TRADE

US and China said to have...

Key Events

• Monday: NZ Retail Sales
• Tuesday: UK/EU Brexit Talks
• Wednesday: Eurozone PMIs (Flash), UK CPI, FOMC Minutes
• Thursday: NZ Trade Balance, German GDP, UK Retail Sales, ECB Minutes, Eurogroup Meeting
• Friday: Tokyo CPI, UK GDP (2nd reading), US Durable Goods, Fed’s Powell & BoE’s Carney speak

North America

FOMC May Meeting Minutes: The Fed kept rates unchanged at 1.50-1.75%,...

• 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

TRADE

US President Trump stated on Thursday stated that China will not be ripping the US anymore and...

• 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

ASIA

Asian equity...

• 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

ASIA

Asian...

• 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

ASIA

Asian equity...

Key Events

Sunday: Deadline to form Italian government

Monday: OPEC Monthly Report

Tuesday: RBA Minutes, UK Labour Market Data, German ZEW, EZ GDP (2nd reading), US Retail Sales, US TIC Flows

Wednesday: Japan GDP (Prelim), EZ CPI (Final), US Building Permits, Housing Starts, Industrial Production

Thursday: Australia Labour Market Data

Friday:  Japan CPI, Canada CPI

North America

NAFTA DEAL (soft ‘deadline’ 17...

• 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

In FX markets, USD languished around the 92.50 level after a pullback from the YTD highs.

Looking ahead, highlights include Canadian jobs report, Uni of Michigan, Baker Hughes, Fed’s Bullard and ECB’s Draghi

ASIA

Asian stocks traded mostly positive after sentiment rolled over from the US where soft CPI data spurred hopes the Fed may have to slow the pace of hikes, while all sectors in the S&P 500...

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

NZD pressured after RBNZ stood pat on rates and provided a dovish tone. USD slightly eased back to 93.00

Looking ahead, highlights include UK production figures, BoE rate decision, minutes and QIR, US CPI and weekly jobs

ASIA

Asian stocks traded positive across the board following the energy-fuelled upside on Wall St, where oil names outperformed as crude gained in the wake of Trump’s...

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

Asia stocks traded mixed after a lacklustre lead from Wall St. USD firmer with the DXY above 93.00 and at a fresh YTD high amid rising US yields

Looking ahead, highlights include Norwegian and Swedish CPI, US PPI, DoEs, Fed’s Bostic, RBNZ and US 10yr Auction

IRAN NUCLEAR AGREEMENT

US President Trump announced the US is to pull out of the...

Key Events

Monday: BoJ Minutes

Tuesday: China Trade Balance, Fed’s Powell scheduled to speak

Wednesday: US PPI

Thursday: BoE Rate Decision & QIR, RBNZ Rate Decision (Wednesday evening UK time), China CPI, US CPI

Friday: Canadian Labour Market data

North America

Data releases are thin from North America in the week, with inflation in focus in the US and labour market data from Canada. Headline US CPI is expected to increase...

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

UK PM May is prepared for a blacklash from Brexiteers after pushing ahead with her hybrid customs plan

Looking ahead, highlights include Fed’s Bostic, Barkin, Harker, Kaplan and ECB’s Praet. UK markets are closed

ASIA

Asian stocks began the week mostly positive as the region took...

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

Ireland reportedly has the support of EU leaders to veto Brexit trade agreement and collapse discussions if there is no solution on the Irish border issue

Looking ahead, highlights include Eurozone services PMIs, US jobs and a slew of speakers and earnings

ASIA

Asia stocks traded with a subdued tone following a yo-yo session in US where stocks...

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

Asian equity markets traded mostly negative following the weakness on Wall St post-FOMC

Looking ahead, highlights include Norges rate decision, UK services PMI, EU CPI, US trade, weekly jobs, ISM non-mfg, factory orders, a slew of speakers and earnings

FOMC

Fed held Funds...

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

DXY took a breather from yesterday’s advances but remained above the 92.00 level. EUR/USD and GBP/USD just about held on to the 1.2000 and 1.3600 handles respectively

Looking ahead, highlights include EZ mfg PMIs, UK construction PMI, EZ GDP, US ADP, FOMC, DoEs, US refunding and a slew of speakers

HIGHLIGHTS FROM YESTERDAY/LATE MONDAY FOR EU...

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

Israel PM Netanyahu said Iran has been hiding nuclear weapons activity and that Israel can provide “new and conclusive proof” of this

Looking ahead, highlights include UK and US mfg PMI, Canadian GDP, US construction PMI, ISM mfg PMI, APIs, NZ jobs and GDT

ASIA

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