• Mon: Easter.
• Tue: Flash PMIs, EZ flash consumer confidence.
• Wed: BOC rate decision, ECB bulletin.
• Thu: BoJ rate decision, Riksbank & CBRT rate decisions, US durable goods.
• Fri: Japanese labour data & retail sales, US advance GDP, Final Michigan confidence.
• Sun: Spanish General Election.

• Major European indices [Euro Stoxx +0.3%] have traded choppily this morning, largely recovering from the poor PMIs
• On the trade front the Chinese Commerce Ministry states that new progress has been made in agreeing the text for a US-China trade deal
• Looking ahead US PMI (Flash), US Retail Sales, US Initial Jobless Claims & Business Inventories, US Philly Fed Business Index, Fed’s Bostic,
• Earnings: Phillip Morris, Union Pacific, American...

• Asian indices are weaker as the region follows the subdued lead from Wall St. and ahead of a long weekend
• Reports suggest US & China have set a tentative trade talks timeline; with a deal potentially to be signed as early as late May
• Looking ahead, French, German, EZ, & US PMI (Flash) UK & US Retail Sales, US Initial Jobless Claims & Business Inventories, US Philly Fed Business Index, Fed’s Bostic, Supply from...

• European indices are little changed [Euro Stoxx 50 +0.1%] following on from the indecisive trade seen overnight
• European Commission has published the preliminary list of USD 20bln of US products to potentially be hit with retaliatory tariffs relating to Boeing
• Looking ahead, highlights include Canadian CPI, Fed Beige Book, BoE’s Carney, ECB’s Lautenschlaeger & de Galhau, Fed’s Harker & Bullard,
• Earnings: Morgan Stanley, Abbott Laboratories, US...

• Asian equity markets traded indecisively as the region failed to fully benefit from a slew of better than expected Chinese data
• Local UK Conservative party chairmen are circulating a petition which seeks an Extraordinary General Meeting to pass a no-confidence vote in PM May
• In FX markets, the DXY was marginally softer and fell back below the 97.00 level as most major counterparts gained overnight
• Looking ahead, highlights include UK, EZ,...

• European indices have grinded higher [Euro Stoxx 50 +0.4%], continuing from the upbeat sentiment seen at the end of the Asia-Pac session; ahead of further US earnings with more Dow components to report
• ECB sources highlight that policymakers have doubts around H2 growth rebound projections; weighing on EUR/USD and lifting Bund futures to session highs
• Looking ahead, highlights include US Industrial Production, APIs, Fed Discount Minutes, ECB’s Lane, Fed’s Kaplan
• Earnings: IBM, Johnson & Johnson,...

• Asian indices are marginally firmer as the region eventually shrugged off the lacklustre sentiment from Wall St. following mixed earnings
• In FX, AUD declined on dovish RBA minutes while DXY attempted to reclaim the 97.00 level
• Looking ahead, highlights include UK Jobs report, German ZEW, US Industrial Production, APIs, ECB’s Lane, Fed’s Kaplan, supply from the UK
• Earnings: IBM, Johnson & Johnson, Netflix, UnitedHealth Group, CSX, Bank of...

• A relatively cautious start to the week for European equities [Euro Stoxx 50 U/C], as the overnight optimism faded.
• On the trade front EU countries have agreed to begin negotiations with the US; separately, the US have reportedly softened subsidies demands with China
• Looking ahead, highlights include New York Fed Manufacturing, Fed’s Evans, BoE’s Haskel
• Earnings: M&T Bank Corp, Goldman Sachs, Citigroup, Charles Schwab

GLOBAL

IMF stated that global expansion...

• Asian indices are predominantly positive, following on from Friday’s upbeat start to US earnings season and strong Chinese data
• US-China trade hopes bolstered on reports that an agreement has been reached on currency manipulation & US softening demands surrounding subsidies
• Looking ahead, highlights include New York Fed Manufacturing, Fed’s Evans, BoE’s Haskel
• Earnings: IBM, Johnson & Johnson, UnitedHealth Group, Netflix, CSX, Kinder...

ASIA-PAC

Asian equity markets traded mixed following an indecisive lead from Wall St. with participants tentative ahead of the latest Chinese trade data and big bank earnings in US. ASX 200 (+0.8%) benefitted from early outperformance in its largest weighted financials sector as top lender CBA gained on the reports it plans to reduce 10k workers, while Nikkei 225 (+0.7%)exporters found solace from favourable currency flows. Elsewhere, Hang Seng (+0.3%)...

• Asian indices are mixed as markets await Chinese trade data and the start of US earnings season
• France is reportedly against reopening EU-US trade talks, but will not block them given that a majority supports the talks
• Looking ahead, highlights include EZ Industrial Production, US Import/Export Prices, University of Michigan (Preliminary), Chinese Trade Balance, ECB's Weidmann & Praet, BoE's Carney
• Earnings: JP Morgan Chase, Wells Fargo...

• Major European indices are largely directionless [Euro Stoxx 50 +0.1%], following on from the cautious trade seen overnight
• EU Council President Tusk announced that a flexible Brexit extension to October 31st has been agreed upon
• On the trade front, China’s Commerce Ministry states that negotiators on both sides have been discussing the remaining issues following the conclusion of talks in the US
• Looking ahead, highlights include US Initial Jobless Claims & PPI, ECB's de Galhua, Fed's Clarida,...

• Asian equity markets were cautious as the region mulled over the prior day’s central bank activity from both sides of the Atlantic
• FOMC Minutes stated that a majority of policy makers expected rates to remain steady this year
• EU's Tusk announced that EU27 and UK have agreed to a flexible Brexit extension to October 31st
• Looking ahead, highlights include US Initial Jobless Claims & PPI, IEA Monthly Report, ECB's de Galhua, Fed's Clarida,...

• European indices have been grinding higher [Euro Stoxx 50 +0.5%], diverging from the downbeat performance seen overnight
• Relatively quiet on the Brexit front ahead of today’s emergency summit [11:00CDT/17:00BST], recent reports highlight that MP’s are considering motions for PM May’s resignation
• In FX markets, the AUZ & NOK outperform on inflation data and less dovish RBA comments, as the DXY pivots the 97.0 level ahead of today’s risk events
• Looking ahead, highlights include  US CPI, ECB...

• Asian indices are predominantly negative, following on from Wall St. where the SPX’s 8-day winning streak ended & ahead of today’s ECB rate decision, FOMC minutes & Brexit summit
• EU’s Tusk states that extending Article 50 to June 30th is not long enough; instead, proposes a 1-year flexible extension
• Looking ahead, highlights include UK GDP, Output, US CPI, ECB Rate Decision, FOMC Minutes, Special EU Council meeting on Brexit, OPEC Monthly Report, ECB's...

• Major European indices have traded choppily [Euro Stoxx 50 +0.2%], following on from the cautious trade overnight ahead of tomorrows risk events.
• Brexit sentiment, along with sterling, was buoyed by reports of German support for a 5yr backstop time-limit; however, this was subsequently denied
• On the trade front, USTR has released a list of EU products which may be subject to tariffs if the EU does not remove subsidies for Airbus
• Looking ahead, highlights include Fed's Quarles & Clarida, Supply...

• Asian indices edged into positive territory, following a mixed performance on Wall St. and ahead of tomorrow’s risk events including ECB rate decision & FOMC minutes
• Legislation avoiding no-deal and forcing an extension to Brexit has been written into UK law, while the EU want a 9/12-month extension if no agreement is reached by Friday
• Looking ahead, highlights include US NFIB Business Optimism, Fed's Quarles & Clarida, Supply from Japan, UK &...

• A quiet start to the week for European trade [Euro Stoxx 50 -0.3%] following on from mixed trade overnight and ahead of several key events this week.
• Reports indicate that UK PM May is to offer Labour leader Corbyn a legally binding soft Brexit, with a ‘Boris Lock’; separately, Tory MP’s may oust May if the UK partakes in EU elections or get an extension beyond June
• Looking ahead, highlights include US Factory Orders, Durables Revisions, ECB’s de Galhau, Norges Bank’s Olsen, Riksbank’s...

• A mixed start to the week for Asian indices, as Friday’s momentum fades and markets catch up from their extended weekend
• On the Brexit front, the government is prepared to change the Political Declaration to achieve a deal while the EU thinks May’s short extension is risky
• Looking ahead, highlights include German Trade, US Factory Orders, Durables Revisions, ECB’s de Galhau, BoC’s Wilkins, Norges Bank’s Olsen, Riksbank’s...

• Monday: US Factory Orders
• Tuesday: EU General Affairs Council, EIA STEO
• Wednesday: FOMC Minutes, ECB, OPEC MOMR, UK GDP, US CPI, Trump to meet South Korea President Moon, EU Brexit Summit
• Thursday: IEA Oil Market Report, Indian Elections Start, US PPI
• Friday: Revised Brexit date (TBC), Eurozone Industrial Production, Uni of Mich (prelim)

• Major European indices are little changed [Euro Stoxx 50 U/C], continuing the cautious tone seen in Asia ahead of today’s key risk events.
• US-China trade discussions continue, with Chinese Vice Premier Liu He saying the two sides have reached a new consensus on key issues, working to conclude talks swiftly
• In a letter to EU’s Tusk, UK PM May has proposed a Brexit extension until 30th June 2019
• Looking ahead, highlights include US & Canadian Jobs Report & Fed's...

• Asian indices were cautious ahead of today’s key risk events and thinner trade amid market holidays
• US-China trade narrative continues, with President Trump and USTR noting that progress has been made, but the deal is not there yet
• UK PM May is drafting letters for EU’s Tusk and Labour’s Corbyn regarding an extension and an offer respectively
• Looking ahead, highlights include German Industrial Output, US & Canadian Jobs Report, Fed's...

• European indices have traded lackluster this morning [Euro Stoxx 50 U/C] as markets await US-China updates and ahead of key risk events
• MPs marginally approved a bill preventing a no-deal Brexit, but rejected restricting extension date to before May 22nd & further indicative votes
• Looking ahead, highlights include ECB Minutes, US Initial Jobless Claims, Fed's Williams, Mester & Harker

ASIA-PAC

Asian equity markets traded cautiously with the region tentative...

• Asian indices were mixed with sentiment kept afloat by US-China trade optimism; notably, speculation around an imminent sign-off date for a deal
• MPs narrowly approved a bill to prevent a no-deal Brexit, but rejected restricting extension date to before May 22nd & further indicative votes
• Looking ahead, highlights include German Industrial Orders, ECB Minutes, US Initial Jobless Claims, RBI Rate Decision, Fed's Williams, Mester & Harker, supply from Spain...

• European indices are firmer [Euro Stoxx 50 +0.7%] as the positive sentiment from Chinese PMI’s and US-China trade continues to drive markets; note, the FTSE 100 (U/C) is lagging on sterling strength
• Dollar is subdued weighed on by G10 counterparts strength on the back of risk sentiment, Brexit updates & EZ PMIs
• Looking ahead, highlights include US Services PMIs, US ADP National Employment, US Non-Manufacturing ISM PMI, Fed's Bostic, Barkin, George &...