• Asian equity markets were negative across the board as sentiment in the region soured following the lacklustre lead from Wall St and as region digested disappointing data from China
• In FX markets, the DXY consolidated just above the 97.00 level with price action kept range-bound by mixed trade in the greenback’s major counterparts
• EU reportedly strengthened the wording on Brexit backstop in summit document and reiterated it doesn't seek to use Brexit backstop, however EU leaders said the...

• UK PM May leadership challenge submitted by 1922 committee, with results due at 21:00GMT/16:00EST
• US-China trade tensions marginally subside as Trump says telephone negotiations are underway
• Looking ahead, highlights include US CPI & Real Weekly Earnings, Brazilian Interest Rate Decision, US 10yr Auction

ASIA

Asian stocks traded higher across the board with sentiment underpinned as news flow spurred optimism regarding US-China trade relations,...

• Asian stocks traded higher across the board with sentiment underpinned as news flow spurred optimism regarding US-China trade relations
• Multiple sources in the UK believe that the 48 letter threshold has been reached to trigger a confidence vote in UK PM May; yet to be confirmed
• Most major FX pairs attempted to nurse losses against the greenback with EUR and GBP regaining some ground vs. the USD
• Looking ahead, highlights include...

• China reportedly looking to move forward with US Auto Tariff reduction lifts equity futures further as risk-on tone returns
• Cable climbing as UK PM May returns to Brussels for compromise
• Looking ahead, highlights include US PPI, US 3yr Note Auction, PM May meeting EU’s Juncker & Tusk

• Asian equity markets were mixed as sentiment in the region only found mild solace from the tech-led recovery on Wall St.
• A source said Brexit vote could take place in early January, although a spokesman for UK PM May said doesn't think PM May established a new Brexit deal vote date
• Reports suggest Italian PM Conte is targeting a 2.1% deficit, whilst Deputy PMs Salvini and Di Maio refuse a deficit of below 2.2% and the EU demand a target of 1.95%
• Looking ahead, highlights include UK...

• Mixed reports on meaningful vote deal leads to a meandering GBP
• Risk sentiment remains soft, as trade uncertainty remains at the forefront
• Looking ahead, highlights include US JOLTS, BoC’s Lane and BoE’s Cunliffe

• European equities extend cash-open gains as the region following the rebound seen on Wall St
• Oil trades choppy as OPEC talks come to a standstill with Iran remaining an obstacle
• Government sources state that the UK meaningful vote on PM May’s deal will take place on December 11th
• Looking ahead, highlights include US and Canadian Jobs Reports, US EIA Natural Gas Storage Fed's Brainard Speaking, OPEC+ Meeting in...

• Asian stocks saw cautious gains with the region getting an early tailwind after the sharp rebound on Wall St, where most majors finished lower albeit off worse levels
• UK PM May is said to be weighing plan to postpone next week's Brexit vote, with her allies urging her to delay the vote amid forecasts for a catastrophic defeat
• Oil prices subdued following the lack of solid breakthrough at yesterday’s OPEC meeting and with Saudi Energy Minister...

• Crude collapses as OPEC+ and Saudi assert that there is no rush to cut, and 1.3mln BPD is “excessive
• Huawei CFO arrested on Iranian sanction violations hints at further trade tensions as the bearish market sentiment takes hold
• Looking ahead, highlights include ADP Employment, Initial Jobless Claims, ISM Non-Manufacturing Data, Durable Goods (R), Factory Orders and DoEs, Canadian Trade Balance, BoJ's Kuroda, Fed's Powell, Quarles, Bostic,...

• Asian stocks were lower across the board for a 3rd consecutive day with sentiment dampened after the US market closure and reports that Canada arrested Huawei’s CFO at the request of US authorities
• The potential ramifications for US-China trade discussions weighed heavily on US equity futures and forced the CME to intervene to prevent a harder drop
• UK PM May is being pushed by cabinet members to postpone next week's Parliament vote on Brexit amid...

• European bourses (Eurostoxx -0.9%) have followed suit from their US and Asia-Pac counterparts as trade-inspired optimism continues to fade
• Brexit legal advice states "backstop could mean the UK is subject to protracted and repeating rounds of negotiations"
• Broad dollar and DXY have handed back some of Tuesday’s pronounced gains made amidst yesterday’s Wall St. selloff
• Looking ahead, highlights include, BoC...

• Asian stock markets were pressured following the sell off on Wall St where doubts regarding a US-China trade deal saw all US majors drop over 3%
• China’s Mofcom declared the US-China trade meeting as successful, although were said to be puzzled and irritated by the Trump administration's triumphant rhetoric
• UK Government was defeated in the Commons after being found in contempt of Parliament, with MPs also granted more power over the next Brexit...

• European equities have kicked the session off with modest losses (Eurostoxx 50 -0.5%) as markets take a breather from yesterday’s “trade truce” inspired gains
• DXY pulling back further from 97.000 to register a fresh post-G20 low of 96.372
• Oil surged on source reports of a 1.3mln BPD minimum cut, before pairing gains after KSA Energy Minister watered down cut expectations
• Looking ahead, highlights include weekly...

• Asian stocks traded mostly negative as the relief rally fizzled out in the region with investors quick to book their recent profits.
• In FX markets, USD softened against its major counterparts with the DXY back below the 97.00 level amid a decline in US yields, which benefitted both EUR/USD and GBP/USD
• Italy's Deputy PMs Di Maio and Salvini are said to be open to a possible 2% deficit. However, Italian press noted that a budget deficit at 2% is not low...

• US President Trump and Chinese President Xi Jinping announced a truce at the G20 in which the US agreed to delay hiking tariffs on USD 200bln of Chinese goods to 25% for 90 days
• Russia President Putin spoke with Saudi Arabia’s Crown Prince in which they agreed to extend the OPEC+ agreement, although haven’t decided on the precise volume of production cuts
• Looking ahead, highlights include US Markit Manufacturing PMIs, Fed’s Quarles,...

• US President Trump and Chinese President Xi Jinping announced a truce at the G20 in which the US agreed to delay hiking tariffs on USD 200bln of Chinese goods to 25% for 90 days
• Russia President Putin spoke with Saudi Arabia’s Crown Prince in which they agreed to extend the OPEC+ agreement, although haven’t decided on the precise volume of production cuts
• Italian PM Conte is reportedly preparing for a deficit of 1.9%-2.0%, while Italian Deputy...

• Italian QQ GDP contraction weighs on BTP’s as Bund-BTP spread retests 300bps
• Double trouble for Deutsche bank as MS downgrades EU banking stocks and probe enters second day
• EU equity indices largely in the red and core EU bonds in the green in skittish trade ahead of G20
• Looking ahead, highlights include, Canadian GDP, Chicago PMI, ECB's Draghi, Mersch & Coeure, Fed's Williams...

• Asian stocks traded mixed amid a cautious global risk tone ahead of the US-China showdown at the G20 and as participants digested disappointing Chinese PMI data
• FOMC Minutes stated almost all policy makers said rate hikes likely warranted "fairly soon" and it could be appropriate at future meetings to emphasise more greatly on data
• UK PM May is turning to Eurosceptics in her cabinet to launch a last gasp effort to sell her compromise Brexit deal,...

• European equities (Eurostoxx 50 +0.1%) initially piggybacked on the optimism seen on Wall St and during the Asia-Pac session as perceived dovish rhetoric by Fed Chair Powell continues to guide markets.
• Chinese President Xi is expected to offer greater market access and fewer subsidies to state firms when he meets with US President Trump at the G20
• Looking ahead the highlights are, German National CPI, US PCE Price Index and Jobless data, FOMC Minutes,...

• Asian stocks traded mostly positive after risk appetite was ignited by Fed Chair Powell’s dovish comments which spurred hopes the Fed may begin to slow down on its hiking cycle
• In FX markets, the USD was pressured post-Powell with the DXY back below 97.00 which led EUR/USD and GBP/USD to reclaim the 1.1300 and 1.2800 handles respectively
• EU could give Italy more time before triggering the Excessive Deficit Procedure (EDP); according to La Repubblica
• Looking ahead, highlights...

• European equities (Eurostoxx 50 +0.3%) have held on to opening gains seen in the wake of the upbeat US and Asia-Pac sessions, despite lingering trade concerns.
• EU Commission will begin disciplinary action on Italy regarding its debt before Christmas; but Italy remain optimistic that a deal can be struck with the EC
• Saudi Energy Minister Al Falih said that Saudi cannot and will not reduce output on their own.
• Looking ahead,...

• Asian equity markets traded mostly positive following a similar lead from Wall St. but with the session initially mired by lingering trade uncertainty
• White House Economic Advisor Kudlow said President Trump could hike tariffs if no constructive talks occur at G20, however, Trump remains open to a deal
• UK PM May is said to have backed down regarding attempts to stop lawmakers from making changes to her Brexit plan
• EU Commission...

• US President Trump said he still intends to go ahead with raising tariffs on China imports from 10% to 25% and that it was highly unlikely he would accept China’s request to refrain from the increase.
• Italy's League economic advisor Siri says Italy are considering reducing the budget deficit to 2.2-2.3%
• Senior UK lawmaker Fallon says it may be possible to delay the date the UK leaves the EU to negotiate a better deal.
...

• Asian equity markets were mostly positive as the region took impetus from the performance on Wall St, where all majors finished with firm gains
• US President Trump suggested an intention to proceed with raising tariffs on China imports from 10% to 25% and warned over tariffs on the remaining USD 267bln of Chinese imports if talks fail
• US President Trump said it sounds like the Brexit deal is a good deal for the EU and that the UK may not be able to trade with...

• European equities started the week on the front foot (Eurostoxx 50 +1.1%) following the upbeat performance experienced over in Asia
• The Italian government are discussing reducing the 2019 deficit target to 2.0-2.1% from 2.4%; according to a government source
• The European Council released its statement that endorsed UK PM May’s Brexit deal, as expected
• Looking ahead, highlights include ECB’s Coeure, BoE Governor Carney...