Week Ahead 13th-17th May:

• SAT: Chinese Inflation (Apr)
• MON: Eurogroup Meeting, New Zealand Inflation Forecasts (Q2)
• TUE: OPEC MOMR, German Final CPI (Apr), UK Jobs Report (Apr/Mar), German ZEW Survey (May), US PPI (Apr)
• WED: PBoC MLF, Riksbank Minutes, IEA OMR, Australian Wage Price Index (Q1), Swedish CPIF (Apr), EZ Flash GDP/Employment (Q1) and Industrial Production (Mar), US CPI (Apr)/Retail Sales...

• European bourses extend to session highs, whilst US futures post modest gains
• Dollar is flat & GBP marginally outperforms post-GDP
• USTs are flat, EGBs bid though to a lesser degree than Gilts, which have shrugged off hawkish GDP data
• Crude is firmer with specifics light, XAU extends to highs and base metals benefit from the risk tone
• Looking ahead, Canadian Jobs Data, BoC SLOOS, Chinese Money Supply, Comments...

• APAC stocks mostly tracked the gains in the US where a rise in initial jobless claims spurred a dovish reaction.
• European equity futures indicate a mildly positive open with Euro Stoxx 50 future +0.2% after the cash market closed higher by 0.3% on Thursday.
• DXY is mildly firmer in what has been a quiet session for FX overnight, antipodeans marginally lag.
• Crude futures mildly extended on gains, Bunds remain afloat after the recent...

• European equities are mixed, Stateside futures lower with slight underperformance in the RTY
• Dollar is firmer, G10s in the red and USD/JPY now just shy of 156.00
• Bonds pressured in a continuation of recent action; Gilts underperform slightly ahead of the BoE
• Crude is firmer, XAU flat and base metals mostly lower
• Looking ahead, US IJC, NZ Manufacturing PMI, BoE Policy Announcement, BoE DMP, Banxico Policy...

• APAC stocks were mixed following the indecisive performance stateside, while somewhat mixed but improved Chinese trade data had little impact.
• European equity futures indicate a flat open with Euro Stoxx 50 futures unchanged after the cash market closed higher by 0.4% on Wednesday.
• DXY is steady near the 105.50 mark with price action in the FX space contained.
• Bunds extended on their recent pullback, Crude remains afloat after...

• European equities are entirely in the green, whilst Stateside futures are a little more tentative
• Dollar is incrementally firmer, G10s peers softer to various degrees, AUD & JPY underperform
• Bonds pressured, taking a breather from this week’s advances
• Crude slips with geopolitical updates light, XAU and base metals are pressure from the Dollar and downbeat Chinese price action overnight
• Looking ahead, US...

• APAC stocks were mostly lower after the choppy US performance and in the absence of fresh catalysts.
• European equity futures indicate a marginally softer open with Euro Stoxx 50 futures down 0.1% after the cash market closed higher by 1.2% on Tuesday.
• USD is firmer with USD/JPY back above 155, EUR/USD sits below 1.0750 and Cable lost 1.25 status.
• Israeli PM Netanyahu's spokesman said Hamas's proposal is far from Israel's demands and the gaps...

• European equities are entirely in the green; US futures are mixed
• Dollar is slightly firmer, Aussie underperforms following the RBA, USD/JPY now around 154.50
• Bonds are firmer and extending on the prior day’s gains; Gilts outperform on their return from holiday
• Crude is flat awaiting geopolitical updates, XAU softer and base metals are mixed
• Looking ahead, US RCM/TIPP Economic Optimism, CBR Policy Announcement, EIA...

• APAC stocks were mixed as the region only partly sustained the momentum from Wall St where the major indices extended on post-NFP advances amid rate cut hopes, while key markets returned from the long weekend.
• DXY was uneventful, USD/JPY continued to pick itself up from last week's trough and reclaimed the 154.00 status, AUD/USD was pressured after the RBA announcement.
• RBA kept the Cash Rate Target unchanged at 4.35%, as expected, while it reiterated the Board...

• Equities are entirely in the green; Apple -1.1% is lower pre-market after Berkshire Hathaway decreased its stake in Q1
• DXY is flat, EUR unreactive to PMIs & USD/JPY holds just under 154.00
• Bonds are modestly firmer, with initial upside in Bunds trimmed slightly by large upward revisions to EZ PMIs
• Crude is firmer with Rafah in focus, XAU is bid and base metals benefit from the risk tone
• Looking ahead, US...

• Positive bias for APAC stocks after the US jobs report but with varied performance on the holiday return
• DXY remains near 105.00 with peers flat/mixed ex-JPY which has seen USD/JPY recoup Friday's losses
• Commodities supported as geopolitical tensions intensify with Gaza talks reportedly near collapsing and civilians being evacuated from Rafah
• Fed speak in focus with Williams & Goolsbee over the weekend, though fixed action limited with...

Week Ahead 6th-10th May:

• MON: UK Bank Holiday; EZ Final Composite & Services PMIs (Apr), Sentix (May) Producer Prices (Mar).
• TUE: RBA Announcement, EIA STEO; Swiss Unemployment (Apr), German Trade Balance (Mar), EZ Construction PMI (Apr).
• WED: Norges Bank H1 Financial Stability Report, Riksbank Announcement, BCB Announcement; German Industrial Output (Mar), Italian Retail Sales (Mar).
• THU: BoE Announcement...

• European equities entirely in the green; US equity futures are mixed ahead of US NFP
• Dollar is slightly softer, USD/JPY dips lower to around 153.00
• Bonds are mixed but remain rangebound ahead of today’s key events
• Crude trades within a tight range, XAU flat and base metals mostly firmer
• Looking ahead, US NFP, Services PMI & ISM Non-Manufacturing, Comments from Fed's Goolsbee &...

• US equity futures were boosted after-hours following better-than-expected earnings from Apple (+6%) which announced an additional USD 110bln buyback.
• APAC stocks took impetus from Wall St where equities extended on post-FOMC gains; Hang Seng extended its rally after having recently entered a bull market; Japan and Mainland China were closed.
• DXY was lacklustre with markets now awaiting key US jobs data; USD/JPY continued to decline and printed fresh intervention...

• European equities are mixed while US equity futures are entirely in the green
• Dollar is flat, CHF bid after hotter inflation metrics, USD/JPY higher and at 155.20
• USTs softer but relatively contained in the fall-out of the FOMC; Bunds are higher and playing catch up
• Crude is incrementally firmer, XAU is softer and base metals are mixed
• Looking ahead, US Challenger Layoffs, International Trade, IJC, CNB Policy...

• Fed kept rates unchanged, noted a lack of progress on inflation and decided to slow the pace of its balance sheet runoff.
• US Stocks ended the session softer despite an initial dovish reaction, US yield curve bull-steepened.
• European equity futures indicate a lacklustre open with the Euro Stoxx 50 future down 0.2%.
• USD/JPY dropped aggressively late in the US session amid suspected FX intervention; formed a trough near...

• European bourses are closed for Labour Day, with the exception of the UK’s FTSE 100, which is incrementally firmer; US equity futures are entirely in the red
• Dollar is flat with G10 peers also holding pattern awaiting a slew of US data and the FOMC
• USTs are unchanged ahead of today’s key events, with QRA also in focus; Gilts subdued
• Crude sinks lower, XAU is incrementally firmer and base metals are lower across the...

• NOTE: All major European markets (ex-UK) are closed for Labour Day.
• APAC stocks took their cues from the losses on Wall St and with trade mired by mass holiday closures.
• DXY is rangebound on a 106 handle, EUR/USD sits just above 1.0650, USD/JPY edged closer to 158.00.
• Amazon beat on top and bottom lines; Co. shares were up 1.2% after-hours.
• Looking ahead, highlights include UK, US Manufacturing PMI, US ADP,...

• European bourses are mixed, though have tilted lower as the session progressed; US equity futures modestly softer
• DXY is flat, EUR benefits from strong EZ GDP metrics, USD/JPY firmer and just shy of 157.00
• Bonds are lower, dragged down by French/German and finally EZ figures
• Crude is incrementally firmer as Gaza peace talks continue, XAU at session lows and base metals in the red
• Looking ahead, US Employment Cost...

• APAC stocks were mostly higher but with gains capped heading into month-end alongside a slew of data and earnings.
• Official Chinese NBS Manufacturing and Caixin Manufacturing PMIs topped forecasts but Non-Manufacturing PMI disappointed.
• European equity futures indicate a flat open with the Euro Stoxx 50 future unchanged after the cash market closed down 0.5% on Monday.
• DXY is a touch firmer in an attempt to unwind recent losses, USD/JPY...

• European bourses were initially firmer, though have since dipped lower; US futures remain modestly in the green
• Dollar is softer amid hefty USD/JPY selling; the pair rose to 160.00 before sharp downticks with intervention suspected
• Bonds are firmer benefiting from dovish Spanish/German inflation metrics
• Crude is softer as Israel-Gaza truce talks continue; XAU flat and base metals mixed
• Looking ahead, German CPI, EZ...

• APAC stocks began the week on the front foot after the tech-led surge last Friday on Wall St; Japan was on holiday.
• European equity futures indicate a positive open with the Euro Stoxx 50 future +0.4% after the cash market closed up 1.4% on Friday.
• USD/JPY saw volatile trade in which it initially surged to above 160.00. The pair later saw a sharp drop and breached 156.00 to the downside despite the absence of any obvious drivers.
• Egypt...

• MON: Spanish Flash CPI (Apr), German Prelim CPI (Apr), EZ Sentiment Survey (Apr); Japan Market Holiday (Showa Day).
• TUE: FOMC Meeting Commences (Announcement on 1st May), Japanese Retail Sales/Industrial Output (Mar), Chinese NBS PMIs (Apr), Chinese Caixin Manufacturing Final PMI (Apr), French Flash CPI (Apr), German Flash GDP (Q1), EZ Flash CPI (Apr)/Flash GDP (Q1), US Employment Wages (Q1)/CaseShiller (Feb), US Chicago PMI (Apr), New Zealand Jobs...

• Equities are firmer, benefiting from strong Big Tech earnings; Google (+11.7%), Microsoft (+3.6%)
• Dollar is flat, USD/JPY moved lower in quick succession before paring back, Aussie outperforms given the risk tone and higher metal prices
• Bonds are modestly firmer, though very much contained ahead of US PCE
• Crude within recent ranges, XAU trudges higher and base metals entirely in the green; 3M LME topped USD...

• APAC stocks were mostly higher as the region digested recent market themes and the BoJ policy announcement.
• The BoJ kept policy settings unchanged and refrained from any major hawkish surprises.
• Tech earnings from Alphabet (+11.5%) and Microsoft (+4.3%) topped forecasts and boosted futures after-hours.
• DXY lacked firm direction overnight, JPY softer post-BoJ with USD/JPY on a 156 handle, EUR/USD is back above...