• Asian stocks traded subdued with participants tentative ahead of the looming FOMC decision and amid a resurfacing of trade concerns
• House of Commons rejected withdrawal bill amendments related to Brexit day, Henry VIII powers and ‘meaningful vote’
• Looking ahead, highlights include IEA monthly oil report, UK CPI, US PPI, DoEs, FOMC rate decision and press conference, supply from Italy and Germany

ASIA

Asian stocks traded subdued with...

• Unanimous expectations look for the ECB to leave its three key rates unchanged
• Will the ECB unveil their blueprint for winding down their PSPP or will they ‘kick the can down the road’ to July?
• Questions likely to be raised on the Bank’s view surrounding the latest developments in Italian politics
• Macro projections likely to see oil prices curtail 2018 growth...

• Asian equity markets mostly traded with modest gains following a similar performance on Wall St. and with focus fully centred on the historical summit between US President Trump and North Korean Leader Kim Jong Un
• The meeting between the 2 leaders was seen as amicable in which the leaders shook hands several times and exchanged pleasantries
• UK PM May has headed off a Conservative rebellion ahead of today’s key Brexit vote by reaching out to Remainers in her party, according to reports
...

• US President Trump refused to endorse the G7 communique which he stated was due to false statements made by Canadian PM Trudeau
• Asian equity markets and the USD subsequently began the week somewhat cautiously
• Looking ahead, highlights include Norwegian CPI, UK production, Barnier & Davis meet, US 3 and 10yr supply

G7/Trade

G7 official communique which was backed by all countries apart from the US, acknowledged free, fair and mutually beneficial trade...

Key Events

• Monday: Nothing major of note
• Tuesday: Brexit votes in the House of Commons, UK Labour Market, US CPI, US-North Korea Summit
• Wednesday: UK CPI, FOMC Rate Decision
• Thursday: Australian Labour Market, ECB Rate Decision
• Friday:  EZ CPI (Final), BoJ Rate Decision

Politics

On Tuesday, UK Parliament is...

• Asian stocks traded with a subdued tone following a lacklustre performance on Wall St. DXY has languished below the 93.50 level
• Trump launched a tweet-tirade against EU and Canada ahead of the G7, in which Trump accused EU & Canada of using massive trade tariffs and trade barriers against US
• Looking ahead, highlights including the Canadian jobs report and the beginning of the G7 summit

ASIA

Asian stocks traded with a subdued tone...

• Asian stocks traded higher as the regional bourses took impetus from the gains in their US counterparts
• USD was weaker with the DXY stuck around the 93.50 level to the benefit throughout the session
• US President Trump is said to be planning on adopting a confrontational tone at G7 in response to the other 6 nations collectively pressuring him regarding tariffs
• Looking ahead, highlights include Turkish rate decision, US weekly jobs, BoE’s Ramsden, supply from France and...

• Asian equity markets traded somewhat mixed after a similar performance on Wall St. FX markets were largely influenced by NAFTA trade concerns
• Sources suggest that ECB sees 14th June meeting as 'live' to discuss QE exit
• UK opposition Labour party are reportedly going to announce a major shift towards a soft Brexit
• Looking ahead, highlights include RBI rate decision, DoEs, ECB’s Praet, BoE’s Tenreyro and...

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• Asian equity markets traded slightly indecisive after the momentum somewhat petered out from Wall St.
• RBA kept rates unchanged as expected and reiterated its prior statements which continued to suggest a prolonged pause by the central bank
• UK PM May reportedly abandoned plans to present UK-EU blueprint before this month's summit in Brussels and will now postpone its release to after the summit
• Looking ahead, highlights include EZ, UK and US services PMI, US ISM non-manufacturing,...

• Asian equity markets began the week higher across the board as the region reacted to Friday’s US jobs report and the US-NK summit being back on the cards
• In FX markets, safe-havens were under strain in which JPY took the brunt of the heightened risk appetite which saw USD/JPY and JPY-crosses extend on Friday’s gains
• Looking ahead, highlights include UK construction PMI, US factory orders and BoE’s Tenreyro

TRADE

US Commerce Secretary...

Key Events

• Monday: UK Markit/CIPS Construction PMI
• Tuesday: Japanese Services PMI, Caixin Services PMI, RBA Rate Decision, EZ Markit Services and Manufacturing PMI,
• US ISM Non-Manufacturing, UK Markit/CIPS Services PMI
• Wednesday: Australian GDP
• Thursday: EZ GDP (3rd Reading)
• Friday: Japanese GDP, Canadian Jobs Data, G7 meeting in Canada

• Italy’s 5SM and League completed an accord on a coalition government with Conte now given the mandate to form a 5 Star/League coalition government
• Asian stocks traded cautiously after trade war concerns resurfaced following the US announcement to impose steel and aluminium tariffs on EU, Canada and Mexico
• Looking ahead, highlights include UK and Eurozone mfg PMIs, US NFP, ISM mfg, Baker Hughes and Fed’s Kashkari

TRADE

US metal tariff...

• Asian equities higher after following suit from the rebound seen in their global counterparts as Italian fears subside (for now) and encouraging Chinese data
• Italy's Five Star Movement have called for Savona to withdraw candidacy for Economy Minister to allow a government to be formed
• Looking ahead, highlights include Eurozone CPI, US personal consumption and PCE price index, Chicago PMI, Canadian GDP and DoEs

ASIA

Asian markets traded positive across...

• Asian equities trade lower across the board as Italian political woes and trade concerns grip sentiment overnight
• Cottarelli and Mattarella failed to reach an agreement on forming a government but will continue talks. ANSA report that failure to reach a deal could see elections on July 29th
• Looking ahead, highlights include regional and national German CPIs, US ADP, GDP, Advance Good Trade Balance, BoC Rate Decision, APIs

ASIA

Asian stocks traded lower...

• Asia traded mostly subdued as region lacked impetus following the market closures in US and UK. Political uncertainty in Italy and Spain added to the cautious tone
• In FX markets, the risk averse tone spurred flows into the safe-havens with JPY the main beneficiary which pushed USD/JPY briefly below the 109.00 handle
• Looking ahead, highlights include ECB’s Mersch and Lautenschlaeger

RECAP OF STORIES FROM OVER THE WEEKEND AND MONDAY FOR UK TRADERS AWAY FROM...

• Asian equity markets traded mostly higher on warming geopolitical ties with prospects of the US-North Korea summit back in play
• Italy PM-designate Conte reportedly gave up on efforts of forming a government after Italian President Mattarella rejected Eurosceptic Paolo Savona for the Economy Minister position
• Today’s calendar sees a lack of tier 1 highlights. UK and US markets are closed

Key Events

• Asia cautious after US President Trump’s cancellation of the NK summit, albeit Trump has left the door open for the summit to take place in the future
• FX markets quiet with the USD recovering some of the lost ground from the FOMC minutes; GBP/USD back below 1.3400 and EUR/USD eyeing 1.1700
• Looking ahead, highlights include German IFO, UK GDP, US Durables, Uni. Of Michigan and a slew of speakers

• 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

• 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

• 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

Key Events

• 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