• Equities are modestly firmer across the board, despite a mostly lower APAC session overnight
• Dollar is flat, GBP outperforms with Cable back above 1.32, JPY is lower
• Bonds hold a bearish bias, with Bunds unreactive to the poor German GDP/GfK metrics
• Crude is on the back foot, XAU is slightly softer and base metals gain
• Looking ahead, US Richmond Fed, NBH Policy Announcement, Fed Discount Rate Minutes, and Supply from...

• APAC stocks traded mostly lower in quiet newsflow following a mixed lead from Wall Street, which saw the tech sector lag ahead of NVIDIA earnings on Wednesday.
• DXY traded in a tight range with a mild upward bias. JPY lagged on yield differentials whilst EUR and GBP were flat and Antipodeans rebounded.
• Microsoft (MSFT) CEO Satya Nadella sold 14,398 shares of Microsoft at an average price of USD 417.412/shr on Aug 23rd; Apple (AAPL) named Kevan Parekh as its new...

• Modest downside for European bourses while US futures pick up into a week headlined by NVDA & PCE
• Weekend newsflow dominated by geopols; as it stands, we are awaiting any fresh details from Hezbollah and/or Israel on their next steps
• Action which has underpinned crude, haven-FX and XAU. USTs largely unreactive while EGBs came under pressure on a better-than-feared Ifo
• The event between Hezbollah and Israel was framed as one of the...

• APAC stocks kicked off the week mixed following the state-side gains on Wall Street after Fed Chair Powell's dovish pivot, whilst the weekend was packed with geopolitics.
• Lebanon's Hezbollah launched hundreds of rockets and drones at Israel early on Sunday. Israel's military said it struck Lebanon with around 100 jets to thwart a larger attack; Gaza talks in Cairo ended without agreement but negotiations continue.
• DXY is steady on a 100 handle, EUR/USD briefly...

• MON: UK Market Holiday (Bank Holiday), German Ifo (Aug)
• TUE: CBRT Minutes, Chinese Industrial Profit (Jul), German GfK Consumer Sentiment (Sep)
• WED: Australian CPI (Jul), Nvidia (NVDA) Earnings (Q2)
• THU: Spanish Flash CPI (Aug), German State CPIs (Aug), EZ Sentiment Survey (Aug), US GDP (2nd) and PCE (Q2)
• FRI: Japanese Tokyo CPI (Aug), French Prelim CPI (Aug), German Unemployment (Aug), EZ Flash CPI (Aug),...

• European bourses are modestly firmer, whilst US futures gain to a slightly higher degree
• Dollar is flat, Antipodeans leads, JPY initially propped up by BoJ Governor Ueda, but has since pared
• Bonds are in a holding pattern ahead of Fed Chair Powell
• Crude is firmer and near session highs, XAU gains but is still below 2500, base metals in the green
• Looking ahead, Canadian Retail Sales, Jackson Hole Symposium, Speeches...

• APAC stocks were ultimately mixed amid cautiousness as braced for a slew of global central bank rhetoric including Fed Chair Powell's speech at the Jackson Hole Symposium.
• Fed's Collins (2025 voter) said the timing seems appropriate to begin easing monetary policy and policy is well-positioned, while she wants a gradual approach to interest rate cuts.
• USD/JPY retreated beneath the 146.00 level and saw further downside alongside comments from BoJ Governor Ueda at a...

• European bourses are mostly firmer across the board; US futures gain incrementally
• Dollar is trivially higher, GBP outperforms following stronger than expected PMI metrics
• Bonds are lower following the generally better than expected PMI releases, particularly in France the EZ and the UK; Germany continues to print poor metrics
• Crude is flat, XAU is slightly softer but remains above USD 2500/oz
• Looking ahead, US PMIs,...

• APAC stocks traded with a mild positive bias after the gains on Wall St where a downward payrolls revision and the FOMC Minutes further supported the consensus for a September Fed rate cut.
• FOMC Minutes from the July meeting continued to point to a September move as a vast majority of participants said it would likely be appropriate to ease policy at the next meeting if data continued to come in as expected.
• DXY nursed some losses after retreating yesterday to...

• European bourses are mostly modestly firmer; US futures rangebound ahead of US Payroll Revisions and the FOMC Minutes
• Dollar is incrementally firmer, JPY is the clear underperformer with USD/JPY around 146.00
• Bonds are flat with traders mindful of today’s key risk events
• Crude is flat, XAU is rangebound and holds just above USD 2500/oz, base metals entirely in the green
• Looking ahead, Canadian Producer Prices, US...

• APAC stocks were subdued following the lacklustre performance stateside where the major indices finished with mild losses.
• European equity futures indicate a marginally positive open with Euro Stoxx 50 future up 0.2% after the cash market finished with losses of 0.2% on Tuesday.
• DXY remains on a 101 handle, JPY is the marginal laggard across the majors, EUR/USD holds onto 1.11 status.
• A deal to bring an end to the fighting in Gaza was said...

• European equities are mostly, but modestly firmer (ex-FTSE 100); US futures are flat
• Dollar is flat, NZD outperforms and USD/JPY back to 146.50
• Bonds are incrementally firmer, Bunds dipped slightly on German Producer Prices but then edged higher as the morning progressed
• Crude is lower in a continuation of the prior day’s price action; XAU prints another fresh ATH at USD 2521/oz and base metals gain
• Looking ahead,...

• APAC stocks traded mixed and only partially took impetus from the tech-led gains stateside amid a lack of major macro drivers.
• European equity futures indicate a slightly positive open with Euro Stoxx 50 future up 0.1% after the cash market finished with gains of 0.6% on Monday.
• DXY remains sub-102, JPY has given back some gains vs. the USD, Cable is unable to breach 1.30.
• ECB's Rehn said the recent increase in negative growth risks in the...

• Equities are mixed and struggling to find clear direction in catalyst thin trade
• Dollar is lower, JPY sees significant strength as USD/JPY holds around 146.00
• Bonds are firmer to varying degrees, Bunds lead as Germany reaches a deal regarding its 2025 budget
• Crude is lower and resides near session lows, XAU holds around USD 2500/oz, base metals benefit from the softer Dollar
• Looking ahead, BoC SLOOS, NZ Trade...

• APAC stocks were mixed with a somewhat cautious tone amid geopolitical uncertainty after Hamas rejected the latest ceasefire proposal.
• Fed’s Daly (voter) said it is time to consider adjusting rates from their current level, Goolsbee (non-voter) said inflation and the labour market are cooling faster than expected.
• European equity futures indicate a slightly positive open with the Euro Stoxx 50 future up 0.1% after the cash market finished with gains of 0.7% on...

19th-23rd August 2024:

• MON: US Democratic National Convention (Aug 19-22), Bank of Indonesia Announcement, New Zealand Trade Balance (Jul)
• TUE: US Democratic National Convention (Aug 19-22), PBoC LPR, RBA Minutes, Riksbank Announcement, CBRT Announcement, EZ Final CPI (Jul), Canadian CPI (Jul)
• WED: US Democratic National Convention (Aug 19-22), FOMC Minutes, Japanese Trade Balance (Jul)
• THU: US Democratic National Convention...

• Equities are modestly firmer, ex-FTSE 100, in a continuation of the optimism seen in the prior session
• Dollar is softer vs peers, Kiwi outperforms and USD/JPY holds around 148.70
• USTs are contained, but off worst levels, Gilts fairly unreactive to its own Retail Sales, holding just shy of 100.00
• Crude is on the backfoot, with pressure fuelled by updates from Libya’s Waha Oil Company, XAU incrementally firmer whilst base metals are...

• APAC stocks followed suit to the rally on Wall St after a US data deluge soothed recent economic concerns.
• DXY marginally eased back beneath the 103.00 level after recently strengthening alongside the data deluge stateside.
• Israel will be on maximum readiness for a response from Hezbollah this weekend; Biden admin is reportedly “open” to sending long-range cruise missiles to Ukraine.
• European equity futures indicate a mildly positive open...

• European bourses are modestly firmer; US futures are mixed ahead of today’s jobless claims and retail sales
• Dollar is flat and AUD outperforms post-jobs data
• Bonds are modestly lower, with slight underperformance in Gilts while USTs are contained into data
• Crude is modestly firmer, XAU gains alongside strength in base metals
• Looking ahead, US NY Fed Manufacturing, Export/Import Prices, IJC, Retail Sales, Comments...

• APAC stocks shrugged off the mixed lead from the US and gained as participants digested a slew of key data; Nikkei 225 was among the biggest gainers after GDP data topped forecasts.
• Chinese activity data was mixed as industrial production disappointed but retail sales topped forecasts; China's stats bureau said China's economic operation was generally stable in July and added domestic demand is likely to improve due to policy support.
• Fed's Bostic (voter) is open to...

• European equities are entirely in the green, US futures are mixed with price action tentative ahead of today’s US inflation report
• DXY is mixed, EUR climbs above 1.10, Kiwi is the clear underperformer after the RBNZ cut by 25bps, with projections pointing towards further easing
• USTs are essentially unchanged, Gilts benefit from softer-than-expected inflation metrics, with particular focus on the Services component
• Crude is incrementally...

• APAC stocks only partially sustained the momentum from Wall St where risk sentiment was underpinned by softer-than-expected PPI data.
• RBNZ cut the OCR by 25bps to 5.25% (vs. mixed views between a cut and a hold); projections point to a further reduction this year.
• Japanese PM Kishida confirmed he won't run for re-election as LDP leader.
• European equity futures indicate a mildly positive open with the Euro Stoxx 50 future up 0.3% after the...

• A choppy session for European equities thus far, now currently modestly higher; US equity futures entirely in the green
• Dollar is softer vs the Antipodeans but gains vs the typical havens, GBP benefits post-jobs data
• USTs are flat awaiting today’s US PPI, Bunds benefit from dire German ZEW metrics
• Crude is slightly softer, XAU is lower but within a tight range, base metals are entirely in the red
• Looking ahead, US...

• APAC stocks followed suit to the mixed lead from the US ahead of key data.
• European equity futures indicate a firmer open with the Euro Stoxx 50 future up 0.3% after the cash market finished with losses of 0.1% on Monday.
• DXY is steady just above 103, havens lag vs. the USD, whilst risk currencies outperform.
• White House's Kirby said the timing of Iran's attack on Israel could be this week and they have to be prepared for what could be...

• Equities are mostly, but modestly firmer, taking positive leads from a constructive APAC session.
• Dollar is flat, Antipodeans outperform whilst traditional haven FX lags.
• Bonds are incrementally softer and have traded sideways for much of the session.
• Crude outperforms amid the heightened geopolitical tensions, XAU edges towards USD 2450/oz.
• Looking ahead, highlights include Indian CPI & US NY Fed...