• European bourses trade with little in the way of firm direction following a similarly indecisive close on Wall Street yesterday.
• US equity futures are around flat with the ES holding above the 4400 mark.
• Fed Chair Powell revealed his expectations for Friday’s PCE data (Core PCE likely rose 4.7% Y/Y in May, overall PCE estimated to have risen 3.9%) and remarked that a strong majority of Fed policymakers see two or more rate rises by the end of this...

• APAC stocks traded mixed amid some indecision heading closer towards month/quarter/half-year end and after the choppy performance stateside.
• US bank shares were marginally supported after-hours following the Fed's stress test results which all 23 of the largest banks passed.
• European equity futures are indicative of a flat open with the Euro Stoxx 50 +0.4% after the cash market closed up 0.9% yesterday.
• DXY is back on a 103 handle,...

• European bourses trade on the front foot as the region plays catch up to the afternoon gains on Wall Street.
• DXY defies gravity given negative rebalancing signals on spot month, Q1 and H1-end, as the index continued to pivot 102.50.
• Debt futures overcame several wobbles before establishing a more solid base to mount a firmer recovery from sub-par lows.
• WTI and Brent whipsawed between gains and losses this morning despite a lack of newsflow,...

• APAC stocks traded mixed and only partially sustained the momentum from Wall St. which was led higher by tech. 
• Softer-than-expected monthly CPI data from Australia added to the bets for the RBA to keep rates unchanged at next week’s meeting.
• European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.4% after the cash market closed up 0.6% yesterday.
• DXY is a touch firmer above 102.50, AUD lags...

• European bourses have been edging lower throughout the morning despite the enthusiasm seen ahead of the cash open, with the ECB Sintra Forum underway.
• DXY is on a softer footing intraday with the range on either side of 102.50, whilst prelim rebalancing models tilt Dollar-negative.
• Debt futures have extended their pull-back from yesterday’s best levels to deeper lows.
• WTI and Brent futures have given up the mild gains seen in early European...

• US stocks finished predominantly lower with underperformance in the Nasdaq, whilst small caps were resilient and the Russell 2000 closed in the green
• APAC stocks were mostly positive as the risk tone improved following the predominantly negative handover from the US
• European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.3% after the cash market closed up 0.2% yesterday
• DXY is a touch softer but holding...

• European bourses trade on the backfoot following on from the soft close in the US on Friday with losses having picked up since the cash open.
• DXY is caged to a tight range on either side of 102.75, EUR looks heavy after bleak German Ifo data, and Yen is among the outperformers.
• Safe havens are bid across the board, with bonds, precious metals, JPY and CHF on firmer.
• German Ifo Economist said the likelihood that the German economy will shrink...

• APAC stocks traded mostly subdued after Friday's losses on Wall St with weekend newsflow dominated by the brief uprising of the Wagner Group in Russia.
• Wagner Group chief Prigozhin accepted a proposal by Belarusian President Lukashenko to stop the movement of his troops to Moscow.
• European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.2% after the cash market closed down 0.8% on Friday.
• In FX, DXY is...

Week Ahead June 26-30th

• MON: BoJ SOO, German Ifo Survey (Jun)
• TUE: Canadian CPI (May)
• WED: ECB TLTRO-III.4 Operation Matures, German GfK (Jul), Italian CPI (Jun)
• THU: Riksbank Announcement, Japanese Retail Sales (May), EZ Sentiment Survey (Jun), German Prelim. CPI (Jun), US GDP Final (Q1) and PCE (Q1)
• FRI: Japanese Tokyo CPI (Jun), Chinese NBS PMIs (Jun), German Unemployment (Jun), EZ...

• European bourses trade on the backfoot with sentiment in the region subdued after the Flash PMIs sounded recessionary warnings.
• US equity futures are also lower on the session with the ES briefly dipping under 4,400.
• Havens (ex-CHF) are bid on the back of the risk aversion while industrial commodities take a hit on growth concerns.
• Fed's Barkin (non-voter) said he is comfortable with more hikes if inflation is not heading to the goal but he...

• US stocks finished mixed. Nonetheless, the S&P 500 and Nasdaq 100 snapped their recent losing streaks with outperformance in the latter
• APAC stocks failed to sustain an early positive bias and faltered following the mixed performance stateside
• European equity futures are indicative of a softer open with the Euro Stoxx 50 -0.7% after the cash market closed down 0.4% yesterday
• DXY is firmer and back above 102.50, EUR/USD extended its...

• European bourses trade on the backfoot with selling pressure having picked up since the cash open; Chinese markets were closed overnight.
• US equity futures are also softer on the session, albeit to a lesser extent than European peers with the ES just about holding around the 4400 mark.
• SNB’s rate hike disappointed markets but matched analyst expectations while Norges opted for a larger-than-forecast rate hike and guided another hike in...

• Fed Chair Powell, when asked about the two hikes pencilled into the dot plot, responded "That's a pretty good guess of what will happen".
• Fed's Bostic (non-voter) said that rates should stay where they are for the rest of the year.
• APAC stocks were mostly lower following the tech-led declines on Wall St and with risk appetite also constrained by key holiday closures.
• European equity futures are indicative of a softer open with the Euro Stoxx...

• European bourses are indecisive with the main macro story of the session thus far coming via UK inflation metrics.
• GBP only knee-jerked higher on the hotter-than-expected CPI before shedding all and more of its gains on economic implications of further BoE tightening.
• DXY is firmer pre-Powell whilst the JPY is softer following more dovish BoJ commentary.
• US Treasuries have regained composure whilst Bunds saw a full recovery and Gilts trimmed...

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• BoE rate decision and minutes due Thursday 22nd June 2023 at...

• APAC stocks were mostly subdued following the negative handover from Wall St amid the lack of bullish macro drivers.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.3% after the cash market closed down 0.4% yesterday.
• In FX, DXY lingers above 102.50, EUR/USD maintains 1.09 status, NZD leads the majors, JPY lags.
• 10yr UST futures marginally eased back after the prior day’s bull flattening, Crude...

• European bourses & US futures are pressured ahead of the return of US participants and key Fed speakers
• DXY has drifted after a brief/small extension to 102.62, JPY rebounds though notes OpEx while AUD lags after RBA Minutes
• PBoC cut the LPRs as expected, though the 5yrs magnitude disappointed some expectations; Biden said relations are on the correct trail
• EGB benchmarks consolidation topped out near round figures with UTS paring losses...

• APAC stocks were mostly lower in the absence of a lead from Wall St and as markets digested the PBoC’s cuts to its benchmark lending rates.
• As expected, China lowered its 1-year LPR after similar cuts to short-term funding rates but disappointed those anticipating a deeper 15bps cut for the 5-year LPR.
• European equity futures are indicative of a flat open with the Euro Stoxx 50 unchanged after the cash market closed down 0.7% yesterday.
• DXY...

• APAC stocks were mostly negative following last Friday's losses on Wall St, while risk appetite was also contained as markets digested US-China talks.
• The meeting between US Secretary of State Blinken and Chinese Foreign Minister Qin was said to be candid, substantive and constructive although it lacked any breakthroughs.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.7% after the cash market closed up 0.7% on...

Week Ahead June 19-23rd

• MON: US Juneteenth Market Holiday
• TUE: PBoC LPR Announcement, RBA Minutes, NBH Announcement, German PPI (May), US Building Permits (May)
• WED: BoC Minutes, BCB Announcement, CNB Announcement, UK Inflation (May), New Zealand Trade Balance (May)
• THU: BoE Announcement, SNB Announcement, Norges Bank Announcement, CBRT Announcement, Banxico Announcement, Bank of Indonesia...

• European bourses are firmer across the board and largely unphased by numerous ECB speakers
• Stateside, futures post modest gains and await the likes of Fed’s Waller and Barkin as the blackout lifts
• DXY has lifted off-lows with Yen assisting post-BoJ while EUR pivots OpEx and GBP continues to advance
• Fixed income experiences a modest and perhaps technically driven revival alongside notably less explicit Holzmann...

• APAC stocks traded higher following the gains on Wall St where the major indices were lifted alongside a weaker dollar and softer yields.
• The BoJ refrained from any hawkish surprises and maintained its ultra-easy policy settings.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed down 0.3% yesterday.
• DXY is contained following yesterday's heavy losses, JPY is the laggard...

• European bourses & US futures trade on the backfoot post-FOMC and pre-ECB
• DXY propped up, AUD outperforms following a strong jobs report whilst NZD lags as it enters a recession
• JPY majorly lags on the prospect of even wider BoJ-Fed divergence ahead of Friday’s meeting
• Core benchmarks slip and extend on post-Fed declines whilst European supply was well received
• Base/industrial metals dented on softer Chinese...

• The Fed left rates unchanged as expected whilst revising the dot plots higher which are now indicative of two more 25bp hikes this year.
• Fed Chair Powell distanced himself from the dot plots in the press conference whereby he noted that projections are not a plan or a decision.
• US stocks finished mixed, APAC stocks traded mostly higher despite disappointing activity data from China; PBoC cut its 1-year MLF rates by 10bps.
• European...

• Equity bourses are firmer with the general risk tone constructive pre-FOMC
• USD continues to wane and nears 103.00 to the modest benefit of peers, Antipodeans lead G10s
• GBP is firmer post-GDP while EUR/USD is drawn to hefty 1.08 expiries
• USTs bid before the Fed, Bunds slip after soft issuance and Gilts attempt to recoup from recent pressure
• Crude consolidation continues, metals are mixed with fresh drivers...