• Equities are mixed, with clear outperformance in the Energy/Basic Resources names amid broader strength in the underlying commodity prices
• Dollar is flat and holds around 105, AUD outperforms given the rally in metals prices
• Bonds are mixed, USTs are flat and hold near post-ISM lows, whilst Bunds play catch up; a modest dovish reaction was seen following German state CPIs
• Commodities are entirely in the green, Crude benefits from heightened...

• APAC stocks were mixed after the weak performance on Wall St where hot ISM Manufacturing PMI saw markets trim Fed rate cut bets.
• European equity futures indicate a contained open with the Euro Stoxx 50 future little changed after the cash market closed flat on Thursday.
• DXY sits on a 105 handle, EUR/USD slipped below 1.08, USD/JPY extended upside and Cable gave back the 1.26 handle.
• Crude futures remained afloat after recently gaining...

Week Ahead 1-5th April

• MON: BoJ Tankan Survey (Q1), South Korea Prelim Trade Balance (Mar), Chinese Caixin Manufacturing PMI Final (Mar), US ISM Manufacturing PMI (Mar), US S&P Global Manufacturing PMI Final (Mar)
• TUE: RBA Minutes (Mar), CNB Minutes (Mar), South Korean CPI (Mar), EZ/UK Manufacturing PMI Final (Mar), German Prelim CPI (Mar), US Non-Durable Goods R (Feb), Chilean Central Bank Announcement
• WED: OPEC+ JMMC Meeting, EZ...

• European bourses hold a positive bias whilst Stateside futures are subdued ahead of a busy docket
• Dollar bid acting as a drag on G10 peers, Antipodeans lag
• Bonds are lower in a continuation of post-Waller price action
• Crude and XAU remains in the green despite the stronger Dollar as geopols remain in focus
• Looking ahead, Highlights include US GDP (F), IJC, UoM Inflation Expectations (F), Japanese Tokyo CPI &...

• APAC stocks partially sustained the momentum from the late ramp-up on Wall St heading into quarter-end.
• Fed's Waller said still no rush to cut rates and the Fed may need to maintain the current rate target for longer than expected.
• European equity futures indicate a positive open with the Euro Stoxx 50 future +0.3% after the cash market closed up 0.4% on Wednesday.
• DXY is contained on a 104 handle, EUR/USD is holding above 1.08 and...

• European bourses are mixed whilst Stateside futures are entirely in the green
• Dollar is flat, JPY higher after a BoJ/MoF/FSA meeting which only resulted in further jawboning from Top Currency Diplomat Kanda
• Bonds mixed though price action has been contained; Bunds rose incrementally on Spanish CPI, upside which proved fleeting
• Crude is softer in a continuation of post-private inventory data action, XAU bid
• Looking...

• APAC stocks traded mixed after the subdued handover from Wall St heading into quarter-end and Easter.
• European equity futures indicate a slightly softer open with the Euro Stoxx 50 future -0.1% after the cash market closed up 0.4% on Tuesday.
• DXY is a touch firmer on a 104 handle, USD/JPY printed a fresh 33yr high, FX markets are otherwise contained.
• BoJ's Tamura said that based on the current economic and price outlook, the BoJ is likely to...

• European bourses are mixed though have been edging higher, taking impetus from strength in US equity futures
• Dollar is weaker, NZD benefits from a softer AUD/NZD cross
• Bonds incrementally firmer and Gilts outperform after BoE’s Mann
• Crude is modestly softer, XAU higher and near session highs
• Looking ahead, US Durable Goods, Philly Fed Non-manufacturing Business Outlook, Richmond Fed Survey, BoC’s Rogers and ECB’s...

• APAC stocks were choppy after a similarly subdued handover from Wall St.
• European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed up 0.3% on Monday.
• FX markets are steady, DXY holds above 104, PBoC delivered another firmer-than-expected CNY fix.
• Crude is flat but holding onto recent gains, Bunds attempted to recoup recently lost ground.
• Looking ahead,...

• Equities mostly and modestly lower, following on from a downbeat session in China/Japan overnight
• Dollar is flat, Antipodeans modestly firmer benefitting from a stronger Yuan
• Bonds are incrementally softer ahead of a 2yr US auction
• Crude is firmer, whilst base metals are entirely in the red hampered by poor Chinese price action overnight
• Looking ahead, Comments from ECB’s Lagarde, Fed’s Bostic, Goolsbee, Cook &...

• APAC stocks traded mixed amid a lack of major macro drivers heading into month-end and a slew of data releases.
• Fed’s Bostic (voter) adjusted his projection to one rate cut this year and at a later start vs. previous view of two cuts.
• European equity futures indicate a flat open with the Euro Stoxx 50 future unchanged after the cash market closed down 0.4% on Friday.
• DXY is a touch softer, EUR/USD found support at 1.08, Cable is back on a...

• MON: US Building Permits (Feb), UK GDP (Q4).
• TUE: US Durable Goods (Feb), US Richmond Fed (Mar).
• WED: Riksbank Announcement (MPR), SARB Policy Decision; Australian CPI (Feb), Spanish Flash CPI (Mar), EZ Sentiment Survey (Mar).
• THU: BoJ SOO (Mar), Scandinavian Holiday (Holy Thursday); German Retail Sales (Feb), US GDP (Q4), Canadian GDP (Jan), Japanese Tokyo CPI (Mar).
• FRI: French Prelim CPI (Mar), US PCE...

• Equities are modestly firmer; European sports retailers are hit post-Nike earnings
• Dollar bid, largely a factor of broader G10 weakness, Antipodeans underperform following the glum mood in China overnight
• Bonds continue their dovish price action, and little changed following positive German Ifo
• Crude is modestly softer and base metals are entirely in the red, dragged down by Dollar strength
• Looking ahead, Canadian...

• APAC stocks were ultimately mixed after momentum from the fresh record highs on Wall Street waned, Hang Seng and Shanghai Comp. suffered.
• DXY extends on gains above 104.00 after recent firm US data and pressure in Asia-Pac counterparts, USD/JPY traded indecisively.
• The latest Japanese CPI data was mostly softer-than-expected but the Core reading matched estimates at a four-month high.
• BoE Governor Bailey said rate cuts were in play at future...

• Equities firmer in a continuation of the post-Fed rally; European bourses off best after EZ PMIs
• Dollar stronger, AUD bid post-jobs data and CHF lower after SNB cut rates by 25bps
• Bonds higher taking impetus from the poor French PMI and dire accompanying German commentary
• Crude pares initial gains, base metals benefit from risk sentiment
• Looking ahead, US IJC, Fed's Barr, Supply from the US, Earnings from FedEx,...

• Fed kept rates unchanged and reaffirmed its 2024 three rate cuts projection, 2025 and 2026 FFR forecast raised.
• Powell noted that January/February CPI and PCE data was quite high, but there are reasons to believe there were seasonal factors at play.
• APAC stocks were mostly underpinned after the fresh record levels on Wall St post-"dovish" FOMC.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +1.2% after the cash...

• European equities are mostly lower, with the CAC 40 dragged down by Luxury names after Kering issued a profit warning; US equity futures modestly softer
• DXY firmer, taking impetus from the weaker Yen; USD/JPY above 151.70
• Bonds hold a bullish bias following softer UK CPI, as attention turns to the FOMC
• Crude and base metals are softer owing to the firmer Dollar and tentative risk tone
• Looking ahead, Australian PMIs,...

• APAC stocks traded cautiously and mostly rangebound ahead of the FOMC and with Japanese markets closed.
• European equity futures indicate a lower open with the Euro Stoxx 50 future -0.4% after the cash market closed up 0.5% on Tuesday.
• In the luxury sector, Kering has warned of a 20% plunge in Q1 Gucci sales.
• DXY is contained below the 104 mark, JPY lags with USD/JPY above 151.50, GBP eyes UK CPI metrics.
• Looking...

• European bourses are mixed; US equity futures are lower, RTY underperforms
• BoJ carried out a widely telegraphed and dovish exit from NIRP, YCC and ETF/J-REIT buying; RBA U/C, dovish tweak to guidance
• Dollar is firmer and trades around 104.00, JPY underperforms post-BoJ, AUD pressured post-RBA
• Bonds incrementally firmer as attention turns to US 20yr supply
• Crude and XAU are modesty softer, weighed on by the stronger...

• APAC stocks traded mixed as markets digested the first of this week's central bank announcements.
• BoJ carried out a widely telegraphed and dovish exit from NIRP, YCC and ETF/J-REIT buying.
• RBA kept rates unchanged whilst providing a dovish tweak to its guidance on rates.
• JPY and AUD lag peers post-rate decisions with USD/JPY back on a 150 handle.
• European equity futures indicate a slightly lower open with the Euro...

• Equities are in the green amid a constructive risk tone; Nvidia gains pre-market ahead of its GTC
• Dollar is flat, JPY is modestly softer and back on a 149 handle ahead of BoJ on Tuesday
• Bonds are incrementally weaker, though with price action contained
• Crude is firmer following constructive Chinese activity data and heightening geopolitical tensions
• Looking ahead, comments from Nvidia CEO...

• APAC stocks were somewhat mixed as participants brace for this week's busy slate of central bank announcements.
• China released better-than-expected Industrial Production and Retail Sales data.
• European equity futures indicate a positive open with the Euro Stoxx 50 future +0.2% after the cash market closed down 0.1% on Friday.
• DXY sits in a tight range below 103.50 with other FX majors contained. USD/JPY edged marginally above...

Week Ahead, March 18-22nd

• MON: Chinese Retail Sales (Feb), EZ Final CPI (Feb)
• TUE: BoJ Announcement, RBA Announcement; German ZEW Survey (Mar), Canadian CPI (Feb)
• WED: FOMC Announcement, PBoC LPR, BCB Announcement, CNB Announcement, BoI Announcement, Japan Market Holiday (Vernal Equinox Day); UK CPI (Feb), New Zealand GDP (Q4)
• THU: BoE Announcement, SNB Announcement, Norges Announcement, CBRT Announcement,...

• Equities are mostly modestly firmer; Adobe lower in the pre-market after soft guidance
• Dollar is flat, RENGO wage hike fails to lift the Yen
• Bonds are contained at post-PPI lows and Gilts continue to underperform
• Crude pulls back from best levels whilst copper holds at multi-month highs
• Looking ahead, US Import Prices, Canadian Wholesale Trade, UoM Inflation Expectations, Comments from ECB’s...

• APAC stocks declined amid data-related headwinds from the US including hot PPI and weak Retail Sales.
• Markets await the RENGO wage announcement and its potential ramifications for next week's BoJ policy announcement.
• European equity futures indicate a contained open with the Euro Stoxx 50 future -0.1% after the cash market closed down 0.2% on Thursday.
• DXY has gained a firmer footing above the 103 mark, EUR/USD is back below 1.09, NZD...