• APAC stocks were mostly subdued after the uninspiring handover from the US; Australia and New Zealand markets were closed for ANZAC Day.
• US equity futures were pressured with underperformance in Nasdaq 100 after Meta shares dropped over 15% post-earnings.
• European equity futures indicate a slightly softer open with the Euro Stoxx 50 future -0.1% after the cash market closed down 0.4% on Wednesday.
• DXY is steady below the 106 mark, USD/JPY...

• European bourses are mostly firmer; NQ outperforms, propped up by gains in Tech names – TSLA +10.5% pre-market, TXN +7.3%
• Dollar is firmer, AUD benefits from the risk tone and on hotter Aussie CPI, USD/JPY printed a high of 154.96
• USTs are pressured, giving back some of the PMI-induced gains; Bunds follow suit and eye YTD lows
• Crude and XAU are subdued by Dollar strength, base metals remain resilient
• Looking ahead,...

• APAC stocks gained as the region took impetus from the rally on Wall St where soft PMI data spurred a dovish reaction across asset classes.
• Tesla shares were up 13% post-earnings despite its results falling short of estimates as the Co. flagged a sooner launch of new and more affordable models.
• DXY holds below the 106 mark following yesterday's sell-off, EUR/USD is lingering around the 1.07 level, AUD boosted post-CPI.
• European equity...

• European equities are entirely in the green; US equity futures trade modestly on either side of the unchanged mark.
• Dollar is slightly softer, EUR incrementally firmer post-EZ PMI; USD/JPY hits multi-decade highs once again.
• USTs initially remained in overnight ranges but succumbed to modest selling pressure following EZ PMIs.
• Crude is marginally firmer, underpinned by EZ PMIs; XAU continues to decline and base metals...

• APAC stocks traded with a mild positive bias after the tech-led rebound stateside.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +0.5% after the cash market closed up 0.4% on Friday.
• DXY is holding above the 106 mark, EUR/USD lingers around 1.0650 and USD/JPY sits near its multi-year high.
• Crude futures edged modest gains in quiet trade, Bund futures took a breather after recently rebounding to above the 131.00...

• European bourses trade mixed; Stateside futures are entirely in the green; US “Big 6” downgraded at UBS
• Dollar is flat, Antipodeans benefit from positive risk appetite, whilst safe-havens are modestly suffer
• Bonds are pressured and contained within a tight range
• Crude is subdued given the lack of geopolitical escalation over the weekend; XAU is softer and at session lows
• Looking ahead, BoC's Market Participants...

• APAC stocks were mostly positive following the lack of any major geopolitical escalations over the weekend.
• China's benchmark Loan Prime Rates were maintained at their current levels, as expected.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +0.4% after the cash market closed down 0.4% on Friday.
• DXY remains on a 106 handle, risk-sensitive antipodeans outperform, safe-havens JPY and CHF...

Week Ahead 22nd-26th April:

• SAT: Bitcoin Halving Event (estimate)
• MON: PBoC LPR, US National Activity Index (Mar), South Korean PPI Growth (Mar)
• TUE: EZ/UK/US Flash Manufacturing PMI (Apr), US Richmond Fed (Apr), NBH Announcement, New Zealand Trade Balance (Mar)
• WED: Australian CPI (Mar), Bank of Indonesia Announcement, EZ/UK/US Flash Services and Composite PMI (Apr), German Ifo Survey (Apr), US Durable Goods...

• Equities are entirely in the red, though well off worst levels following geopolitical events overnight
• Israel conducted an operation against Iran which an Iranian official said was on a military airbase near Isfahan. However, Iran's Press TV later denied reports of a foreign attack in Iranian cities including Isfahan
• Dollar lower and around 106.00, safe-haven status benefits CHF, whilst Antipodeans lag
• Bonds are modestly firmer, though has...

• APAC stocks were lower across the board as the initial tech-related selling stemming from Wall St was exacerbated by reports of explosions in Iran following an Israeli operation although stocks are off today's worst levels as Iran downplayed and later denied the attack.
• Israel conducted an operation against Iran which an Iranian official said was on a military airbase near Isfahan. However, Iran's press TV later denied reports of a foreign attack in Iranian cities including...

• Equities mostly, but modestly firmer; TSMC beat Q1 expectations, though lower in the pre-market
• Dollar slightly lower, G10’s generally flat/firmer with newsflow light
• Bonds bid, continuing the upside seen following Wednesday’s auction
• Crude is at lows, pressured by Israel/Iran reports; XAU edges higher
• Looking ahead, US IJC, Philly Fed, Comments from ECB’s Schnabel, Fed’s Williams, Bowman & Bostic, Earnings from...

• APAC stocks traded mostly higher after gradually shrugging off headwinds from Wall Street. US equity futures recovered some of their recent losses as the mood in Asia gradually improved, albeit with price action contained. 
• European equity futures indicate a flat open with the Euro Stoxx 50 future unchanged after the cash market closed down 0.1% on Wednesday. 
• DXY was lacklustre after retreating beneath the 106.00 level,  EUR/USD sat around...

• Equities are in the green, except for the AEX, which is weighed on by poor ASML results; Luxury bellwether LVMH gains post-earnings
• Dollar is lower though still above 106.00, Antipodeans outperform and GBP benefits post-CPI
• USTs incrementally firmer, Gilts gapped lower following hotter-than-expected CPI though have pared to near unchanged
• Crude is pressured as markets await geopols updates, XAU is firmer, benefiting from recent Dollar...

• APAC stocks traded mixed as the region picked up the pieces from the prior day's heavy selling but with the recovery limited.
• Fed Chair Powell said the Fed can maintain the current rate for as long as needed if higher inflation persists.
• European equity futures indicate a positive open with the Euro Stoxx 50 future +0.2% after the cash market closed down 1.4% on Tuesday.
• DXY retains a firm footing on a 106 handle, support in EUR/USD...

• Equities are entirely in the red, continuing the negative price action seen in the prior session
• DXY holds around 106.30, Antipodeans suffer from the broader risk tone and mixed Chinese data
• Bonds are pressured, and Bunds more-so after German ZEW while Gilts gapped lower on wage numbers
• Crude is off best levels as focus remains on geopols, XAU lower
• Looking ahead, Canadian CPI, New Zealand CPI, Comments from Fed’s...

• The S&P 500 posted its largest two-day decline in more than a year with the index down 2.6% since Friday.
• APAC stocks were lower amid concerns related to a potential 'imminent' response by Israel against Iran, while markets also digested mixed data from China.
• Better-than-expected Chinese GDP for Q1 was negated by disappointing Industrial Production and Retail Sales data.
• European equity futures indicate a negative open with the Euro...

• Equities are firmer though with the FTSE 100 lagging, hampered by broader weakness in the crude complex
• Dollar flat, AUD benefits from metals strength and JPY lags
• Bonds pressured in a continuation of recent price action, Bunds looking to test 132.00
• Crude lower after the Iran attacks were mostly nullified, XAU modestly firmer
• Looking ahead, US Retail Sales, Fed's Williams, BoE’s Breeden & ECB’s Lane & de...

• APAC stocks mostly declined as participants reflected on the geopolitical events over the weekend and disappointing Chinese trade data.
• Iran launched its first direct attack on Israel which was largely intercepted with very little damage caused.
• European equity futures indicate a marginally higher open with the Euro Stoxx 50 future +0.4% after the cash market closed down 0.2% on Friday.
• DXY is pivoting around the 106 mark, JPY remains on the...

Week Ahead 15-19th April

• MON: PBoC MLF, Swiss PPI (Mar), EZ Industrial Production (Feb), US Retail Sales (Mar), South Korea Import/Export Price Growth (Mar)
• TUE: Chinese GDP (Q1)/Industrial Production (Mar)/Retail Sales (Mar), UK Jobs Report (Mar/Feb), German ZEW Survey (Apr), US Building Permits (Mar), Canadian CPI (Mar), US Industrial Production (Mar), New Zealand CPI (Q1)
• WED: Special European Council, Japanese Trade Balance (Apr),...

• European bourses are entirely in the green, Stateside futures are contained on either side of the unchanged mark
• Dollar is bid which has weighed on G10 peers, with EUR down to 1.0657
• Fixed complex higher with Bunds outperforming as markets digest Thursday’s ECB announcement and Fed divergence
• Crude is bid given the heightened geopolitical environment, XAU makes record highs
• Looking ahead, Uni. of Michigan (Prelim.),...

• APAC stocks traded mixed despite the gains on Wall St, with participants in the region cautious as they awaited the latest Chinese trade data. 
• DXY was flat after mixed inflationary signals, EUR/USD remained lacklustre post-ECB, and USD/JPY took a breather and held on to the 153.00 status. 
• ECB sources said as many as five officials needed extra convicting to hold back from rate cuts at Thursday's meeting and stronger-than-expected inflation data out of...

• Equities are mostly lower, continuing the sell-off seen in the prior session; the RTY underperforms
• Dollar is flat and firmly above 105, USD/JPY back on a 153 handle
• USTs contained at post-CPI lows whilst Bunds dip lower ahead of the ECB
• Crude is incrementally firmer, XAU rangebound and base metals little changed despite softer Chinese inflation figures
• Looking ahead, US IJC & PPI, ECB Policy Announcement &...

• APAC stocks were subdued after hotter-than-expected US CPI reverberated across global markets.
• Softer-than-expected Chinese CPI and persistent producer price deflation kept the door open for future support measures.
• European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed up 0.2% on Wednesday.
• DXY has held onto 105 status, USD/JPY ventured above 153, EUR/USD heads into the ECB on a...

• European bourses are firmer across the board, US futures contained into CPI
• DXY and USTs broadly steady ahead of the main US events
• Gilts bounced back to unchanged post-supply after initial underperformance, Bunds off best after their own auction
• Crude benchmarks modestly firmer in thin ranges, XAU contained while base metals grind higher
• Looking ahead, highlights include US CPI, BoC Policy Announcement, FOMC...

• US stocks eventually eked slight gains, APAC stocks traded mixed ahead of upcoming risk events and a slew of market closures.
• Fitch revised China's outlook to Negative and affirmed its rating at A+.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +0.6% after the cash market closed down 1.1% on Tuesday.
• RBNZ kept the OCR unchanged as expected and noted that a restrictive monetary policy stance remains...