• US stocks finished lower in a choppy session with catalysts extremely light; APAC stocks were mixed with the regional bourses mostly rangebound amid a slew of earnings releases and with the mood tentative.
• European equity futures are indicative of a firmer open with the Euro Stoxx 50 +0.6% after the cash market closed up by 0.7% yesterday.
• DXY traded flat around the 102.50 level as participants lacked conviction heading into the US CPI data; 10yr UST futures were...

• European bourses are firmer as the tone improves while US futures attempted to claw back recent downside
• DXY dips under 102.50, Yuan in focus during APAC hours given Chinese inflation; Antipodeans lead
• Core fixed benchmarks are relatively contained, Gilts bid and Bunds pressured post supply, US 10yr due
• Crude benchmarks inch higher, with focus on earlier Saudi updates while metals derive support from the USD
• Chinese...

• APAC stocks traded mixed as participants digested a deluge of earnings releases and the latest inflation data from China
• Chinese inflation data was mixed but showed consumer prices in deflationary territory for the first time in more than two years
• European equity futures are indicative of a firmer open with the Euro Stoxx 50 +0.9% after the cash market closed down by 1.1% yesterday
• DXY is a touch softer, EUR/USD remains sub-1.10, USD/JPY...

• European bourses are lower given the risk tone post-China trade, banking names lag after an Italian windfall tax
• Stateside, futures are also in the red and feature continued underperformance in the RTY
• Given the tone after downbeat Chinese trade the DXY continues to lift with Antipodeans lagging
• Bunds surpassed last week’s best after a strong Bobl auction with the complex bid on the tone ahead of US 3yr supply & Fed...

• APAC stocks traded mixed after the early optimism following the positive lead from Wall St was soured
• This came as Chinese markets entered the fray, while the region also digested disappointing Chinese trade data
• European equity futures are indicative of a slightly lower open with the Euro Stoxx 50 -0.1% after the cash market closed up by 0.1% yesterday
• DXY heads into the European session firmer, JPY lags with USD/JPY above 143, EUR/USD...

• European bourses are pressured with fresh drivers light and price action continuing from subdued APAC trade
• Stateside, futures are more constructive with the NQ leading despite yield upside given last week’s pressure
• DXY is bid to the detriment of G10 peers with havens lagging as yields lift
• Debt dips with Central Bank speak taking centre stage; Bowman said more hikes likely while Williams said we are pretty close to peak...

• APAC stocks began the week mostly negative following on from last Friday's late retreat on Wall Street.
• Fed’s Bowman (voter) said more US rate hikes will likely be needed.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.3% after the cash market closed up by 0.7% on Friday.
• FX markets are contained with DXY steady just above 102, JPY marginally lags, EUR/USD eyes 1.10 to the...

Week Ahead August 7th - 11th

• MON: BoJ Summary of Opinions, German Industrial Output (Jun), EZ Sentix Index (Aug)
• TUE: EIA STEO, Chinese Trade Balance (Jul), German Final CPI (Jul), Canadian Trade Balance (Jul)
• WED: Chinese Inflation (Jul)
• THU: RBI Announcement, Banxico Announcement, OPEC MOMR, US CPI (Jul)
• FRI: IEA OMR, UK GDP (Jun), French/Spanish Final CPI (Jul), US PPI (Jul), US Uni...

• European bourses and US futures are modestly firmer with updates limited aside from numerous corporate developments pre-NFP
• AMZN +8.8% & AAPL -1.8% pre-market; Berkshire Hathaway reports on the weekend
• DXY is firmer but yet to lift above 102.50, Antipodeans outperform while havens pare some of their recent gains
• Fixed benchmarks dip to incremental WTD lows with the week’s bearish drivers still in play
• WTI and...

• APAC stocks traded mixed as most bourses in the region lacked firm direction after a lacklustre handover from the US
• Apple were lower by 2% after-hours as earnings once again showed declining sales, whilst Amazon was boosted by 8.7% following solid results
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.4% after the cash market closed down by 0.7% yesterday
• DXY is flat just below the 102.50 mark...

• European bourses & US futures continue to slump in an extension of Wednesday’s price action with yields on the up
• EGBs/USTs continue to drop and have made new lows below the post-Refunding/Fitch trough, Gilts pressured further pre-BoE
• Further upside for the USD with JPY outperforming on haven action while EUR & GBP slip
• Commodities are in-fitting with the above risk tone and accompanying USD strength; complex is conscious of punchy...

• APAC stocks mostly followed suit to the weakness in global peers, albeit with some of the losses stemmed in Asia as participants digested Chinese Caixin PMI figures.
• European equity futures are indicative of a marginally softer open with the Euro Stoxx 50 -0.1% after the cash market closed down by 1.6% yesterday.
• DXY remains on the front foot, EUR/USD has moved lower on a 1.09 handle, Cable sits below 1.27 pre-BoE, JPY lags post-BoJ unscheduled bond-buying...

• European bourses & US futures are in the red as sentiment continues to deteriorate from the APAC/Wall St. handover
• Fitch cut the US' sovereign rating from AAA to AA+; Outlook revised to Stable from Watch Negative.
• DXY benefits from the soured tone with JPY outperforming while EUR & GBP prove relatively resilient to the USD
• EGBs are firmer and benefiting from haven allure with USTs bid as such and giving up some pre-Quarterly...

• APAC stocks traded lower following the mostly negative lead from Wall St where sentiment was dampened by higher yields and weak data
• Fitch cut US sovereign rating from AAA to AA+; Outlook revised to Stable from Watch Negative
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.7% after the cash market closed down by 0.9% yesterday
• DXY is firmer and on a 102 handle, JPY leads the majors, antipodeans lag, EUR/USD...

• European bourses are in the red with initial catalysts light but sentiment deteriorating further alongside Final PMIs
• Stateside, futures also pressured but magnitudes are more contained ahead of manufacturing data
• DXY continues to climb to the detriment of G10 peers, AUD lags post-RBA maintained its Cash Rate
• EGBs slip despite deteriorating risk and welcome EZ PMI commentary re. inflation; USTs mixed
• Crude slumps as...

• APAC stocks were mostly higher following the positive lead from Wall St where the S&P 500 notched its 5th consecutive monthly gain.
• RBA maintained its Cash Rate Target unchanged at 4.10% and noted that some further tightening of monetary policy may be required.
• AUD lags post-RBA, JPY is also on the backfoot, DXY oscillates around the 102 mark, EUR/USD sits just below 1.10.
• European equity futures are indicative of a flat open with...

• European bourses are mixed/steady around the unchanged mark, with US futures following suit
• Action which follows mostly firmer APAC trade given Wall St. momentum, Chinese stimulus and despite mixed PMIs
• DXY is on the front-foot despite some month-end model predictions; JPY standout laggard while Antipodeans outperform
• Fixed income remains pressured though JGBs have steadied after unscheduled 5-10yr purchases, EGBs unreactive to Flash...

• APAC stocks headed into month-end mostly on the front foot as participants digested the latest support efforts from China and mixed PMI data.
• Chinese headline Manufacturing PMI slightly topped forecasts but remained in contraction territory and Non-Manufacturing PMI disappointed with the slowest pace of increase since December 2022.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.5% after the cash market closed up by 0.4% on...

Week Ahead July 31st - August 4th

• MON: Japanese Retail Sales (Jun), Chinese Official PMI (Jul), German Flash GDP (Q2), New Zealand Labour Cost Index (Q2)
• TUE: RBA Announcement, Chinese Caixin Manufacturing Final PMI (Jul), German/EZ Unemployment Rates (Jul), EZ/UK/US Final Manufacturing PMIs (Jul), US ISM Manufacturing PMI (Jul), New Zealand Jobs Report (Q2)
• WED: BCB Announcement, US ADP Employment (Jul)
• THU:...

• BoJ kept monetary policy settings unchanged but announced it will guide YCC more flexibly with fixed rate operations for 10yr JGB to be conducted at 1.0% (prev. 0.5%).
• At the post-meeting presser, BoJ Governor Ueda emphasised the need for continued monetary easing, stating that the bank is prepared to further ease policy if required.
• European equities are a mixed bag as the dust settles on yesterday’s ECB announcement and the overnight BoJ...

• BoJ kept monetary policy settings unchanged but announced it will guide YCC more flexibly with fixed rate operations for 10yr JGB to be conducted at 1.0% (prev. 50bps).
• APAC stocks are mixed with underperformance in the Nikkei 225 as markets digest the fallout from the BoJ.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.4% after the cash market closed up by 2.3% yesterday.
• JPY is the standout outperformer in...

• European bourses in the green in a continuation of APAC trade with a blockbuster earnings docket influencing
• US futures firmer and the NQ outperforms following Meta’s after-hours report, META +8.3%
• DXY pressured to near 100.50 with EUR & JPY taking advantage ahead of their rate decisions, Antipodeans lead given risk sentiment
• Crude benchmarks bid intraday given risk & USD, with both precious and base metals...

• The Fed hiked rates by 25bps to 5.25%-5.50%, as expected, with the statement a copy & paste job from June.
• Markets initially perceived the presser as dovish after Powell avoided committing to future rate hikes and stressed a data-dependent approach.
• US equity futures edged higher overnight with NQ boosted by Meta shares post-earnings, APAC stocks were also firmer.
• European equity futures are indicative of a higher open with the Euro...

• European bourses are generally subdued with the Euro Stoxx 50 weighed on by LVMH -4.4%
• Stateside, futures are more contained pre-FOMC and as participants digest after-hours MSFT & GOOGL updates
• DXY continues to slip amid ongoing JPY strength with EUR benefitting as the three regions near policy announcements; AUD lags post-CPI
• Crude benchmarks a touch softer intraday after Tuesday’s multi-month peaks with base metals in-fitting, XAU...

• APAC stocks traded mixed with most bourses lacking firm direction heading into the FOMC later today.
• European equity futures are indicative of a softer open with the Euro Stoxx 50 -0.4% after the cash market closed up by 0.2% yesterday.
• DXY was contained on a 101 handle, EUR/USD languished below 1.11, Cable eyes 1.29, AUD soft post-CPI.
• Softer-than-expected inflation data from Australia supported the argument for the RBA to continue its...