Week Ahead 29th January - 2nd February 2024

• SUN: New Zealand Trade Balance
• MON: Japanese Unemployment (Dec)
• TUE: Israel Municipal Elections; Spanish Flash CPI (Jan), Swiss KOF (Jan), German Flash GDP (Q4), EZ Flash GDP (Q4), EZ Consumer Confidence Final (Dec), US Home Prices (Nov), JOLTS (Dec), Japanese Retail Sales (Dec)
• WED: Australian CPI, FOMC & BCB Policy Announcements, BoJ SOO (Jan); Chinese NBS PMIS...

• European bourses are firmer, with significant outperformance in the CAC40 lifted by the Luxury sector, post-LVMH earnings
• Dollar is around flat, EUR modestly firmer with price action contained ahead of US PCE
• Bonds are modestly firmer and in proximity to yesterday’s highs
• Crude benchmarks are pulling back marginally; base metals are a touch softer with specifics light
• Looking ahead, US PCE, Earnings from American...

• APAC stocks failed to sustain the broad positive momentum from Wall St with the region mostly lower in quietened conditions and amid a lack of fresh drivers.
• Tokyo inflation data showed the slowest pace of core inflation in Japan's capital area since March 2022.
• FX markets are contained with the DXY sitting just above the 103.50 mark, USD/JPY was indecisive post-Tokyo CPI.
• European equity futures indicate a flat open with Euro Stoxx 50...

• European bourses are generally weaker, with the exception of the AEX which benefits from ASML; US equity futures are mixed, with the RTY outperforming
• Tesla (-7.9%) is significantly lower in the pre-market after its results missed, noting that 2024 vehicle growth will be lower than the prior year.
• Dollar is marginally weaker, EUR flat and JPY marginally weaker
• Bonds hold a bearish tone following yesterday's hot data and disappointing US 5yr...

• APAC stocks were mostly positive but with gains capped as markets digested a slew of earnings releases and the recent upside in global yields.
• European equity futures are indicative of a softer open with Euro Stoxx 50 future -0.1% after the cash market closed up 2.2% on Wednesday.
• DXY is back on a 103 handle, EUR/USD failed to sustain 1.09 status, USD/JPY has moved closer to 148.
• Tesla Inc (TSLA) Q4 2023 (USD): Adj. EPS 0.71 (exp. 0.74),...

• European equities are on a very strong footing following Chinese RRR cuts, with Tech also doing much of the hefty lifting; US equity futures are firmer, with NQ outperforming
• NFLX +9.7% pre-market; SAP & ASML firmer, post-earnings
• Dollar is weaker, EUR and GBP firmer post PMI data and Yen continues prior day’s strength
• Bonds bid after softer German PMI data, Gilts turn negative after its own firmer...

• APAC stocks traded mixed following a similar lead from the US with participants digesting earnings, recent hawkish BoJ comments and Chinese support pledges.
• Netflix Inc (NFLX) Q4 2023 (USD): EPS 2.11 (exp. 2.22), Revenue 8.83bln (exp. 8.71bln), Streaming paid net change +13.12mln (exp. +8.91mln); Co. shares +8.7% after-hours.
• European equity futures are indicative of a higher open with Euro Stoxx 50 future +0.8% after the cash market closed down 0.3% on...

• European equities are weaker despite starting the session on a firmer footing; US equity futures oscillate the unchanged mark, though the RTY outperforms
• Dollar is softer largely as a function of a firmer JPY after BoJ Ueda’s hawkish-leaning press conference
• Bonds are softer, in tandem with JGB price action; US supply later today
• Crude is softer, giving back the prior day’s advances; Base metals are entirely in the green, benefitting from...

• APAC stocks mostly gained after the fresh record levels on Wall St, while the region also digested the BoJ and reports of a potential Chinese equity market rescue package.
• China is said to consider an equity market rescue package backed by USD 278bln, according to Bloomberg sources.
• BoJ kept its policy settings unchanged as expected and made no change to its forward guidance.
• European equity futures are indicative of a contained open with...

• European bourses are firmer but within contained ranges, in the absence of any pertinent catalysts; US equity futures are modestly firmer, NQ outperforms as Tech continues to gain
• Dollar trades around flat, G10’s generally rangebound in light of a quiet start to a busy week
• Bonds lift, albeit incrementally, as attention turns to key central bank events starting from tomorrow
• Crude is marginally firmer as geopolitical themes remain in focus;...

• APAC stocks were mixed following a catalyst-light weekend and as weakness in Chinese stocks clouded over the early momentum from last week's record levels on Wall Street.
• Fed's Daly (2024 voter) said on Friday there is a lot of work left to do on inflation, adding it is premature to think rate cuts are around the corner.
• European equity futures are indicative of a higher open with Euro Stoxx 50 future +0.8% after the cash market closed down 0.1% on...

Week Ahead 22-26th January

• MON: PBoC LPR (Jan); Swiss M3 (Dec), US Leading Index (Dec
• TUE: BoJ Policy Announcement, New Hampshire Primary; US Richmond Fed (Jan), New Zealand CPI (Q4), Australian Flash PMIs (Jan), Japanese Trade Balance (Dec)
• WED: BoC Policy Announcement; Japanese Flash PMIs (Jan), South African CPI (Dec), EZ, UK & US Flash PMIs (Jan), UK CBI (Jan)
• THU: ECB, Norges Bank, SARB & CBRT...

• European bourses and US futures are modestly firmer across the board; the NQ leads the gains as Tech continues yesterday’s strength.
• The Dollar is flat whilst GBP marginally underperforms following soft UK Retail Sales data, AUD is bid on firmer base metals and a positive risk tone.
• Treasuries and Bunds are contained whilst Gilts outperform following UK data.
• Crude continues to build on the prior day’s strength with a lack of pertinent...

• APAC stocks mostly took impetus from the tech-led advances on Wall St.
• US Congress passed the stopgap funding bill to avert a government shutdown.
• European equity futures are indicative of a higher open with Euro Stoxx 50 future +0.4% after the cash market closed up 1.1% on Thursday.
• DXY is steady below 103.50, EUR/USD eyes 1.09, JPY has lost further ground vs. the USD.
• Japanese inflation mostly matched...

• European bourses are mixed, with clear outperformance in the CAC 40 as Richemont earnings lift the luxury sector; US equity futures trade in tandem, with NQ leading amid tailwinds from TSMC earnings.
• Dollar is flat with a slight negative bias, Antipodeans are bid in-fitting with risk tone, and JPY trims some of yesterday's losses.
• Bonds contained in catalyst-thin trade; Treasuries grind higher attempting to pare US Retail Sales low, Bunds underperform amid the...

• APAC stocks traded mixed with the region mostly negative after the unwinding of central bank rate cut pricing.
• European equity futures are indicative of a contained open with Euro Stoxx 50 future flat after the cash market closed down 1.0% on Wednesday.
• DXY is a touch softer vs. peers, EUR/USD eyes 1.09, USD/JPY failed to hold above 148.
• Crude futures marginally extended on the prior day's rebound amid geopolitical risks, Bunds languish near...

• European bourses and US futures are entirely in the red owing to a soured risk tone and mixed Chinese data overnight
• Dollar is firmer, Pound is bid following hotter-than-expected UK CPI and Antipodeans lag
• Bonds weaker amid hawkish central bank speak and hot UK CPI; Fed speak & Retail Sales due
• Crude sinks due to a firmer Dollar & mixed Chinese data; XAU is weaker though losses are cushioned amid haven flows, base metals entirely in...

• APAC stocks were mostly pressured after the recent upside in yields, while participants also digested mixed Chinese GDP and activity data.
• Chinese GDP YY (Q4) 5.2% vs. Exp. 5.3% (Prev. 4.9%), IP YY (Dec) 6.8% vs. Exp. 6.6% (Prev. 6.6%), Retail Sales YY (Dec) 7.4% vs. Exp. 8.0% (Prev. 10.1%).
• European equity futures are indicative of a lower open with Euro Stoxx 50 future -0.9% after the cash market closed down 0.2% on Tuesday.
• DXY hovers...

• European bourses are weaker following a negative handover from APAC trade, with US futures also pressured amid yield upside & into earnings
• Dollar is firmer and Antipodeans are lower amid the risk-averse mood; GBP weighed by Dollar strength and softer UK wage metrics
• Bonds mixed, with Treasuries pressured as markets react to hawkish ECB speak; Gilts eventually firm post dovish data
• Crude continues to gain despite Dollar strength amid...

• APAC stocks were pressured in the absence of a lead from Wall Street and amid the upside in yields.
• European equity futures are indicative of a lower open with Euro Stoxx 50 future -0.6% after the cash market closed lower down 0.6% on Monday.
• Risk-aversion has provided the USD with a bid as DXY eyes 103, USD/JPY is back on a 146 handle, antipodeans lag.
• Bund futures languished at the prior day's lows after ECB officials suggested it is too...

• APAC stocks were mostly rangebound after the lack of significant incremental catalysts over the weekend.
• Taiwan ruling DPP’s William Lai won the presidential election with around 40% of votes, although the party did not win a parliamentary majority.
• Fed’s Bostic (voter) warned that US progress on inflation is likely to slow and believes rates need to stay on hold until at least summer, via FT.
• US congressional leaders have reached an...

Week Ahead 15-19th January

• SAT: Taiwanese Elections.
• MON: Iowa Republican Caucuses, Eurogroup Meeting, Davos WEF Begins (15th-19th); Indian WPI (Dec), German Wholesale Price Index (Dec), Swedish CPIF (Dec), EZ Trade (Nov)
• TUE: German Final CPI (Dec), ZEW (Jan), Norwegian GDP (Nov), US NY Fed Manufacturing (Jan), Canadian CPI (Dec)
• WED: OPEC MOMR; UK CPI (Dec), US Import/Export Prices (Dec), Retail Sales (Dec),...

• European equities are markedly firmer with sectoral performance led by geopolitical tensions and a negative Burberry update; US mixed into bank earnings
• US & UK conducted a joint strike against Houthi targets in Yemen, which has led to marked upside in Crude; Brent back above USD 80/bbl
• Dollar is marginally firmer awaiting US PPI, Antipodeans firmer in-fitting with the risk tone
• Treasuries are unchanged whilst EGBs are modestly firmer...

• APAC stocks traded mixed with the major indices mostly rangebound alongside geopolitical concerns and Chinese data.
• US and UK conducted a joint strike against Houthi targets in Yemen.
• Chinese trade data either improved or topped forecasts, while inflation figures were mixed but ultimately deflationary on a Y/Y basis.
• European equity futures are indicative of a higher open with Euro Stoxx 50 future +0.7% after the cash market closed lower by...

• Equities are firmer, though have been dipping lower as attention turns to US CPI and geopolitics intensify
• Oil tanker (St. Nikolas) has reportedly been boarded by Iranians in the Gulf of Oman; prompting crude upside and denting risk appetite somewhat
• Dollar is flat and Yen falls back below the 145.50 level; Kiwi outperforms benefitting from AUD/NZD cross
• Bonds bid though within ranges, benchmarks seemingly capped by energy upside ahead of US...