• 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...

• APAC stocks were somewhat mixed with the region's bourses mostly tentative despite gains on Wall Street.
• US stocks were firmer after the latest CPI data all but confirmed the likelihood of an unchanged Fed rate.
• European equity futures are indicative of a softer open with the Euro Stoxx 50 -0.1% after the cash market closed up 0.7% yesterday.
• DXY is contained ahead of the FOMC, EUR/USD lingers below 1.08, GBP/USD maintains 1.26...

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To download the report, please click here If you would like to subscribe to receive the research sheets directly in your inbox, you can now do so under the Research Suite section of the portal. To subscribe simply check the box next to "Email these reports" under the desired category. 

• European bourses & US futures are firmer but off best levels in a continuation of Monday’s action and ahead of US CPI
• NQ is the outperformer as the tech sector benefits from Oracle strength post-earnings
• USD dips pre-inflation while GBP lifts post-jobs/wages, Yuan attempts to recover after PBoC action
• Gilts continue to lag, impacted by data, supply and BoE rhetoric while USTs are once again more contained
• Crude...