• APAC stocks were mostly subdued and failed to sustain the early momentum from last Friday’s rally on Wall St.
• US House Speaker Johnson unveiled a GOP stopgap funding bill which includes January and February end dates; proposal was criticised by the White House.
• Moody’s affirmed US at AAA; Outlook Cut to Negative from Stable on Friday.
• DXY is steady on a 105 handle, JPY lags G10 FX, most other majors are broadly...

• MON: OPEC OMR, Canadian Remembrance Day (Observed).
• TUE: IEA OMR; UK Average Earnings/Unemployment (Oct/Sep), EZ Employment (Q3), German ZEW (Nov), US NFIB (Oct), CPI (Oct), Japanese GDP (Q3).
• WED: Chinese Retail Sales/Industrial Output (Oct), UK CPI (Oct), EZ Trade Balance (Sep), US PPI Final Demand (Oct), Retail Sales (Oct), Japanese Trade Balance (Oct).
• THU: CBRT FSR (Oct); Australian Employment (Oct), Chinese House Prices (Oct),...

• European bourses slump, whilst US futures meander on either side of the unchanged level; NQ underperforms on higher yields
• Bonds continue to sell-off following yesterday’s hawkish leaning comments from Fed Chair Powell and a dismal US long bond auction
• DXY is slightly lower, edging towards session lows of 105.76 with G10’s generally lifeless against the Dollar
• Crude benchmarks extend gains and entirely pare back the losses seen late in...

• APAC stocks traded lower across the board as the downbeat sentiment from Wall Street reverberated to the region following the poor 30-year US auction coupled with Powell’s hawkish lean, whilst the APAC region itself digested earnings and China’s ongoing woes.
• Fed Chair Powell leant hawkish following the dovish repricing seen last week in the wake of the FOMC and NFP jobs report. Powell did not comment on the NFP report specifically, but maintained his view the labour market remains tight...

• European bourses march firmly into the green whilst US futures post gains to a lesser extent; RTY outperforms after heavy losses in recent sessions
• Dollar is firmer ahead of Fed Chair Powell, with the Kiwi outperforming as it benefits from AUD/NZD cross-selling
• Debt gives back some of the prior session's gains with US 10-year yield surpassing 4.50%, though benchmarks are off worst
• Crude attempts to claw back some of the losses felt over the...

• APAC stocks traded mostly firmer following a similar lead from Wall Street; Chinese markets saw more of a muted performance.
• DXY traded flat within a tight range on either side of 105.50, USD/JPY remained just under 151.00, and Antipodeans outperformed.
• European equity futures are indicative of a contained open with the Eurostoxx 50 -0.1% after the cash market closed +0.6% yesterday.
• US military forces confirm it conducted a self-defence...

• European bourses post modest losses whilst the NQ & ES teeter around the unchanged mark, RTY lags slightly.
• Bonds extended gains with Gilts outpacing counterparts though ultimately fell short of 96.00 level, with the complex now off best levels & USTs lower.
• USD bid with the index printing a 105.87 high, putting downward pressure on G10 peers; GBP bearing the brunt & largely attributed to outperformance in Gilts.
• Crude continues...

• APAC stocks traded mixed/mostly firmer following a similar lead from Wall Street, with the breadth of markets in APAC hours particularly narrow.
• DXY held a modest upward bias with G10s mostly subdued in what was a contained session for FX.
• European equity futures are indicative of a subdued open with Euro Stoxx 50 future -0.3% after cash markets closed -0.1% yesterday.
• US Treasury said no trade partners manipulated currencies; China remains...

• European equities/US futures in the red with sentiment sour ahead of a busy day of Fed speak
• Fixed benchmarks are back in bull-flattening mode, lifting from yesterday’s lows pre-supply
• DXY firmly above 105.50, whilst Antipodeans sink on weaker sentiment and post-RBA hike
• As expected, the RBA announced a 25bps hike, ensuing initial upside in the AUD before slipping on weaker forward guidance
• Crude benchmarks pare back...

• APAC stocks were softer across the board following the prior day’s gains and the choppy/mixed lead from Wall Street.
• DXY gradually inched higher towards the top end of a 105.25-42 APAC range with G10s softer against the Buck to varying degrees.
• RBA hiked its Cash Rate by 25bps as expected to 4.35% from 4.10%, while forward guidance saw a dovish tweak.
• European equity futures are indicative of a softer open with the Eurostoxx 50 -0.3% after...

• European bourses slip into the red while US futures remain afloat with fresh catalysts somewhat light
• Crude bolstered after Friday's pressure alongside ongoing geopols and a handful of bullish catalysts
• DXY sub-105.00 with peers generally extending gains, though JPY & NZD are capped
• Bonds hand back some of Fridays post-data gains, yields modestly firmer across the curve
• Looking ahead, highlights include Canadian...

• APAC stocks traded higher across the board following the post-NFP tailwinds from Wall Street on Friday; South Korea outperformed after a stock short-selling ban.
• DXY had a softer bias throughout the session, while G10s were largely flat; UST and Bund futures were subdued and JGB futures gapped higher.
• European equity futures are indicative of a flat open, with the Euro Stoxx 50 future -0.1% after cash markets closed +0.2% on Friday.
• Israeli...

• MON: FOMC SLOOS, BoJ Minutes (Sep), BoC Market Participants Survey; Japanese Jibun Final Composite/Services PMIs (Oct), German Industrial Orders (Sep), EZ Final Construction/Services PMIs (Oct), UK Final Construction PMI (Oct), US Employment Trends (Oct).
• TUE: RBA Policy Announcement, EIA STEO; Chinese Trade Balance (Oct), EZ Producer Prices (Sep), US International Trade (Sep), Canadian Trade Balance (Sep).
• WED: BoC Minutes (Oct), NBP Policy...

• European bourses are marginally firmer ahead of Tier 1 events while US futures are slightly softer post-AAPL
• USD depressed pre-data with NZD outperforming & JPY contained, CAD cautious ahead of its own jobs numbers
• Bunds & Gilts towards the low-end of their parameters with USTs modestly bid
• Crude benchmarks are modestly firmer as we await remarks from Hezbollah's Nasrallah
• Looking ahead, highlights include US...

• Apple was seen lower by 3.4% in after-hours trade amid declining product revenues and soft Chinese performance.
• APAC stocks traded higher as regional bourses tracked the advances in global peers, while disappointing Caixin Services PMI did little to derail the momentum.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.5% after cash market closed up by 1.9% yesterday.
• DXY is softer and just above the 106 mark,...

• European bourses & US futures are benefitting from a continuation of the post-Fed/Powell price action
• DXY pressured to a 106.15 trough with fixed income bid and long-end yields under pressure
• USD/JPY pressured on the latest BoJ sources while the NOK is ultimately softer after the Norges Bank
• Commodities lifted given the above with specifics somewhat light thus far
• Iran warned of “harsh consequences” if a...

• FOMC kept rates unchanged as expected and Chair Powell downplayed the September dot plots.
• APAC stocks mostly followed suit to the gains on Wall St which were spurred by soft data and Powell comments.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.7% after cash market closed up by 0.8% yesterday.
• DXY remains softer post-FOMC, EUR/USD pivots around the 1.06 mark, USD/JPY continues to pull back from...

• US futures are a touch softer ahead of Tier 1 events while European bourses have recovered slightly from initial downside with overall action fairly contained
• USD bid with the index eclipsing its end-October peak, JPY attempts to claw back post-BoJ downside while NZD slips after jobs numbers
• Fixed benchmarks cautious but have managed to benefit modestly from the risk tone
• Crude lifted by Iran’s Khamenei reiterating his call for Muslim...

• APAC stocks traded predominantly higher albeit with upside capped as the region digested disappointing Chinese Caixin Manufacturing PMI
• Chinese Caixin Manufacturing PMI Final (Oct) 49.5 vs. Exp. 50.8 (Prev. 50.6)
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.4% after cash markets closed up by 0.8% yesterday
• DXY is contained following yesterday's gains, JPY attempts to claw back lost ground but...

• BoJ maintained NIRP and the 10yr JGB yield target at 0% but widened the reference range to 100bps up or down from target
• European bourses & US futures in the green, with Europe unreactive to CPI & GDP data
• Action which followed mixed APAC trade given numerous data release incl. disappointing Chinese PMIs
• USD/JPY to 150.76 peak, DXY below 106.0 with EUR bid while Antipodeans diverge
• Fixed benchmarks...

• APAC stocks traded mixed amid a deluge of data releases at month-end including disappointing Chinese official PMIs
• BoJ maintained NIRP and the 10yr JGB yield target at 0% but widened the reference range to 100bps up or down from target
• European equity futures are indicative of a slightly softer open with the Euro Stoxx 50 -0.2% after cash markets closed higher by 0.4% yesterday
• DXY is firmer and just below the 106.50 mark, JPY lags...

• European bourses and US futures in the green ahead of a packed week of Tier 1 events
• DXY slips with AUD outperforming post-data while EUR & JPY are conscious of OpEx
• Debt fades from initial highs with Gilts and USTs now in the red but Bunds still just firmer post-data
• Crude & XAU a touch softer as geopolitical risk premium unwinds slightly from Friday
• Looking ahead, highlights include German Prelim CPI,...

• APAC stocks ultimately traded mixed but with the major indices mostly in the red as geopolitics continued to dominate headlines ahead of month-end and this week’s slew of upcoming risk events.
• DXY was rangebound, EUR/USD traded steadily, 10-year UST futures were contained, and Bund futures remained firmer after last week’s spoils and recent ECB commentary regarding no more hikes.
• Crude futures reversed most of Friday's gain, while reports also noted Saudi could...

Week Ahead 30th October - 3rd November

• MON: German Prelim CPI (Oct), EZ Sentiment Survey (Oct), Japanese Retail Sales (Sep) and Industrial Output (Sep)
• TUE: BoJ Announcement + Outlook Report, Chinese Official PMIs (Oct), EZ Flash CPI (Sep) and GDP (Q3)
• WED: FOMC & BCB Policy Announcements, RBNZ FSR, All Saints Day; Japanese Jibun Final Manufacturing PMI (Oct), Chinese Caixin Final Manufacturing PMI (Oct), UK & US Final...

• US futures are firmer as broader risk appetite is supported post-AMZN/INTC
• European bourses experience divergence as the above tone is offset in places by marked losses in heavyweight Sanofi post-results
• DXY remains above the 106.50 mark with the JPY around 150.00 where marked OpEx resides, PPI supports AUD
• Core fixed income awaits US PCE but retain an underlying bid
• Crude benchmarks benefit from a flare-up in...