• APAC stocks were ultimately mixed with price action somewhat choppy following the similar performance stateside.
• US President Trump responded "We'll see" when asked if reciprocal tariffs are still coming on Wednesday.
• European equity futures indicate a marginally positive cash market open with Euro Stoxx 50 future up 0.2% after the cash market closed with gains of 0.6% on Tuesday.
• FX markets are broadly steady asides from JPY which is the...

• US President Trump signed proclamations to reimpose a 25% tariff on steel and aluminium imports and declared there are no exceptions or exemptions, effective March 12th.
• US President Trump said they are looking at tariffs on cars, pharmaceuticals and chips and will hold meetings over the next four weeks, while they will do reciprocal tariffs over the next two days; Trump also commented that tariffs on metals could go higher and he does not mind if other countries...

• US President Trump signed proclamations to reimpose a 25% tariff on steel and aluminium imports and declared there are no exceptions or exemptions, effective March 12th.
• US President Trump said they are looking at tariffs on cars, pharmaceuticals and chips and will hold meetings over the next four weeks, while they will do reciprocal tariffs over the next two days; Trump also commented that tariffs on metals could go higher and he does not mind if other countries...

• US President Trump said he will announce 25% tariffs on all steel and aluminium coming into the US on Monday and unveil reciprocal tariffs on Tuesday or Wednesday which will go into effect almost immediately.
• Stocks hold a positive bias despite tariff updates from Trump; NQ outperforms, whilst US steel names surge.
• USD is mixed vs. peers as tariff updates dominate newsflow; JPY underperforms.
• USTs are flat, Bunds are a touch higher as tariff...

• APAC stocks saw mixed price action as participants reflected on last Friday's NFP print and President Trump's latest tariff remarks.
• US President Trump said he will announce 25% tariffs on all steel and aluminium coming into the US on Monday and unveil reciprocal tariffs on Tuesday or Wednesday which will go into effect almost immediately.
• European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 future up 0.3% after the cash market...

• SUN: Chinese Inflation (Jan)
• MON: Norwegian CPI (Jan) and GDP (Q4/Oct), EZ Sentix Index (Feb), UK GDP (Q4)
• TUE: EIA STEO
• WED: OPEC MOMR, US CPI (Jan)
• THU: IEA OMR, NZ Inflation Forecasts (Q1), UK GDP (Dec), Swiss CPI (Jan), EZ Industrial Production (Dec), PPI Final Demand (Jan)
• FRI: CBR Announcement, EZ Flash GDP Estimate (Q4), US Retail Sales (Jan)

US-CHINA...

• Stocks and bonds trade tentatively ahead of US NFP and ECB Natural Interest Rate.
• AMZN -2.6% pre-market after it beat expectations but issued weak Q1 guidance.
• USD mixed vs. peers ahead of NFP, GBP is attempting to recoup lost ground, havens narrowly lag.
• Upward bias in industrial commodities while precious metals await US jobs.
• Looking ahead, ECB Staff Revision of Natural Interest Rate, US NFP, Payrolls Benchmark...

• APAC stocks traded mixed following the similar performance stateside where price action was choppy amid soft data and as participants looked ahead to the latest key US jobs report.
• Amazon (AMZN) shares slipped 4.1% after-market as Q1 net sales guidance fell notably short of analysts' expectations.
• RBI cut the Repurchase Rate by 25bps to 6.25%, as expected, via a unanimous vote and unanimously decided to maintain a neutral policy stance; Mexican Interest Rate 9.5%...

• European bourses at highs; US futures edge higher ahead of a slew of earnings.
• USD attempts to recoup lost ground, EUR/USD back below 1.04, GBP awaits BoE.
• Bonds in the red but off lows via a strong French auction & stagflationary UK data amid reports of a UK Cabinet reshuffle.
• Metals trade mixed amid the Dollar but crude holds an upward bias.
• Looking ahead, US Jobless Claims, BoE, CNB & Banxico Policy...

• APAC stocks followed suit to the gains on Wall St where sentiment was underpinned amid a softer yield environment and the lack of trade war escalation.
• US Treasury Secretary Bessent said Trump wants lower 10-year yields; is not calling for the Fed to lower rates.
• European equity futures indicate a positive cash open with Euro Stoxx 50 future up 0.5% after the cash market closed with gains of 0.1% on Wednesday.
• DXY is sub-108,...

• European bourses mostly lower; NQ underperforms with GOOGL -7% & AMD -8% post-earnings, AAPL -2.5% as China mulls a probe on its App Store.
• EU prepares to target US big tech if US President Trump pursues tariffs against the EU, according to FT.
• Dollar dragged lower again, JPY is boosted by wage data, EUR/USD above 1.04.
• Bonds bid as AAPL reports hit sentiment and into Bessent's first Quarterly Refunding.
• Gold...

• APAC stocks traded mixed with the region only partially sustaining the positive momentum from the US, as Chinese markets reopened from the Spring Festival and participants digested disappointing China Caixin Services PMI data.
• US President Trump said he will speak to Chinese President Xi at the appropriate time and is in no rush, while he responded 'that's fine' when asked about China’s retaliatory tariffs.
• EU prepares to target US big tech if US President Trump...

• New 10% tariffs on China exports to the US have taken effect; China is to levy countermeasures on some US imported products with 15% tariffs on coal and LNG, as well as 10% tariff on oil, agricultural machines and some autos from the US.
• European bourses trade tentatively, Tech buoyed by strength in Infineon; US futures are modestly lower.
• DXY is flat, JPY underperforms, unwinding the prior day’s strength, and Antipodeans lag.
• Bonds pullback...

• APAC stocks traded higher as the region reacted to US President Trump's delay of tariffs against Canada and Mexico for a month.
• However, the new 10% tariff on all China exports to the US took effect after the deadline passed.
• Furthermore, China is to levy countermeasures on some US imported products with 15% tariffs on coal and LNG, as well as 10% tariff on oil, agricultural machines and some autos from the US.
• European equity futures...

• Trump signed a tariff order that confirms 25% tariffs on Mexico and Canada (with the exception of 10% on Canadian energy products) and 10% additional tariffs on top of existing levies for China.
• Canada has announced retaliatory action, Mexico is expected to announce its measures later today, China is to challenge tariffs at the WTO.
• European bourses sink as markets react to Trump tariffs and threatens the EU; RTY underperforms.
• USD surges...

• Trump signed a tariff order that confirms 25% tariffs on Mexico and Canada (with the exception of 10% on Canadian energy products) and 10% additional tariffs on top of existing levies for China.
• Canada has announced retaliatory action, Mexico is expected to announce its measures later today, China is to challenge tariffs at the WTO.
• APAC stocks sold off, US equity futures are lower (ES -1.9%, NQ -2.4%), European futures point to a notably lower cash...

• MON: Chinese New Year (Market Holiday - Mainland Closed, Hong Kong Open), BoJ Summary of Opinions, OPEC+ JMMC Meeting, Chinese Final Caixin Manufacturing PMI (Jan), EZ/UK/US Final Manufacturing PMI (Jan), EZ Flash CPI (Jan), US ISM Manufacturing PMI (Jan)
• TUE: Chinese New Year (Market Holiday - Mainland Closed, Hong Kong Open), Riksbank Minutes
• WED: ECB Wage Tracker, US JOLTS (Dec), New Zealand Labour Market Report (Q4), South Korean CPI (Jan), EZ/UK/US...

• European bourses gain, NQ outperforms with AAPL +3.5% in the pre-market after strong growth in services segment.
• USD mixed vs. peers ahead of core PCE; JPY underperforms.
• Fixed benchmarks bounce on cool German State CPIs, which has led to outperformance in Bunds.
• Crude pares initial premia awaiting updates from Trump regarding tariffs on Canada/Mexico oil.
• Looking ahead, German CPI, US PCE, Employment Costs, Canadian...

• APAC stocks were mostly higher but with gains capped at month-end and as participants digested earnings and tariff threats.
• US President Trump said he will put a 25% tariff on Canada and Mexico because of fentanyl, and stated that China is going to end up paying a tariff as well.
• US President Trump posted on Truth Social that the US will require commitment from BRICS countries to neither create a new BRICS currency nor back any other currency to replace the mighty...

• European bourses hold an upward bias into the ECB; RTY outperforms post-FOMC.
• Big-Tech results were mixed; META +2.4%, MSFT -3.5%, TSLA +1.7%
• USD steady post-FOMC, EUR eyes ECB 25bps rate cut; USD/JPY below 154.50.
• Powell props up bonds, weaker-than-expected EZ GDP spurred little reaction in Bunds ahead of the ECB.
• Crude slips on tariffs and growth fears, base metals edge a little higher despite China being on...

• APAC stocks were ultimately mixed amid the ongoing mass closures in the region and after the choppy performance stateside in reaction to the FOMC, while the first earnings results from the magnificent 7 stocks were also varied - Meta +2.3%, Microsoft -4.6%, and Tesla +4.1%.
• An immediate hawkish reaction was seen as the Fed held rates at 4.25-4.50%, as expected, while it removed the reference that "inflation has made progress toward the Committee's 2 percent objective" in the accompanying...

• European bourses mostly firmer, with Tech surging after blockbuster ASML bookings; NQ slightly outperforms.
• USD is a little firmer ahead of the FOMC, CAD awaits BoC, AUD softer post-CPI.
• Bonds are bid into the FOMC. BTPs & OATs attentive to domestic matters.
• Crude slides and metals trade mixed ahead of FOMC.
• Looking ahead, US Advance Goods Trade Balance, NZ Trade Balance, Fed, BoC, & BCB Policy Announcements...

• APAC stocks traded higher following the positive handover from Wall St where tech clawed back some of the DeepSeek-related losses.
• European equity futures indicate a positive open with Euro Stoxx 50 future up 0.8% after the cash market closed with gains of 0.1% on Tuesday; boosted by pre-market earnings from ASML.
• DXY is a touch lower, JPY, EUR and GBP are all marginally firmer vs. the USD, AUD lags post-CPI.
• Microsoft (MSFT) is probing if a...

• European bourses are on a firmer footing; NQ outperforms with NVIDIA +5% in pre-market trade.
• USD bounces back following punchy Trump tariff rhetoric; G10s broadly in the red.
• Bonds continue to pullback from Monday's largely tech-driven highs, supply in focus.
• Energy is firmer but base metals are mixed amid tariff threats.
• Looking ahead, US Durable Goods, Richmond Fed Index, NBH Policy Announcement & US Senate...

• APAC stocks were mixed amid holiday-thinned conditions on Chinese New Year's Eve and after the recent US tech sell-off.
• US President Trump said he wants universal tariffs much larger than a 2.5% monthly increase and has a tariff level in mind but has not set it yet.
• European equity futures indicate a marginally positive open with Euro Stoxx 50 futures up 0.1% after the cash market fell 0.6% on Monday.
• USD is firmer vs. peers following...