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...

• APAC stocks followed suit to the gains stateside despite the lack of major catalysts as markets await US CPI.
• Fed's Williams says more work is needed to bring inflation back to target; can cut rates when confident inflation is moving to 2%.
• European equity futures are indicative of a higher open with Euro Stoxx 50 futures +0.6% after the cash market closed flat yesterday.
• Bitcoin retreated from resistance near USD 47,000 and failed to...

• European equities and US futures are mixed, having spent much of the early session in the green; the FTSE 100 (-0.4%) is weighed on by losses in Sainsbury’s
• Dollar is softer and EUR is modestly firmer, with several upside OPEX strikes for the Single-Currency
• Bonds are bid, though still unable to pare back all of Tuesday’s advances
• Crude is softer, Gold and Base Metals are firmer amid a subdued Dollar
• Looking ahead,...

• APAC stocks mostly declined after the flimsy handover from Wall St and tentativeness ahead of key inflation data and earnings.
• European equity futures are indicative of a lower open with Euro Stoxx 50 futures -0.3% after the cash market closed up by 0.4% on Tuesday.
• DXY is steady above the 102.50 mark, USD/JPY is approaching 145 following soft Japanese wage data.
• Australian monthly CPI data was softer than expected but remained well...

• European equities and US futures are modestly weaker; Russell (-0.9%) underperforms giving back yesterday’s advances
• Dollar is incrementally firmer, Yen continues to make up ground
• Bonds are modestly pressured, Gilts got a slight boost after a strong Gilt auction
• Crude extends gains as it attempts to pare back the prior day's losses and amid geopolitical tailwinds
• Looking ahead, US International Trade, Canadian...

• APAC stocks traded higher as the region took impetus from the gains on Wall Street where tech outperformed.
• Fed's Bowman said policy appears to be sufficiently restrictive, Bostic reiterated his call for 2 x 25bps rate cuts this year.
• European equity futures are indicative of a higher open with Euro Stoxx 50 futures +0.3% after the cash market closed up by 0.5% on Monday.
• DXY is a touch softer but maintaining 102 status, JPY is the marginal...

• European and US Futures are modestly lower, amid the broader negative risk tone
• Boeing -8.5% pre-market after the FAA ordered a grounding/inspection of 737 Max 9 operated by US airlines
• Dollar holds within a tight range; Antipodeans lag & JPY bid in-fitting with the risk-averse environment
• Bonds divergent, with Treasuries holding around flat whilst Bunds dip lower
• Crude is markedly lower alongside base metals,...

• APAC stocks gradually deteriorated following a muted start and last Friday’s post-data whipsawing stateside.
• US House Speaker Johnson said congressional leaders reached a spending level deal in which the topline figure for FY24 is USD 1.6tln.
• European equity futures are indicative of a slightly lower open with Euro Stoxx 50 futures -0.2% after the cash market closed down by 0.2% on Friday.
• DXY contained sub-102.50, JPY the marginal G10...

• MON: Swiss CPI (Dec), EZ Retail Sales (Nov), Sentix (Jan), Japanese Tokyo CPI (Dec), Chinese Trade Balance (Dec).
• TUE: EIA STEO; German Industrial Output (Nov), US NFIB (Dec).
• WED: CNN Republican Debate; Norwegian CPI (Dec), Chinese CPI/PPI (Dec), Chinese M2 (Dec).
• THU: US CPI (Dec), IJC (w/e 5th Jan), Japanese Current Account (Nov).
• FRI: UK GDP (Nov), US PPI Final Demand (Dec), Canadian Housing Starts...

• US Equities post losses but to a lesser magnitude than their European counterparts, as attention turns to US NFP
• Dollar is firmer and Yen continues its losing run; Antipodeans lower amid a subdued risk tone
• Bunds initially lifted on softer German Retail Sales, though entirely pared the move ahead of key US data; unreactive to Flash EZ HICP
• WTI and Brent are firmer on reports that the US is drafting plans to respond to Houthi...

• APAC stocks eventually traded mixed as the earlier positivity gradually waned despite a lack of major newsflow.
• DXY traded in a tight range but briefly breached 102.50 to the upside, USD/JPY inched closer towards 145 before waning, and EUR/USD was subdued after falling under 1.0950.
• Crude futures were firmer whilst Politico sources suggested the US is drafting plans to hit back at Iran-backed Houthi militants.
• South Korea ordered an...

• European bourses and US Futures extend modest gains, though the Russell outperforms paring back the prior day’s hefty losses
• Dollar is softer and the Pound gains post-final PMI revisions, EUR bid on PMIs with German inflation due; Yen continues its losing streak
• Bonds weaken as attention turns to US data; hawkish reaction after Final PMI revisions
• Crude benchmarks are firmer as Middle East tensions continue alongside USD downside, XAU also...