• European bourses & US futures are mixed flat with updates limited in quiet newsflow
• DXY continues to pullback below 104.00 with G10s firmer across the board and activity-FX outperforming
• Core benchmarks continue to pullback but are off session lows with USTs contained pre-IJC & refunding
• Commodities are similarly contained, with crude and key metals in thin ranges and following the wider risk tone
• Looking...

• APAC stocks were mostly subdued following the mixed handover from Wall St where tech underperformed as global yields climbed.
• RBI kept the key Repo Rate unchanged at 6.50%, as expected, with the decision on rates unanimous.
• European equity futures are indicative of a weaker open with the Euro Stoxx 50 -0.5% after the cash market closed down 0.1% yesterday.
• DXY is flat and lingering just below the 104 mark, EUR/USD is back above 1.07, USD/JPY...

• European bourses are softer with the complex drifting post-open amid a lack of catalysts/drivers
• Stateside, action is in-fitting as we look to next week’s Tier 1 US events with the BoC looming in the interim
• DXY has drifted back to 104.00 as JPY benefits from lower US yields, AUD underpinned and CAD bid
• Core benchmarks have recouped from an initial reversal to/through prior closes; green Bobl and Gilt sales...

• APAC stocks mostly gained following the positive handover from Wall St where the S&P 500 posted its highest close YTD
• Chinese trade data mostly disappointed including the wider-than-expected contraction in dollar-denominated exports
• European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.2% after the cash market closed flat yesterday
• DXY hovers just above the 104 mark, EUR/USD is capped by 1.07,...

• European equities trade with little in the way of firm direction, with US equity futures also hovering around the unchanged mark.
• RBA delivered a surprise 25bps rate hike and kept the door open for further policy tightening.
• China has reportedly asked the largest banks to cut deposit rates to boost the economy.
• Ukraine's State Atomic Agency said the destruction of the Kakhova dam poses a risk to the Zaporizhzhia nuclear power plant, but does...

• APAC stocks traded mixed with price action mostly rangebound following on from the subdued performance stateside.
• Apple (AAPL) announced its new VR headset, Apple Vision Pro, which augments reality with the real world.
• RBA delivered a surprise 25bps rate hike and kept the door open for further policy tightening.
• European equity futures are indicative of a contained open with the Euro Stoxx 50 flat after the cash market closed down 0.7%...

• European equities trade flat following Friday’s solid session for the region, FTSE 100 narrowly outperforms; US equity futures are flat
• Saudi Arabia announced it is to cut an additional 1mln bpd of oil output in July; all other OPEC+ producers agreed to extend earlier cuts through to the end of 2024
• Saudi’s Energy Minister said will keep the markets in suspense on whether the additional voluntary cut for July will be extended
• DXY maintains a...

• APAC stocks were mostly positive amid momentum from Friday's post-NFP gains on Wall Street and strong Chinese Caixin Services and Composite PMIs.
• Saudi Arabia announced it is to cut an additional 1mln bpd of oil output in July; all other OPEC+ producers agreed to extend earlier cuts through to the end of 2024.
• Saudi’s Energy Minister said will keep the markets in suspense on whether the additional voluntary cut for July will be...

• SUN: OPEC+ Meeting.
• MON: Chinese Caixin Services PMI (May), German Trade Balance (Apr), Swiss CPI (May), Turkish Inflation (May), EZ/UK/US Final Services and Composite PMIs (May), EZ Sentix Index (May), US Durable Goods (R), ISM Services PMI (May).
• TUE: RBA Announcement, NBP Announcement, EIA STEO, EZ/UK Construction PMI (May), EZ Retail Sales (Apr).
• WED: BoC Announcement, Australian Real GDP (Q1), Chinese Trade Balance (May),...

• European equities trade on the front foot following the Senate passage of the debt ceiling bill
• US Senate voted 63-36 to pass the US debt ceiling bill, which sends it to President Biden's desk
• DXY oscillates in a tight range on either side of 103.50 ahead of the US jobs report
• Industrial commodities are boosted by source reports that China is reportedly mulling a property-market support package to bolster the...

• US Senate voted 63-36 to pass the US debt ceiling bill, which sends it to President Biden's desk.
• APAC stocks traded higher as the region took impetus from Wall St where the S&P 500 and Nasdaq climbed to 9-month highs.
• Fed's Harker (voter) said the Fed does not have to keep moving rates up and thinks they should at least skip raising rates in June.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.5% after...

• European bourses are firmer as sentiment improves after the US House vote & Chinese Caixin PMI
• Stateside, futures are more contained as debt focus turns to the Senate and potential amendment votes
• DXY subdued after Wednesday’s Fed remarks with attention turning to US data before Friday’s NFP
• Flash EZ HICP spurred little sustained reaction, as it chimes with regionals; debt benchmarks dip after...

• APAC stocks were mostly positive after the US House passed the debt ceiling bill to avert a default which now moves to the Senate
• Chinese Caixin Manufacturing PMI data partially atoned for yesterday’s weak official PMI readings.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.7% after the cash market closed down 1.7% yesterday.
• DXY is a touch firmer on a 104 handle, EUR/USD remains stuck below 1.07, NZD and...

• European bourses & US futures are softer after a weak APAC handover on PMIs and despite softer inflation data 
• DXY lifted to a new WTD best as EUR succumbs on CPI, Yuan drifts on data and Mester remains hawkish
• EGBs bid on softer-than-expected inflation metrics from German states and France, though upside briefly capped by the latest Italian figures
• Crude continues to crumble while base metals are dented by soft Chinese data,...

• APAC stocks were mostly lower following the mixed handover from Wall St where sentiment was clouded as hardliners voiced opposition to the debt ceiling bill.
• US House Committee voted 7-6 to advance the debt ceiling bill which sends it to the full House for approval.
• European equity futures are indicative of a softer open with the Euro Stoxx 50 -0.4% after the cash market closed down 0.7% yesterday.
• Chinese Manufacturing and Non-Manufacturing...

• European bourses are mixed after a morning of choppy price action; IBEX outperforms on inflation numbers
• Stateside, futures are bid after an in-principal debt ceiling agreement with the NQ outperforming as NVDA leads in the pre-market
• DXY briefly surmounted 104.50 but has since receded as Kanda-induced JPY pressure abates and GBP surpasses 1.24
• EGBs/USTs extend after soft EZ data and Spanish inflation, fresh highs occurring after...

• US President Biden reached a budget agreement in principle with House Speaker McCarthy to raise the debt limit by 19 months until 1st January 2025
• In FX, DXY initially softened overnight alongside a downtick in US yields but then recovered against its major peers and as the CNY continued to depreciate; US equity futures saw mild gains
• In geopolitics, Russia launched a large drone attack on Kyiv over the weekend, while it was recently reported two residential...

• MON: US Memorial Day, UK Late May Bank Holiday.
• TUE: Japanese Labour Market Report (Apr), EZ Sentiment Survey (May).
• WED: Japanese Retail Sales (Apr), Chinese Official PMIs (May), Australian CPI (Apr), French, Italian, German Prelim CPI (May), German Unemployment (May), Canadian GDP (Q1).
• THU: ECB Minutes, CBRT Minutes, South Korea Import/Exports Growth (May), Chinese Final Caixin Manufacturing PMI (May), German Retail Sales (Apr),...

• Risk tone has slipped as we await substantive debt ceiling updates into the long weekend
• DXY is softer, but remains above 104.00, with CHF and JPY outperforming
• EGBs/Gilts slipped on UK Retail data, but have since pared with USTs bid on the above tone
• Commodities edging higher given the USD and XAU benefitting from sentiment
• McCarthy said there was no agreement Thursday; will stay to continue work. Biden said they...

• APAC stocks traded mixed following the mild positive bias stateside where the tech sector surged on Nvidia’s blockbuster report
• Nikkei 225 outperformed, US equity futures were rangebound, and European equity futures are indicative of a flat open
• US President Biden and House Speaker McCarthy are said to be near a deal that would raise the debt ceiling for two years and cap spending
• US House Speaker McCarthy said there was no agreement on...

• NQ outperforms post-NVDA, with Europe deriving upside in tandem though capped after German GDP revisions
• Stateside, debt ceiling concerns continue with focus on Fitch though journalist updates since have been somewhat constructive on talks
• USD remains dominant with the DXY above 104.00 with NZD descending further after Orr’s remarks
• EGBs/USTs continue to slip though Gilts remains the standout laggard in a continuation of the UK-CPI...

• APAC stocks were mostly lower with the region cautious after the losses on Wall St owing to debt ceiling fears, whilst Fitch placed the US on Credit Watch Negative.
• Nasdaq futures surged as NVIDIA (NVDA) shares rallied almost 25% after the close as earnings and forecasts beat expectations
• The FOMC May minutes were in fitting with recent Fed commentary and showed that officials were somewhat split on support for more rate hikes
• European...

• European bourses are under marked pressure as headwinds mount while US futures are lower but more contained awaiting debt ceiling developments
• Overall, updates via journalists this morning are skewed to the downside on a near-term agreement
• Hawkish impulses were seen on hot UK CPI, with core fixed income pressured & BoE pricing lifting
• Though, Bunds & USTs have reverted back to modest positive territory as focus returns to potential...

• APAC stocks were mostly lower following the negative lead from Wall St and amid US-China frictions.
• The US House China Select Committee Chair called for retaliation against China’s ban on Micron.
• US GOP Rep. McHenry said the top-line disagreement remains on spending and he cannot say when negotiations will resume.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.4% after the cash market closed down by 1.0%...

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• RBNZ expected to hike the Official Cash Rate by 25bps to 5.50% on Wednesday as forecast by 21 out of 25...