• European bourses and US futures are modestly firmer but the overall tone is tentative pre-Jackson Hole
• USD is bid but rangebound pre-Powell while EUR lags after dovish-leaning ECB sources, AUD outperforms as base metals lift
• Core benchmarks continue to pullback with Bunds entirely paring knee-jerk upside to sources
• ECB sources report momentum is growing for a pause as recession fears increase, via Reuters
• Crude...

• APAC stocks traded lower following the weak handover from global counterparts after the Nvidia-related euphoria wore off.
• European equity futures are indicative of a lower open with the Eurostoxx 50 future -0.3% after the cash market closed down 0.8% yesterday.
• DXY has extended upside above 104 and is firmer vs. peers, EUR/USD sits on a 1.07 handle whilst USD/JPY has reclaimed 146 status. 
• ECB's Nagel stated it is much too early to...

• Tech/NQ lead the equity space after NVDA earnings, +7.7% pre-market, as attention turns to Jackson Hole
• USD has bounced from post-PMI lows, Antipodeans lag after recent outperformance & JPY unwinds recovery gains
• EGBs/Gilts tested post-PMI bounds before running out of steam, USTs under modest pressure
• Crude has turned positive and nat gas benchmarks are off lows after Chevron’s vote update; TTF remains markedly pressured...

• Nvidia rose 6.6% after-hours post-earnings after reporting solid Q2 profits and announcing an additional USD 25bln in buybacks
• APAC stocks traded higher as the region took impetus from the gains on Wall St. and the Nvidia-induced rise in futures; ES +0.8%, NQ +1.3%
• European equity futures are indicative of a higher open with the Eurostoxx 50 future +0.7% after the cash market closed up by 0.2% yesterday
• DXY is contained on a 103...

• European bourses & US futures are firmer and back towards best as lower yields take precedence over European growth concerns
• Germany’s PMI saw a marked contraction for services and a bleak accompanying GDP nowcast, input costs increased in the EZ for the first time in 11 months
• USD benefits as EUR & GBP decline following dire PMIs while JPY outperforms as yields tumble
• Mentioned data has trimmed the probability of ECB/BoE tightening,...

• APAC stocks traded mixed amid a slew of earnings releases alongside the latest PMI data from the region but with price action relatively rangebound.
• Fed's Barkin (2024 voter) said the US economy could reaccelerate before inflation cools and he won't prejudge the outcome of the Fed's September meeting.
• DXY gave back some of the prior day’s gains, albeit with price action contained ahead of flash PMIs and the Fed’s Jackson Hole...

• European bourses and US futures are firmer as the US tech-led rally reverberated into Europe
• APAC trade was more mixed, though a late-doors revival occurred in Chinese-stocks despite limited catalysts
• DXY continues to slip and nears 103.00 with Antipodeans benefitting from the risk tone pre-data while JPY gets respite from a stabilisation in yields
• Fixed benchmarks have bounced firmly after Monday’s marked yield...

• APAC stocks traded mixed following a similar performance stateside where tech rallied.
• WSJ's Timiraos tweeted that he believes Fed Chair Powell is unlikely to speak about higher neutral rates at the Jackson Hole Symposium.
• European equity futures are indicative of a higher open with the Eurostoxx 50 future +0.5% after the cash market closed up by 0.3% yesterday.
• DXY is a touch softer but still on a 103 handle, EUR/USD is back above 1.09,...

• Equity bourses/futures have gradually improved throughout the morning after a contained European open
• Action which occurs in limited newsflow and follows mixed APAC on a disappointing LPR adjustment which overshadowed support measures
• Crude and nat gas are bolstered by supply-side updates via the NHC and on Australian LNG
• USD drifts in a contained start to the week, EUR eyes OpEx while the JPY is undermined by upside in US...

• APAC stocks traded mixed as the disappointment from China’s decision on its Loan Prime Rates overshadowed its recent support efforts; Hong Kong underperformed.
• PBoC opted for a narrower-than-expected cut to the 1-year LPR alongside a surprise hold on the 5-year LPR, which is the reference rate for mortgages.
• PBoC and regulators met with bank executives and told lenders to boost loans to support the economic recovery, according to...

Week Ahead August 21st-25th

• MON: PBoC LPR, German PPI (Jul)
• TUE: US Richmond Fed Index (Aug), New Zealand Retail Sales (Q2)
• WED: EZ/UK/US Flash PMIs (Aug), Canadian Retail Sales (Jun), US New Home Sales (Jul)
• THU: Fed's Jackson Hole Symposium (24-26th Aug), CBRT Announcement, BoI Announcement, BoK Announcement, US Durable Goods (Jul)
• FRI: Fed's Jackson Hole Symposium (24-26th Aug),...

• European bourses are once again on the backfoot as the downtrend in the equity space continues without much in the way of fresh drivers.
• US equity futures are trading on the back foot as sentiment continues to slump, extending the downward price action seen yesterday.
• In FX, DXY is resilient, JPY outperforms on yield dynamics, GBP lags following softer-than-expected UK retail sales, whilst the CNY saw the largest gap between the PBoC fixing and...

• APAC stocks traded mostly lower after the early reprieve from the recent global rout petered out
• European equity futures are indicative of a slightly lower open with the Euro Stoxx 50 -0.1% after the cash market closed down by 1.3% yesterday
• DXY is a touch softer but still firmly on a 103 handle, EUR/USD remains sub 1.09, JPY leads the majors as USD/JPY pulls back from 146
• 10yr UST futures extended on the rebound from yesterday’s trough as...

• European bourses trade on the backfoot after succumbing to the selling pressure seen Stateside and during APAC trade, while macro newsflow has been light.
• DXY faded from best levels after extending gains on the back of broad risk aversion, EUR sees several large option expiries, AUD underperforms after the Aussie jobs report.
• WTI and Brent front-month futures tilted higher this morning following APAC consolidation, with little in the way of fresh newsflow to drive...

• FOMC minutes stated that most officials saw "significant" upside risks to inflation and could require further tightening; account was otherwise balanced.
• APAC stocks mostly suffered another day of selling and followed suit to the losses on Wall St, participants also reflected on several weak data releases from the region.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.6% after the cash market closed down by 0.1%...

• European bourses trade mixed after opening after shrugging off mild broad-based opening losses with no obvious catalyst behind the move at the time.
• DXY is softer and trades on either side of 103.00, T-note futures hold near overnight peaks, US equity futures are trading flat with a positive bias ahead of FOMC minutes.
• GBP and NZD outperform, the former following hotter-than-expected UK inflation and the latter after RBNZ left rates unchanged but upped the OCR...

• US stocks closed lower with the S&P 500 closing below its 50DMA for the first time since March
• APAC stocks were pressured following the declines on Wall St amid the broad risk-off mood
• European equity futures are indicative of a weaker open with the Euro Stoxx 50 -0.3% after the cash market closed down by 1.0% yesterday
• RBNZ kept rates unchanged as expected and reiterated the OCR will need to remain at a restrictive level for the...

• European bourses have been unable to hold onto modest opening gains, whilst there wasn’t a clear reason behind the pullback in global equities.
• Stateside are trading on the back foot, with ES and NQ giving back some of yesterday's gains after overnight data out of China disappointed.
• Fitch analysts warn it may be forced to downgrade dozens of banks, including JPMorgan Chase (JPM), according to CNBC. 
• China's PBoC cut its 1-year MLF rate...

• US stocks were mostly positive with outperformance in the Nasdaq amid the advances in Nvidia after MS named the stock a top pick.
• APAC stocks traded mixed as participants digested key releases including disappointing Chinese activity data and the PBoC’s surprise cuts to its 7-day Reverse Repo and 1-year MLF rates.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.4% after the cash market closed up by 0.2%...

• European bourses trade on the front-foot after shrugging off opening losses which were in part a by-product of Chinese-related concerns overnight.
• Stateside, futures are trading slightly firmer ahead of a catalyst-thin docket, with the ES briefly topping 4,500.
• A partial pick-up in overall sentiment sapped some of the Greenback’s strength rather than any real change in fundamentals; G10s are flat.
• Debt futures regain composure after...

• APAC stocks were pressured amid ongoing Chinese economic woes and developer default concerns
• Goldman Sachs expects the Fed to begin cutting rates by the end of June 2024 at a gradual pace, which it anticipates likely to be once per quarter
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.4% after the cash market closed down by 1.4% on Friday
• DXY is firmer and just below the 103 mark, USD/JPY briefly climbed...

Week Ahead August 14th-18th

• MON: N/A
• TUE: PBoC MLF, RBA Minutes, Japanese Prelim. GDP (Q2), Australian Wage Price Index (Q2), Chinese Industrial Output and Retail Sales (Jul), Japanese Industrial Output (Jul), UK Jobs Report (Jun/Jul), German ZEW Survey (Aug), US Retail Sales (Jul), Canadian CPI (Jul)
• WED: RBNZ Announcement, FOMC Minutes, UK Inflation (Jul), EZ GDP and Employment 2nd (Q2)
• THU: Norges Bank...

• European bourses are under modest pressure as benchmarks gradually dip in catalyst thin trade; US futures near unchanged
• DXY is incrementally softer with GBP the standout outperformer post UK GDP
• Given the above, Gilts lag though EGBs are also lower while USTs remain afloat pre-data
• Crude benchmarks are near unchanged after Thursday’s subdued settlement, XAU bid
• Looking ahead, highlights include US PPI & UoM...

• APAC stocks traded mostly lower after the post-CPI dovish unwinding seen stateside, Chinese property concerns and holiday-thinned conditions.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.6% after the cash market closed up by 1.6% yesterday.
• DXY is contained just above the 102.50 mark, USD/JPY eyes 145, EUR/USD sits just below 1.10.
• Looking ahead, highlights include French Unemployment Rate, UK GDP,...

• European bourses are in the green, with sentiment inching higher in pre-CPI trade
• Stateside, futures are taking impetus from the above and recouping some of Wednesday’s pressure
• DXY lags in the FX space with CHF taking advantage while JPY lags on yield dynamics, EUR & GBP both bid
• Core fixed benchmarks are in the red with US yields higher across the curve but action remains limited
• Commodities hold a positive...