• ECB policy announcement due Thursday 27th July; rate decision at 13:15BST/08:15EDT, press conference from 13:45BST/08:45EDT
• Consensus and market pricing look for a 25bps hike, taking the deposit rate to 3.75%
• Focus will fall on clues over the ECB's tightening ambitions beyond July

OVERVIEW: The ECB is anticipated to raise its deposit rate by 25 basis points to 3.75%, according to market pricing and analysts' consensus. The...

• European bourses are mixed with Flash PMIs flagging increased recession risks while Spain lags after Sunday’s stalemate
• Stateside, futures modestly firmer with the NQ in-fitting ahead of the special rebalance coming into effect
• DXY benefits from EUR & GBP pressure on disappointing PMIs while JPY regroups after further sources
• Crude benchmarks bolstered by the initial readout from China’s Politburo; base metals relatively unreactive while...

• APAC stocks traded mostly positive but with gains capped ahead of upcoming key risk events.
• European equity futures are indicative of a softer open with the Euro Stoxx 50 -0.3% after the cash market closed up by 0.4% on Friday.
• DXY tested 101 to the downside, EUR/USD and Cable sit on 1.11 and 1.28 handles respectively, JPY marginally outperforms.
• None of the individual parties, nor the left or right blocs were able to secure a majority in...

• Sun: Spanish Elections.
• Mon: EZ/UK/US Flash PMIs (Jul).
• Tue: German Ifo Survey (Jul), NBH Announcement, Richmond Fed (Jul).
• Wed: FOMC Announcement, Australian CPI (Jun).
• Thu: ECB Announcement, US GDP Advance/PCE (Q2).
• Fri: BoJ Announcement & Outlook Report, French Flash CPI (Jun), Spanish Flash CPI (Jun), EZ Business Confidence Survey (Jul), US PCE...

• BoJ sources around YCC spark marked dovish reaction in JPY and JGBs, which has filtered through to broader assets
• DXY back above 101.00 with USD/JPY testing 142.00; action which eroded GBP’s retail-driven upside
• European/US equity benchmarks relatively contained, Tech hit by SAP while NQ benefits from yield action
• JGB upside briefly lifts peers with EGBs/USTs struggling for direction while Gilts slip on data
• Crude...

• US stocks mostly tumbled with the declines led by the Nasdaq 100 which posted its second worst day of the year.
• APAC stocks were mixed as further support efforts from China partially offset the headwinds from Wall St.
• European equity futures are indicative of a softer open with the Euro Stoxx 50 -0.3% after the cash market closed up by 0.3% yesterday.
• DXY held onto yesterday's gains, EUR/USD and Cable sit on 1.11 and 1.28 handles...

• European bourses are firmer though TSMC’s results have pressured Tech and the Euro Stoxx 50/AEX by extension; SAP due today
• Stateside, NQ lags given pre-market downside in NFLX & TSLA post-earnings
• AUD bolstered by jobs data, Yuan rebounds and EUR underpinned by yields with DXY drifting
• Core benchmarks pullback as Wednesday’s Gilt-driven move eases; yields firmer, short-end leading
• Crude is little changed while...

• APAC stocks traded mixed following on from the choppy performance stateside as participants digested data and corporate earnings.
• Apple (AAPL) is racing to develop its own generative AI tools to catch OpenAI, according to Bloomberg.
• European equity futures are indicative of a slightly softer open with the Euro Stoxx 50 -0.2% after the cash market closed down by 0.2% yesterday.
• DXY sits just above the 100 mark, AUD leads the majors...

• European bourses & US futures are contained, with Real Estate leading while Base Resource names lag
• FTSE 100 outperforms after cooler-than-expected UK CPI, with Gilts bid, GBP dented and BoE pricing moving in favour of 25bp
• As such, GBP lags to the USD’s benefit while JPY approaches 140.0 and antipodeans lag
• Gilts outperform with an initial sympathy move for USTs and EGBs fading, the latter further after tepid...

• US stocks were bid with outperformance in the Russell 2000 amid strong gains in the regional banking ETF.
• APAC stocks were mixed as the ongoing China economic woes partially offset the constructive lead from Wall St.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.2% after the cash market closed up by 0.3% yesterday.
• DXY has reclaimed the 100 level, EUR/USD maintains 1.12 status, JPY lags the majors...

• European bourses & US futures are contained ahead of earnings and data
• Within Europe, pre-market action was dominated by Q2 updates with Novartis’ results lifting its sector & the SMI
• DXY remains pressured but has found support around Friday’s trough with EUR, GBP & JPY appreciating
• Fixed income has extended its recovery rally heading towards MTD peaks, though Gilts off best after weak issuance
• USD and...

• APAC stocks were mostly lower after the region failed to sustain the momentum from Wall St where tech and small caps outperformed.
• US President Biden is weighing new curbs on chips and semiconductor-making devices, according to Bloomberg.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed down by 1.0% yesterday.
• DXY remains sub-100.00, EUR/USD hovers around 1.1250, Cable...

• European risk tone is hampered by mixed China data and subsequent cuts to the nations FY23 growth view by various desks
• Stateside, action is more contained with the docket relatively sparse ahead of Tuesday’s key earnings & with Fed blackout underway
• Crude benchmarks have returned to APAC lows on China & resumption of Libyan production, intersected by marked upside on a since withdrawn alert
• USD is pressured with havens outperforming...

• APAC stocks began the week subdued as participants digested mixed economic growth and activity data from China.
• Chinese GDP was firmer than expected QQ but disappointed YY, while Industrial Production topped estimates and Retail Sales missed.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.5% after the cash market closed up by 0.2% on Friday.
• DXY is contained just below the 100 mark, EUR/USD has maintained...

Week Ahead July 17-21st

• MON: PBoC MLF, South Korean Trade Balance Revised (Jun), Chinese GDP (Q2), Retail Sales, and Industrial Output (Jun)
• TUE: RBA Minutes, SARB Press Release, US Retail Sales (Jun), Canadian CPI (Jun), New Zealand CPI (Q2)
• WED: UK Inflation (Jun), EZ Final CPI (Jun),
• THU: PBoC LPR, CBRT Announcement, Japanese Trade Balance (Jun), Australian Jobs Report (Jun),
• FRI:...

• European bourses & US futures are relatively contained ahead of Fed speak and banking earnings
• Within Europe, Telecoms lag after updates from Ericsson and Nokia
• DXY struggles for direction just above 99.75 with peers mixed & JPY retreating
• Core fixed benchmarks diverge slightly as EGBs/Gilts extend while USTs slip ahead of data
• Commodities are generally contained with catalysts thin after a week of USD-driven...

• APAC stocks traded mostly higher after the positive lead from Wall St where yields continued to decline post-PPI.
• Fed's Waller (voter) said the Fed will likely need two more 25bps hikes this year and he favours raising rates at the July FOMC.
• European equity futures are indicative of a slightly lower open with the Euro Stoxx 50 -0.1% after the cash market closed up by 0.7% yesterday.
• DXY remains on a 99 handle, EUR/USD and Cable gain a...

• European bourses & US futures are firmer as the post-inflation action continues ahead of IJC
• DXY extends the post-inflation decline towards 100.00 amid a further retreat in yields
• Antipodeans outperform, EUR & GBP also bid; as above, fixed benchmarks continue to climb
• Crude inches higher with attention on Urals while spot gold is more contained but base metals extend
• Looking ahead, highlights include US IJC,...

• APAC stocks traded higher as the region reacted to the softer-than-expected US inflation data while weaker-than-expected Chinese trade data failed to dampen the spirit.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed up by 1.7% yesterday.
• DXY sits at its lowest level in over a year, EUR/USD and Cable maintain 1.11 and 1.30 status respectively, antipodeans lead.
• Fixed...

• European bourses are firmer across the board with Tech leading after favourable broker action
• US futures in the green but more contained ahead of CPI and Fed speak
• DXY continues to wane after losing 101.50, with JPY outperforming while antipodeans wane after Central Bank activity
• Core fixed income is modestly firmer as the recovery rally resumes and yields slip with the US belly heavy
• Commodities inch higher on the...

• APAC stocks traded mixed with the region cautious heading into today’s key US inflation data.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.4% after the cash market closed up by 0.7% yesterday.
• DXY slipped to a fresh two-month low as USD/JPY moved back below 140 and a firmer PBoC CNY fix, NZD is stronger post-RBNZ.
• RBNZ kept the OCR unchanged at 5.50% as expected and agreed that the OCR will need to...

• European bourses remain firmer but off best levels as sentiment slips throughout the morning
• Stateside, futures in-fitting though action has been more contained and they remain much closer to Unch.
• DXY fails to benefit from the pullback in risk appetite as CHF and JPY outperform with UST yields pulling back, EUR unreactive to weak ZEW
• Core benchmarks are bid, with Gilts in-fitting despite hawkish wage metrics
• Crude...

• APAC stocks were mostly positive following the tailwinds from the US while participants also reflected on China's support efforts.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.3% after the cash market closed up by 0.5% yesterday.
• DXY has extended further beneath 102, EUR/USD is back above 1.10, JPY leads the majors with USD/JPY below 141.
• Crude futures were marginally firmer owing to the risk tone, USTs...

• European bourses are firmer across the board but diverging with their US peers currently
• USD regains poise with Antipodeans fading and EUR noting OpEx; Scandis lead on CPI & Minutes
• Core fixed benchmarks are lower despite fleeting bounces ahead of data & several speakers
• Crude benchmarks remain softer post-Chinese CPI, base metals in-fitting while spot gold is more contained
• Yellen said the US & China...

• APAC stocks were mostly positive albeit with gains capped for many of the regional bourses.
• US equity futures lacked excitement as participants look ahead to this week's risk events including US CPI data; European equity futures are indicative of a lower open.
• The latest Chinese inflation data missed estimates with zero consumer inflation in the mainland and a deeper contraction in factory gate prices.
• US Treasury Secretary Yellen had a...