• Europe Stoxx 600 -2.3% on the session, as sentiment continues to deteriorate following a softer open/APAC handover.
• Pressure that has seen the NQ flip from the US outperformer to the underperformer, -0.5%.
• Dollar firmer as longs pare back from overextended long base ahead of the Fed and GS flags risks of the FOMC hiking at each meeting this year kicking off in March.
• Core debt climbs to new recovery highs amidst another downturn in risk appetite; BTPs in focus.
• Crude benchmarks are softer...

• APAC markets were mostly lower after the worst weekly performance on Wall St since the start of the pandemic
• US equity futures found some reprieve from Friday's losses; e-mini S&P +0.8%
• DXY heads into the European open on a firmer footing ahead of this week's FOMC meeting
• US Secretary of State Blinken warned a significant US response would be triggered if one more Russian force entered Ukraine in an aggressive...

• Major European bourses are pressured as the Wall St. rally faded and reverberated through APAC trade; although, the Stoxx 600 remains +0.5% on the week.
• US futures have been lifting off overnight lows, though the NQ continues to lag post-Netflix.
• Buck betwixt and between as USTs rebound, but risk aversion gathers momentum; antipodeans lag while Yuan outperforms post-PBoC SLFs.
• WTI and Brent March contacts remain pressured by the broader risk tone, with focus on geopolitics as Blinken & Lavrov...

• APAC markets traded lower amid wide-spread risk aversion after late Wall Street selling
• All major US indices declined after another failed relief rally; S&P 500 -1.1%
• Netflix shares dropped 20% after-hours on disappointing subscriber additions and forecasts
• DXY remained steadfast despite decline in yields. Antipodeans lag
• Looking ahead, highlights include UK Retail Sales, EZ Consumer Confidence, BoE's Mann; ECB's Lagarde,...

• US equity futures are firmer, ES +0.4%, picking back up from yesterday's pressure with the NQ +0.7% outperforming amid a pull-back in yields.
• Major bourses in Europe are softer, Euro Stoxx 50 -0.2%, in an indecisive morning; following eventual upside in APAC markets.
• Dollar drifts alongside Treasury yields; Aussie rules G10 roost; Pound retains post-UK inflation momentum but wary about further political upheaval.
• WTI and Brent front month futures are choppy intraday, spot gold/silver are contained,...

• Asian equity markets eventually traded mostly higher but with price action relatively choppy
• Major US indices (S&P 500 -1%, Nasdaq -1.2%) failed to sustain the early reprieve despite yields easing from pandemic highs
• European futures are indicative of a firmer open with the Eurostoxx 50 future higher by 0.3%
• PBoC reduced the 1-year Loan Prime Rate by 10bps and cut the 5-year LPR by 5bps
• DXY resides around the...

• European bourses are mixed but becoming increasingly upbeat as the pressure from the APAC/US handovers dissipates, Euro Stoxx 50 +0.6%; ES +0.3%, NQ +0.4%
• The DXY remains above, but within touching distance of, 95.50 with G10 peers firmer and antipodeans leading after ANZ's RBNZ OCR call
• Some UK Conservatives expect the no-confidence vote threshold for PM Johnson to be met today, today's PMQs and the expected Gray report in...

• Asian stocks followed suit to the losses on Wall St where all major indices declined, led by tech and growth; Nasdaq -2.6%
• European futures are indicative of a softer open with the Mar'22 Eurostoxx 50 future lower by 0.5%
• An explosion in Turkey forced the shutdown of the Iraq-Turkey crude oil pipeline which is Iraq’s largest crude oil export line
• Conservative MPs are reportedly confident they have enough votes to trigger a confidence vote in...

• Equities remain pressured in a continuation of the yield-inspired downside seen in APAC hours as the German 10yr yield nears 0.00%
• Overnight, the US yield briefly breached 1.85% but has since pulled back modestly though equities remain waylaid with NQ, -2.0%, continuing to underperform
• Oil remains elevated on supply-side factors while the DXY is firmer but yet to test 95.50 with peers modestly pressured
• BoJ maintained policy settings as...

• Asia-Pac stocks traded mixed with early optimism in the region soured by a resumption of the surge in US yields
• The US 10yr cash yield briefly topped 1.85%; US equity futures were softer across the board
• European futures are indicative of a softer open with the Eurostoxx 50 future lower by 0.4% after the cash market closed higher by 0.7% yesterday
• BoJ maintained policy settings as expected and reaffirmed its dovish...

MON: BoC Business Outlook Survey, Eurogroup Meeting, US Martin Luther King Jr. Day; Chinese Retail Sales/Industrial Output (Dec), GDP (Q4), EZ CPI Final (Dec), US Leading Index (Dec), Canadian Housing Price Index (Dec)

TUE: BoJ Policy Announcement, OPEC MOMR; Japanese Capacity Utilisation (Nov), UK Jobs Report (Nov), Claimant Count (Dec), German ZEW (Jan), Canadian Housing Starts (Dec), CPI (Dec), US NY Fed Manufacturing (Jan), NAHB (Jan)

WED: EIA OMR; Australian...

• MON: Italian Election; Japanese Manufacturing PMI Flash (Jan), EZ, UK, US Flash PMIs (Jan), German CPI Prelim. (Jan), US National Activity Index (Dec).
• TUE: NBH Policy Announcement; Australian NAB (Dec), German Import Prices (Dec), Ifo (Jan), EZ Consumer Confidence Final (Jan), Consumer Confidence (Jan), Richmond Fed (Jan), New Zealand Trade Balance (Dec).
• WED: FOMC & BoC Policy Announcements, BoJ SOO (Jan), India Republic Day, Australia Day; US New...

• Asian equity markets traded with a mild positive bias following the similar close last Friday on Wall Street
• Chinese GDP and industrial production exceeded expectations, whilst retail sales disappointed
• The PBoC reduced rates on its 1-year Medium-term Lending Facility and 7-day reverse repos by 10bps each
• European futures are indicative of a mildly firmer open with the Eurostoxx 50 future higher by 0.3%
• The USD is...

• European bourses are softer, Euro Stoxx 50 -0.9%, with newsflow minimal though benchmarks are off lows led by Oil & Gas given benchmark pricing
• US futures are contained/rangebound, ES +0.1%, ahead of US Retail Sales and Fed's Williams as the last scheduled pre-blackout speaker
• DXY remains pressured but fairly contained with peers mixed while debt dips lifting yields; however, US/German 10yr yields remain shy of recent peaks
• Chinese trade...

• Asian equity markets weakened amid headwinds from the US where all major indices declined
• Losses in the US were led by tech and consumer discretionary names amid a slew of hawkish Fed speak
• European futures are indicative of a softer open with the Eurostoxx 50 future lower by 0.8%
• Chinese trade figures showed weaker than expected Imports although Exports topped estimates
• Bank of Korea hiked rates by 25bps for a third...

• European bourses are contained with US futures equally uninspiring, ES +0.1%; in Europe, sectors has Tech, +1.1%, notably outperforming given TSMC read-across
• DXY remains subdued moving further below 95.00 to the benefit of peers across the board; conversely, core debt is relatively calm before more key US events
• Russian Kremlin says talks with the West were "unsuccessful", sanctioning Putin would be comparable to severing relations
• Some...

• Asia-Pac stocks traded mixed following the choppy session in the US where major indices eked mild gains
• European futures are indicative of a flat open with the Eurostoxx 50 Mar'22 contract near the unchanged mark
• In FX, the DXY heads into the European open a touch softer and in close proximity to the 95.00 mark
• Fed's Bullard has said that four rate hikes in 2022 now appear likely
• Looking ahead, highlights include US...

• European bourses are firmer continuing from upbeat APAC performance while US futures are more contained but retain a positive bias pre-CPI, ES +0.1%, NQ +0.3%
• Chinese inflation metrics cooled from the prior and came in below expectations
• The DXY is towards the top of a narrow range with peers generally contained ex-crude sensitive FX, given benchmark action
• USTs are cautious as we await data, Fed speak and supply while EGBs, led by Bunds,...

• Asia-Pac bourses traded positively as stocks took their cue from the energy and tech-led gains in the US
• US indices closed higher across the board with the Nasdaq outpacing peers with gains of 1.4%
• Chinese inflation metrics cooled from the prior and came in below expectations
• The DXY languished around two-month lows near 95.50. Activity currencies lead in the G10 FX space
• Looking ahead, highlights include US CPI,...

• European bourses and US futures are firmer following yesterday's US rebound, ES +0.3%, but off best pre-Powell's testimony
• Fed Chair Powell’s prepared remarks noted the economy has rapidly strengthened despite the ongoing pandemic
• Fed's Bostic (2024 voter) sees three 2022 hikes, risks of a fourth on the possibility of higher inflation
• DXY remains sub-96.00 and continues to drift with peers ex-JPY modestly firmer while debt is choppy but...

• Asian equities were subdued following on from the mostly negative lead from Wall St
• US stocks declined at the open, but then finished off lows and the Nasdaq fully recovered from a near-3% drop as yields wavered
• DXY is softer and back on a 95 handle as activity currencies gain and EUR/USD gains a firmer footing above 1.13
• Fed Chair Powell’s prepared remarks noted the economy has rapidly strengthened despite the ongoing...

MON: Japanese Old Age Day, EZ Sentix (Jan), Unemployment (Nov), US Employment Trends (Dec), Wholesale Inventory/Sales (Nov), Chinese M2 /New Yuan Loans (Dec)

TUE: EIA STEO; Australian Retail Sales (Nov), Japanese Coincident Index/Leading Indicator (Nov), UK GDP Estimate (Nov), US NFIB (Dec), Redbook (w/e Jan 3rd)

WED: Chinese CPI (Dec), EZ Industrial Production (Nov), US CPI (Dec)

THU: US Initial/Continued Jobless Claims (w/e Jan 3rd/Dec...

• Indecisive and somewhat choppy trade amid a thin docket; Euro Stoxx 50 -0.1%, ES U/C, NQ -0.3%
• In FX, the DXY tested 96.00 to the upside with peers mixed but relatively contained while USTs/EGBs recovered from initial pressure
• US Senator Manchin reportedly no longer supports a USD 1.8trl Build Back Better counterproposal, via Washington Post
• US-Russia talks have begun and initial commentary seemingly downplays the prospect of a...

• Asia-Pac markets traded mixed and US equity futures were initially pressured after last Friday's post-NFP weakness
• Ongoing Omicron woes and the absence of Japanese participants further added to the uninspired mood
• China reported its first community transition of the Omicron variant in Tianjin which is a gateway city to Beijing
• In FX, the DXY is firmer but sub-96.00, EUR/USD has reclaimed 1.13, USD/JPY remains on a 115...

• European bourses/US futures are mixed but generally contained amid minimal newsflow pre-NFP/Fed speak; ES +0.2%
• DXY remains downbeat but off worst and yet to test 96.00 with main peers little changed and both EUR and GBP unreactive to respective data
• Core debt is similarly confined while crude continues to climb absent catalysts though geopols draw focus
• China may still ease policy in Q1 despite the hawkish Fed, according to reports citing...