• European bourses are indecisive as travel names suffer as UK implements a quarantine for Spain while heavyweight SAP supports tech post-earnings
• UK government announced a 14-day quarantine rule for anyone arriving from Spain; France & Germany also on the radar
• White House Chief of Staff Meadows said the WH and Senate Republicans have reached a deal "in principle" on the next COVID-19 relief package, likely to be released today
• Chinese military began live-fire drills in the South China Sea on...

• Asia-Pac traded choppy as initial optimism petered out, Nikkei underperformed on catch-up play
• The US flag was lowered at its Chengdu consulate in China shortly after the closure deadline; Chinese military began live-fire drills in the South China Sea on Saturday
• White House Chief of Staff Meadows said the WH and Senate Republicans have reached a deal "in principle" on the next COVID-19 relief package, likely to be released today
• UK government announced a 14-day quarantine rule for anyone arriving...

Sentiment in Europe remains subdued but has picked up a touch following positive flash PMIs

China has confirmed it will be asking the US to close the Chengdu consulate in response to the closure of the Chinese consulate in US

EU Commission says the Airbus agreement to modify subsidy scheme achieves full compliance with WTO rulings, removing any grounds for the US to maintain countermeasures on EU exports

EU Commission states it is urgent that EU countries mitigate the risk of dependency on high-risk 5G...

• Asia-Pac stocks traded lower across the board after a similar performance on Wall St; Mainland China underperformed
• China has confirmed it will be asking the US to close the Chengdu consulate in response to the closure of the Chinese consulate in US, as speculated
• The head of the Chinese consulate in Houston will not commit to closing the office by the Friday deadline
• US GOP stimulus bill likely will not be released until Monday amid disagreements over jobless benefits and other issues
• In...

• Sentiment remains supported after strong EU earnings & as US-China tensions haven’t escalated further
• US President Trump said it is possible for more Chinese consulates in the US to be closed while China is reportedly moving to close the US consulate Chengdu
• MSFT beat on EPS & revenue but trade lower in the pre-market while TSLA also beat and are now eligible for S&P 500 inclusion, +5% in pre-market
• Brexit negotiations have reportedly not broken down, according to government sources, but...

• Asia-Pac stocks traded mostly lower with Mainland China weighed on by the escalating tensions with US
• US President Trump said it is possible for more Chinese consulates in the US are to be closed
• China is reportedly moving to close the US consulate in Chengdu in retaliation for the closure of the Chinese diplomatic facility in Houston, sources stated
• US prosecutors said the Chinese consulate in San Francisco is harbouring a Chinese military...

• Sentiment remains softer after mixed APAC performance and US-China tensions, but US futures have begun to edge higher
• US asked China to close their Houston consulate which prompted backlash from China and threats of retaliatory action
• US Treasury Secretary Mnuchin hopes to get a new COVID-19 bill passed by the end of July
• US President Trump reiterated that COVID-19 vaccines are coming sooner than anyone thought possible & working on a very powerful strategy
• DXY was bolstered on Houston...

• Asia-Pac stocks traded mixed amid a similar performance on Wall Street; Mainland China outperformed; Australia lagged
• The Telegraph reports that the UK is close to abandoning hopes on a post-Brexit EU trade deal; whilst a UK-US trade deal is unlikely before the US election
• US Treasury Secretary Mnuchin hopes to get a new COVID-19 bill passed by the end of July but reportedly did not talk about a payroll tax cut at the Senate Republican lunch
• Gold and Silver were in focus overnight as prices printed...

• Sentiment remains strong after similar APAC performance & EU recovery package agreement
• EU leaders have reached an agreement on a EUR 1.82tln budget and recovery package
• China urged UK to stop interfering in Hong Kong affairs and stated UK will bear consequences if it insists on going down the wrong road
• RBA Governor Lowe said the Board could lower the Cash Rate to 10bp (currently 25bps) but judgement is lower rates would have little benefit, would prefer a softer AUD
• FX, sees the USD...

• APAC stocks traded with firm gains, fuelled by the tech rally on Wall Street; Mainland China took a breather from yesterday’s outperformance
• EU leaders have reached an agreement on a EUR 1.82tln budget and recovery package
• China urged UK to stop interfering in Hong Kong affairs and stated UK will bear consequences if it insists in going down the wrong road
• RBA Governor Lowe said the Cash Rate could be lowered to 10bps but lower rates would have little benefit; he favours a weaker AUD but will not...

• Sentiment has strengthened in Europe but remains mixed/flat stateside as we await the EU Council recommencement
• EU leaders are yet to formally agree on the scale of grants in the Recovery Fund as talks enter a fourth day, leaders will reconvene today at 16:00CEST/15:00BST
• Frugal EU members have further eased their stance on grants, but asked Southern Europe and France to meet them halfway; France sees a path towards a deal
• Trump admin and GOP leaders to meet at White House today morning to discuss...

• Asia-Pac stocks traded choppy following a mixed lead from Wall Street; Mainland China outperformed
• EU leaders are yet to formally agree on the scale of grants in the Recovery Fund as talks enter a fourth day, leaders will reconvene today at 16:00CEST/15:00BST
• Frugal EU members have further eased their stance on grants, but asks Southern Europe and France to meet them halfway; France sees a path towards a deal
• PBoC stood pat on its 1yr and...

• European bourses are modestly firmer heading into US’ players arrival but trade for the morning has been tepid & without conviction
• Initial comments heading into the EU Summit include Dutch PM Rutte ascribing less than 50% chance to a deal and Merkel noting negotiations are tough
• Texas Governor Abbott later commented that there is no shutdown coming; following rumours this could be implemented today
• Applied DNA & Takis report positive preclinical results from Lineadna vaccine candidates for...

• Asian equity markets were mixed as efforts to recoup the prior day’s losses were fettered by the record increases in coronavirus numbers in US and abroad
• Texas Governor Abbot pushed back on rumours over a potential shutdown in the state, whilst the Miami Mayor suggested a stay at home order could be on the cards
• In FX, the DXY heads into the EU session relatively steady above 96.00, EUR/USD trades sub-1.14
• Reports suggest there are disagreements in the White House over the use of stimulus checks vs....

• Sentiment remains somewhat sour in a mild pull-back from vaccine induced upside after mixed APAC data pre-ECB & US data
• Chinese GDP and Industrial Production topped estimates whilst Retail Sales disappointed and showed a surprise contraction
• US is reportedly considering a travel ban on members of the Chinese Communist Party, although reports added that President Trump may ultimately reject a possible travel ban
• DXY is rangebound but firmer with major peers softer while debt remains in mild...

• Asian stocks traded mostly negative as recent vaccine optimism that underpinned global stocks took a back seat to the slew of tier-1 releases in the region
• Chinese GDP and Industrial Production topped estimates whilst Retail Sales disappointed and showed a surprise contraction
• NIH's Fauci said the US will have an effective COVID-19 vaccine by year-end and that Moderna's vaccine trial results were especially promising
• The DXY edged marginal gains above 96.00 after rebounding from the prior day’s...

• Sentiment remains strong following on from multiple COVID-19 vaccine updates ahead of US’ entrance
• Moderna (MRNA) COVID-19 vaccine produced antibodies in all patients tested in the initial study, according to reports
• US President Trump said he signed legislation and an executive order to hold China accountable for actions in Hong Kong
• BoJ kept monetary policy settings unchanged as expected with rates kept at -0.1% and 10yr JGB yield target at around 0% through an 8-1 vote
• Court rejects EU...

• Asian equity markets were mostly positive as regional bourses tracked the cyclical-led gains in US peers
• Moderna (MRNA) COVID-19 vaccine produced antibodies in all patients tested in an initial study, according to reports
• US President Trump said he signed legislation and an executive order to hold China accountable for actions in Hong Kong
• BoJ kept monetary policy settings unchanged as expected with rates kept at -0.1% and 10yr JGB yield...

• Sentiment is subdued in Europe, but off lows, as US futures remain robust ahead of US bank earnings
• China's Foreign Ministry intends to apply sanctions on Lockheed Martin (LMT) over arms sales to Taiwan
• Trump’s advisors have outruled breaking the USD/HKD peg while China says the US accusations over the South China Sea are unjustified
• UK reportedly will ban UK telecoms from purchasing Huawei equipment by year-end and will remove Huawei from all 5G networks by 2027
• FX sees the USD softer but...

• Asian equity markets traded negatively with sentiment dampened following choppy performance stateside
• California Governor Newsom ordered a shutdown of indoor restaurants, bars, movie theatres and other businesses across the state
• The US has denounced China's claims to the South China Sea as unlawful
• The DXY sits just above 96.50 with trade across the FX complex relatively contained overnight
• UK will reportedly ban UK telecom companies from purchasing Huawei equipment by year-end and will...

• Sentiment remains firm but European bourses are off highs while US futures remain steady with gains of 0.5%
• Weekend updates saw a record rise in global COVID-19 cases, whilst Florida saw its largest increase in cases since the pandemic began
• US is reportedly weighing limited options to sanction China for its actions in Hong Kong
• China's Foreign Ministry says it will impose sanctions on US lawmakers in response to sanctions over Xinjiang
• US is to issue 25% tariffs on USD 1.3bln of French...

• Asian equity markets began the week mostly positive as the region benefitted from the recent tailwinds from Wall St.
• Weekend updates saw a record rise in global COVID-19 cases, whilst Florida saw its largest increase in cases since the pandemic began
• US is reportedly weighing limited options to sanction China for its actions in Hong Kong, according to WSJ
• DXY traded softer and declined back below 96.50, EUR/USD and GBP/USD trade above 1.13 and 1.2650 respectively
• WTI crude futures retraced...

• Choppy end to the week for stocks amidst a flurry of updates as debt remains in demand & dollar dips
• US is said to be mulling a tariff list against France for around USD 500-700mln in goods
• Texas COVID-19 cases increased by the most since the pandemic began and the Governor predicts next week will be worse
• EU Council President Michel proposes a budget of EUR 1.074tln & recovery fund total maintained at EUR 750bln
• IEA raises 2020 oil demand forecast by 400k BPD, demand decline in Q2...

• Asian stock markets were negative following a lacklustre performance across global peers
• Large-cap Chinese shares were pressured after two state-backed funds said they plan to trim holdings
• US coronavirus cases rose by at least 60,565 which was a 2nd consecutive record increase
• US is said to be mulling a tariff list against France for around USD 500-700mln in goods, with a potential announcement today, sources
• In FX,...

• European bourses and US equity futures are mixed; DAX and IT sector outperforms after SAP’s prelim results
• US coronavirus cases rose by more than 60,000 for a record daily increase according to a major newswire tally; Texas death rise was the largest since the pandemic began
• China’s Foreign Minister said China is willing to develop ties with the US but relations face serious challenges
• Australia is to suspend the extradition agreement with Hong Kong while New Zealand will review relationship...