• APAC equities saw a mixed session; the ASX 200 hit a new high and the KOSPI lagged
• FX markets were quiet, DXY tested yesterday's high before pulling back, USD/JPY remained above 110.50
• Crude futures drifted lower overnight amid COVID developments in the Asia-Pac region
• US Senate passed the infrastructure bill as expected; most GOP Senators pledged to not help Democrats on the debt ceiling
• North Korea said it will...

• European bourses are marginally firmer with US futures mixed/flat in quiet newsflow after initial overnight pressure in futures despite a lack of catalysts
• US Senate's infrastructure deal vote is expected today at 11:00EDT/16:00BST
• USD is underpinned to the detriment of safe-haven CHF & JPY while USTs are steady but EGBs/Gilts are bid post-ZEW/DMO issuance
• China's Daily noted that the PBoC may have to cut the RRR or interest rate to spur...

• APAC equities traded mixed; the Nikkei gave up its catch-up gains and China was choppy
• US equity futures were dented alongside sentiment despite the absence of a catalyst at the time
• Fed's Rosengren (2022 voter) said the Fed should announce QE tapering in September for a start this fall
• China's Daily noted that the PBoC may have to cut the RRR or interest rate to spur growth
• North Korea warned the US and South Korean...

• European bourses lack direction amid quiet newsflow following a Japanese market holiday while US futures are mixed and the RTY lags, -0.6%
• Spot gold and silver saw mini flash crashes in early and thin APAC trade, while crude futures continue to crumble
• In FX, the DXY remains pressured though relatively rangebound with peers similarly mixed and contained
• Beijing has imposed domestic travel restrictions and Israel warned of fresh lockdowns...

• MON: Japanese Holiday (Mountain Day); Chinese Inflation (Jul); EZ Sentix Index (Aug).
• TUE: EIA STEO; German ZEW Survey (Aug).
• WED: US CPI (Jul).
• THU: Banxico & CBRT Policy Decisions, OPEC MOMR & IEA OMR; UK GDP Estimate (Jun); US PPI (Jul).
• FRI: US Uni of Michigan Prelim Sentiment (Aug).

NOTE: Previews are listed in day-order

CHINESE INFLATION...

• APAC stocks traded cautiously with volumes light in Japan's absence; China eventually outperformed
• Spot gold and silver saw mini flash crashes in early and thin trade, while crude futures remained subdued
• In FX, DXY drifted off best levels, EUR/USD briefly dipped to a four-month low and USD/JPY traded sideways
• Beijing has imposed domestic travel restrictions and Israel warned of fresh lockdowns amid rising COVID...

• European bourses are marginally firmer in tentative and contained trade amid minimal newsflow
• US equity futures trade sideways in the run-up to the final jobs report before the Fed's Jackson Hole Symposium
• In FX, the DXY continues to grind higher to the detriment of peers across the board while EUR/GBP approaches YTD lows
• RBA Governor Lowe welcomes a lower AUD rate, but stressed that it is not a target
• US Senate...

• Asia-Pac equities saw a mixed session; Mainland China narrowly underperformed
• US equity futures traded sideways in the run-up to the final jobs report before the Fed's Jackson Hole Symposium
• In FX, DXY was firmer, EUR and GBP were flat whilst the AUD and NZD lagged
• RBA Governor Lowe welcomes a lower AUD rate, but stressed that it is not a target
• US Senate Majority Leader Schumer confirmed the infrastructure bill...

• European bourses are firmer but contained with earnings dominating as macro updates are minimal; Euro Stoxx 50 +0.4%, ES U/C
• USD has been pressured to the benefit of peers ex-JPY, though performance is overall relatively contained while USTs & EGBs diverge
• Fed's Daly (2021, 2024 voter) said her modal outlook is the Fed will be able to taper later this year or early next - but emphasized data dependency
• China said it opposes the US' arms...

• Asia-Pac equities traded mixed with the breadth of the price action narrow; US equity futures saw mild gains
• In FX, DXY held onto the Clarida-induced gains; the non-US Dollars saw some upside and the JPY narrowly lagged
• Fed's Daly (2021, 2024 voter) said her modal outlook is the Fed will be able to taper later this year or early next - but emphasized data dependency
• UK is removing the quarantine requirement for fully jabbed travellers coming...

• Equity bourses are firmer in Europe with US futures little changed in a contained session pre-Clarida/quarterly refunding; ES U/C
• In FX, the USD rose to fresh weekly highs with peers mixed as antipodeans outperform and EUR/USD drops to within a 2bln FX option band for the NY cut
• China's Caixin Services PMI topped forecasts, but companies reported having higher staff, fuel and raw material costs during July
• The US military is expected to...

• Asia-Pac equities traded mostly higher; Hong Kong outperformed with the Hang Seng Tech Index rising over 3%
• US equity futures overnight resumed trade modestly softer and were caged throughout the session
• In FX, DXY probed 92.000, EUR, GBP and JPY were uneventful whilst the NZD was bolstered by a solid jobs report
• China's Caixin Services PMI topped forecasts, but companies reported having higher staff, fuel and raw material costs during...

• European equities, Stoxx 50 +0.3%, are dictated by earnings updates with Oil names outperforming on BP and autos diverging after Daimler and Stellantis
• Stateside, futures are firmer and the RTY is outperforming ahead of further large-cap earnings
• In FX, DXY lost 92.00; EUR, GBP, and JPY are firmer but relatively contained whilst antipodeans outperform on central bank updates
• The RBA unexpectedly left its QE taper plans unchanged vs...

• APAC equities saw a cautious session; Hong Kong lagged as gaming stocks were hit by China's renewed crackdown
• US equity futures overnight resumed trade with mild broad-based gains
• In FX, DXY held onto 92.00; EUR, GBP, and JPY were uneventful whilst antipodeans saw central bank updates
• Fed Governor Waller suggested the Fed could make a taper announcement by September for an October start and should be a position to increase rates in 2022 if...

• Risk sentiment is constructive though EU action has been minimal and focused on earnings/weekend newsflow as we await risk events; ES +0.6%
• The DXY is sedate on the new-month with peers benefitting but only modestly so; core debt is deviating with USTs firmer
• A vote on the USD 1tln infrastructure bill could be held “in a matter of days,” Senate Democratic leader Schumer said
• Fed's Brainard (voter) said she would like to have the September...

• MON: Chinese Caixin Manufacturing PMI Final (Jul); German Retail Sales (Jun); EZ, UK and US Manufacturing PMI Final (Jul); US ISM Manufacturing PMI (Jul); Canadian Civic Holiday
• TUE: RBA Policy Decision; EZ PPI (Jun); US Durable Goods R (Jun); New Zealand HLFS Jobs Report (Q2)
• WED: BCB Policy Decision; Australian Retail Sales (Jul); Chinese Caixin Services and Composite PMI Final (Jul); EZ, UK and US Services and Composite PMI Final (Jul); EZ Retail Sales...

• APAC equities traded higher across the board; Japan outperformed whilst China rebounded
• US equity futures extended on gains throughout the night, with the ES and NQ back above 4,400 and 15,000 respectively
• FX markets were uneventful, DXY traded within a tight range just above the 92.00, EUR, GBP and JPY traded sideways
• A vote on the USD 1tln infrastructure bill could be held “in a matter of days,” Senate Democratic leader Schumer...

• Equities are subdued going into month-end with attention on AMZN (-6.1%) following a disappointing earnings report and guidance; ES -0.6%
• USD has been choppy and pressured for much of the session, though has staged a modest recovery with peers mixed/flat
• US SEC has stopped processing the IPO registrations of Chinese companies, according to sources; while China has cautioned on ride-hailing Cos
• Looking ahead, highlights include US Personal...

• Asia-Pac stocks mostly weakened at month-end with the region occupied by a slew of earnings and data releases
• Amazon was seen lower by 7.4% after-hours following a disappointing earnings report and guidance
• In FX, the DXY heads into the European open around the 92.00 mark, EUR/USD trades sub-1.19 and GBP/USD maintains 1.39 status
• Looking ahead, highlights include German GDP, Eurozone CPI, GDP, US Personal Income, PCE, Canadian GDP, Fed's...

• European bourses are firmer after an earnings dominated morning with US futures positively-biased but more contained; Euro Stoxx 50 +0.4%, ES +0.2%
• DXY is subdued and sub-92.00 at worst to the benefit of G10 peers while debt dips on sentiment and ahead of US 7yr supply
• The US Senate voted 67-32 to move forward with the bipartisan infrastructure bill after a bipartisan agreement was reached
• Japan's PM Suga will decide on the state of...

• FOMC stood pat on policy whilst noting that progress has been made towards goals; substantial threshold not yet met
• FOMC is on track to make an explicit ‘taper is coming’ signal at the Jackson Hole Symposium
• Asia-Pac stocks traded positively alongside a rebound in Chinese equities as regulators attempted to stem the rout
• The DXY was softer post-FOMC but maintains 92.00 status; EUR/USD and GBP sit on 1.18 and 1.39 handles...

• Equity indices are firmer but contained pre-Fed after the lacklustre APAC handover with movers dominated by earnings; Euro Stoxx 50 +0.7%, ES +0.2%
• Large cap US earnings sees Apple lower pre-market trade, Microsoft marginally firmer and Alphabet higher; all beat on top and bottom lines
• USD is choppy but rangebound with peers exhibiting similar performance and core debt is similar, US yield curve is modestly bear-steepening
• Looking ahead,...

• Asian equity markets traded mostly lower following on from the subdued mood in global counterparts
• Large cap US earnings saw Apple lower in after-market trade, Microsoft marginally firmer and Alphabet higher; all beat on top and bottom lines
• DXY is lacklustre around 92.50 ahead of FOMC. EUR/USD and GBP/USD trade on 1.18 and 1.38 handles respectively
• Looking ahead, highlights include German GFK Consumer Sentiment, Canadian CPI, DoEs, FOMC...

• Sentiment slipped around the European cash open given pressure in China's bourses, though we are currently off lows; Euro Stoxx 50 -0.4%, ES -0.3%
• USD is firmer with activity currencies pressured on the tone and safe-haven JPY outperforming; though, attention is on rising Tokyo COVID-19 cases amid the Olympics
• Senate Majority Leader Schumer noted that the Senate may stay in session through the weekend to finish the bill
• Tesla earnings...

• Asian equity markets traded mostly positive as the region found inspiration from Wall St. where all major indices extended on record highs
• Senate Majority Leader Schumer noted that the Senate may stay in session through the weekend to finish the bill
• The DXY consolidated after its recent retreat towards 92.50, EUR/USD and GBP/USD sit on 1.18 and 1.38 handles respectively
• Tesla earnings exceeded expectations after reporting record deliveries;...