• European bourses have meandered higher after a contained open, US futures near unchanged
• Geopols. and US-China talks in focus; Hamas sources report no progress in Cairo negotiations
• DXY steady but towards the top-end of the day’s range with peers generally steady in limited newsflow
• Core fixed benchmarks lower in an extension of Friday’s bearish action, US yields higher across the curve
• WTI and Brent pressured as...

• APAC stocks were mixed ahead of this week's risk events and despite last Friday's strong NFP report and US-China talks.
• Fed's Bowman (voter) said on Friday that cutting rates too soon risks a rebound in inflation and although unlikely, it is possible the Fed may have to hike rates again to cool inflation.
• Spot gold was initially pressured in early trade alongside weakness across commodities but later printed a fresh record high above USD...

Week Ahead 8-12th April

• MON: Bank of Israel Announcement, Japanese Earnings (Feb), Swiss Unemployment Rate (Mar), German Trade Balance (Feb)/Industrial Output (Feb), EZ Sentix Index (Apr)
• TUE: EIA STEO
• WED: FOMC Minutes (Mar), BoC Announcement, RBNZ Announcement, US CPI (Mar)
• THU: ECB Announcement, OPEC MOMR, Eurogroup Meeting, Chinese Inflation (Mar), US PPI (Mar)
• FRI: IEA OMR,...

• European equities lower across the board in catch-up play from the late selling seen on Wall St.
• DXY unchanged with G10s rangebound into NFP
• Fixed income benchmarks slightly softer as they give back some of Thursday’s risk-inspired upside
• Commodities feature modest gains for crude and XAU
• Payrolls aside, markets attentive for any further escalation in geopolitical tensions into a potential risk-fuelled...

• APAC stocks followed suit to the losses in the US amid geopolitical concerns and hawkish-leaning Fed rhetoric.
• Fed's Kashkari and Goolsbee noted that it is possible the Fed will not cut this year if inflation stalls.
• European equity futures indicate a weaker open with the Euro Stoxx 50 future -1.3% after the cash market closed flat on Thursday.
• DXY is a touch firmer, EUR/USD eased back from two weeks highs but remains on a 1.08 handle,...

• European bourses a touch firmer post-PMIs after a flat open, US futures tilting higher in tandem into IJC and Fed appearances
• DXY softer and approaching 104.00, EUR inches higher post-PMIs, JPY stead, CHF lags
• EGBs bid despite PMI pressure though off highs in somewhat limited newsflow, USTs flat
• Base metals continue to climb with 3M LME Copper at a 52-week high, crude contained and XAU slightly softer
• Looking ahead,...

• APAC stocks traded higher as sentiment picked up from the choppy mood and mixed data releases stateside.
• Fed Chair Powell said if the economy evolves as the Fed expects, most on the FOMC expect to cut rates later this year.
• European equity futures indicate a slightly positive open with the Euro Stoxx 50 future +0.1% after the cash market closed up 0.5% on Wednesday.
• DXY has pulled back further from 105, antipodeans outperform, EUR/USD...

• European bourses are modestly firmer, US equity futures are in the red though with trade contained
• Dollar is flat and G10 peers are incrementally softer
• USTs are incrementally softer whilst Bunds are firmer after dovish-tilting speak from ultra-hawk Holzmann coupled with softer EZ-HICP metrics
• Crude is incrementally firmer but within recent levels, XAU is off best
• Looking ahead, US ADP, ISM Services, Australian PMI...

• APAC stocks followed suit to losses in the US where treasuries bear-steepened and oil prices ramped up.
• Fed's Daly said there is no urgency to adjust the rate, Mester doesn't see the case for cutting at the next meeting.
• European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed lower by 0.8% on Tuesday.
• DXY remains on a 104 handle with FX markets overall steady, USD/JPY lingers...

• Equities are mixed, with clear outperformance in the Energy/Basic Resources names amid broader strength in the underlying commodity prices
• Dollar is flat and holds around 105, AUD outperforms given the rally in metals prices
• Bonds are mixed, USTs are flat and hold near post-ISM lows, whilst Bunds play catch up; a modest dovish reaction was seen following German state CPIs
• Commodities are entirely in the green, Crude benefits from heightened...

• APAC stocks were mixed after the weak performance on Wall St where hot ISM Manufacturing PMI saw markets trim Fed rate cut bets.
• European equity futures indicate a contained open with the Euro Stoxx 50 future little changed after the cash market closed flat on Thursday.
• DXY sits on a 105 handle, EUR/USD slipped below 1.08, USD/JPY extended upside and Cable gave back the 1.26 handle.
• Crude futures remained afloat after recently gaining...

Week Ahead 1-5th April

• MON: BoJ Tankan Survey (Q1), South Korea Prelim Trade Balance (Mar), Chinese Caixin Manufacturing PMI Final (Mar), US ISM Manufacturing PMI (Mar), US S&P Global Manufacturing PMI Final (Mar)
• TUE: RBA Minutes (Mar), CNB Minutes (Mar), South Korean CPI (Mar), EZ/UK Manufacturing PMI Final (Mar), German Prelim CPI (Mar), US Non-Durable Goods R (Feb), Chilean Central Bank Announcement
• WED: OPEC+ JMMC Meeting, EZ...

• European bourses hold a positive bias whilst Stateside futures are subdued ahead of a busy docket
• Dollar bid acting as a drag on G10 peers, Antipodeans lag
• Bonds are lower in a continuation of post-Waller price action
• Crude and XAU remains in the green despite the stronger Dollar as geopols remain in focus
• Looking ahead, Highlights include US GDP (F), IJC, UoM Inflation Expectations (F), Japanese Tokyo CPI &...

• APAC stocks partially sustained the momentum from the late ramp-up on Wall St heading into quarter-end.
• Fed's Waller said still no rush to cut rates and the Fed may need to maintain the current rate target for longer than expected.
• European equity futures indicate a positive open with the Euro Stoxx 50 future +0.3% after the cash market closed up 0.4% on Wednesday.
• DXY is contained on a 104 handle, EUR/USD is holding above 1.08 and...

• European bourses are mixed whilst Stateside futures are entirely in the green
• Dollar is flat, JPY higher after a BoJ/MoF/FSA meeting which only resulted in further jawboning from Top Currency Diplomat Kanda
• Bonds mixed though price action has been contained; Bunds rose incrementally on Spanish CPI, upside which proved fleeting
• Crude is softer in a continuation of post-private inventory data action, XAU bid
• Looking...

• APAC stocks traded mixed after the subdued handover from Wall St heading into quarter-end and Easter.
• European equity futures indicate a slightly softer open with the Euro Stoxx 50 future -0.1% after the cash market closed up 0.4% on Tuesday.
• DXY is a touch firmer on a 104 handle, USD/JPY printed a fresh 33yr high, FX markets are otherwise contained.
• BoJ's Tamura said that based on the current economic and price outlook, the BoJ is likely to...

• European bourses are mixed though have been edging higher, taking impetus from strength in US equity futures
• Dollar is weaker, NZD benefits from a softer AUD/NZD cross
• Bonds incrementally firmer and Gilts outperform after BoE’s Mann
• Crude is modestly softer, XAU higher and near session highs
• Looking ahead, US Durable Goods, Philly Fed Non-manufacturing Business Outlook, Richmond Fed Survey, BoC’s Rogers and ECB’s...

• APAC stocks were choppy after a similarly subdued handover from Wall St.
• European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed up 0.3% on Monday.
• FX markets are steady, DXY holds above 104, PBoC delivered another firmer-than-expected CNY fix.
• Crude is flat but holding onto recent gains, Bunds attempted to recoup recently lost ground.
• Looking ahead,...

• Equities mostly and modestly lower, following on from a downbeat session in China/Japan overnight
• Dollar is flat, Antipodeans modestly firmer benefitting from a stronger Yuan
• Bonds are incrementally softer ahead of a 2yr US auction
• Crude is firmer, whilst base metals are entirely in the red hampered by poor Chinese price action overnight
• Looking ahead, Comments from ECB’s Lagarde, Fed’s Bostic, Goolsbee, Cook &...

• APAC stocks traded mixed amid a lack of major macro drivers heading into month-end and a slew of data releases.
• Fed’s Bostic (voter) adjusted his projection to one rate cut this year and at a later start vs. previous view of two cuts.
• European equity futures indicate a flat open with the Euro Stoxx 50 future unchanged after the cash market closed down 0.4% on Friday.
• DXY is a touch softer, EUR/USD found support at 1.08, Cable is back on a...

• MON: US Building Permits (Feb), UK GDP (Q4).
• TUE: US Durable Goods (Feb), US Richmond Fed (Mar).
• WED: Riksbank Announcement (MPR), SARB Policy Decision; Australian CPI (Feb), Spanish Flash CPI (Mar), EZ Sentiment Survey (Mar).
• THU: BoJ SOO (Mar), Scandinavian Holiday (Holy Thursday); German Retail Sales (Feb), US GDP (Q4), Canadian GDP (Jan), Japanese Tokyo CPI (Mar).
• FRI: French Prelim CPI (Mar), US PCE...

• Equities are modestly firmer; European sports retailers are hit post-Nike earnings
• Dollar bid, largely a factor of broader G10 weakness, Antipodeans underperform following the glum mood in China overnight
• Bonds continue their dovish price action, and little changed following positive German Ifo
• Crude is modestly softer and base metals are entirely in the red, dragged down by Dollar strength
• Looking ahead, Canadian...

• APAC stocks were ultimately mixed after momentum from the fresh record highs on Wall Street waned, Hang Seng and Shanghai Comp. suffered.
• DXY extends on gains above 104.00 after recent firm US data and pressure in Asia-Pac counterparts, USD/JPY traded indecisively.
• The latest Japanese CPI data was mostly softer-than-expected but the Core reading matched estimates at a four-month high.
• BoE Governor Bailey said rate cuts were in play at future...

• Equities firmer in a continuation of the post-Fed rally; European bourses off best after EZ PMIs
• Dollar stronger, AUD bid post-jobs data and CHF lower after SNB cut rates by 25bps
• Bonds higher taking impetus from the poor French PMI and dire accompanying German commentary
• Crude pares initial gains, base metals benefit from risk sentiment
• Looking ahead, US IJC, Fed's Barr, Supply from the US, Earnings from FedEx,...

• Fed kept rates unchanged and reaffirmed its 2024 three rate cuts projection, 2025 and 2026 FFR forecast raised.
• Powell noted that January/February CPI and PCE data was quite high, but there are reasons to believe there were seasonal factors at play.
• APAC stocks were mostly underpinned after the fresh record levels on Wall St post-"dovish" FOMC.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +1.2% after the cash...