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  • US stocks eventually eked slight gains, APAC stocks traded mixed ahead of upcoming risk events and a slew of market closures.
  • Fitch revised China's outlook to Negative and affirmed its rating at A+.
  • European equity futures indicate a higher open with the Euro Stoxx 50 future +0.6% after the cash market closed down 1.1% on Tuesday.
  • RBNZ kept the OCR unchanged as expected and noted that a restrictive monetary policy stance remains...
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  • European bourses in the red with US futures flat in catalyst-thin trade
  • DXY steady for much of the morning before USD/JPY came under pressure on a BoJ-related source report
  • Fixed income benchmarks bid with EGBs outperforming, no reaction to supply but latest ECB BLS perhaps factoring
  • Commodities firmer; crude gains incremental while XAU hit a fresh ATH
  • Looking ahead, highlights include US Supply & SNB's Schlegel;...
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  • APAC stocks traded mostly higher but with price action relatively rangebound with global markets lacking major catalysts.
  • European equity futures indicate a lower open with the Euro Stoxx 50 future -0.2% after the cash market closed up 0.6% on Monday.
  • FX markets are contained with DXY holding above the 104 mark, USD/JPY continues to eye the YTD peak and 152 level.
  • Israeli Prime Minister Netanyahu said that a date has been set for a Rafah...
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  • 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...
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  • 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...
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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,...
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  • 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...
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  • 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,...
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  • 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,...
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  • 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...
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  • 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...
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  • 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...
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  • 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...
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  • 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...
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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...
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  • 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 &...
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  • 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...
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  • 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...
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  • 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...
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  • 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...
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  • 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,...
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  • 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 &...
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  • 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...
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  • 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...
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  • 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...
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