• European bourses are pressured following overnight losses though US futures are comparatively less pressured; Euro Stoxx 50 -1.5%, ES -0.3%
  • DXY remains bid at fresh session highs but still sub-91.00 with peers modestly pressured overall as GBP and Antipodeans lag
  • USTs have been oscillating the U/C mark for much of the morning though the 10yr yield retains 1.70% with EGB action more pronounced and yields extending to key levels
  • Colonial...
  • Asian equity markets were pressured following on from the losses in the US post-CPI
  • The S&P 500 and DJIA posted their worst 3-day performance in over 6 months
  • USD held on to most of yesterday's gains, EUR/USD is subdued beneath 1.21 and GBP/USD remains on a 1.40 handle
  • Colonial Pipeline has announced that it is to restart operations; could take several days for operations to return to normal
  • The Bipartisan Policy...
  • European equities are firmer and earnings focused but US futures are softer and tentative overall going into US CPI
  • USD is modestly firmer but contained with peers only marginally weaker ex-antipodeans and GBP unreactive to the latest EU-UK updates
  • Core debt has consolidated somewhat going into CPI and Fed speak after which the 10yr outing will draw attention particularly if concession begins exerting influence once more
  • Top Republican...
  • Asian equity markets were subdued following the lacklustre performance in the US where the DJIA suffered its worst day in over two months
  • Losses in the Nasdaq were only marginal after the tech sector spent most of the session nursing its recent underperformance
  • In FX, the DXY is firmer, EUR/USD retreated further below 1.2150 and GBP/USD maintains 1.41 status
  • WTI crude futures were flat after finding support at the USD 65.00/bbl level. Focus...
  • Equities are depressed across the board in a continuation of the US & APAC spillover with tech among the underperformers as inflationary concerns remain at the forefront
  • US Senate Republicans reportedly signalled that they could increase the infrastructure counterproposal to President Biden, Politico
  • Chinese CPI printed below forecast while PPI rose at its fastest pace since 2017
  • DXY is off lows but remains pressured in-spite of yields...
  • Asia-Pac bourses traded with firm losses amid spillover selling from the tech-led declines on Wall St
  • All major US indices were dragged into the red with underperformance in the Nasdaq as tech names sold off
  • Chinese CPI printed below forecast while PPI rose at its fastest pace since 2017
  • The DXY heads into the European session relatively flat, EUR/USD rests just below 1.2150 and GBP/USD maintains 1.41 status
  • US...
  • Equities are contained with the initial modest European strength dissipating while the ES is unchanged and NQ/YM are mixed
  • DXY is off-lows and holding 90.00 but pressured with Cable eclipsing 1.40 amid Scottish election results
  • US Colonial Pipeline shut down its entire network as prelim. reports indicate the cyber attack could have Russian links, no time-line for a restart at present
  • LME copper hit record highs as did Dalian iron ore futures...
  • MON: Riksbank Minutes; Norwegian CPI; EZ Sentix Index.
  • TUE: BoJ SOO, CBRT Minutes, EIA STEO & OPEC MOMR; Chinese Inflation; German ZEW Survey, Australian Budget. 
  • THU: Banxico Rate Decision; India Holiday, Swiss Holiday. 
  • FRI: ECB Minutes, BoC Senior Loan Officer Survey; US Retail Sales; University of Michigan Survey.

NOTE: Previews...

  • Asian equities traded mostly positive as the region reacted to last Friday's disappointing US jobs data, which saw US majors hit record highs
  • In FX, the DXY remains below 90.50, EUR/USD holds on to 1.2150 and GBP/USD trades on a 1.40 handle
  • The SNP won 64 seats in the Scottish Parliamentary election, falling one short of the number required for an absolute majority
  • A ransomware attack forced the shutdown of the Colonial Pipeline, which is...
  • European bourses are firmer extending on APAC performance with miners leading the way; US futures are also firmer though closer to the unchanged mark pre-NFP
  • The Biden administration is likely to go ahead with former President Trump's China investment ban and Blinken is to keep the pressure up in his UN speech
  • EUR and GBP are the outperformers with the single currency seeing upside around Kazak remarks and GBP as local election results filter...
  • Asian equity markets traded mostly higher following the late ramp up on Wall St. and encouraging data from China
  • Gains were capped ahead of US NFP data and as increased US-China hawkish rhetoric contributed to the tentativeness
  • The Biden administration is likely to go ahead with former President Trump's China investment ban
  • In FX, the DXY languished beneath 91.00, EUR/USD held on to gains above 1.2050 and GBP/USD reclaimed...
  • European bourses gave up opening gains but have recovered from lows to largely mixed/unchanged performance; US futures are marginally firmer
  • China was mixed on its return with pressure in bio stocks as the US administration is in favour of waiving IP rights, with the EU announcing a similar stance
  • China NDRC announced it is to suspend indefinitely all activities under the China-Australia Strategic Economic Dialogue mechanism, citing Australia's disruption of...
  • A mixed picture was observed in Asia-Pac stocks as the region took its cue from the indecision stateside
  • The Nasdaq was dragged lower by weakness in tech and growth, although S&P 500 and DJIA remained afloat
  • In FX markets, the DXY was relatively contained overnight, EUR/USD oscillated around 1.20 and GBP/USD clings on to 1.39 status
  • Brent crude printed a fresh COVID-era high just shy of the USD 70/bbl...
  • European bourses are firmer at present with mining, oil and tech names the outperformers; US futures are also supported though magnitudes are more contained
  • US Treasury Secretary Yellen clarified her remarks stating she was not predicting or recommending a rate increase
  • DXY largely recovered from initial pressure, briefly surpassing yesterday's peak though it is now pivoting the unchanged mark with peers contained and rangebound ex-NZD
  • Core...
  • Asian equity markets traded cautiously as the region battled to shrug off the tech-led declines in the US
  • US Treasury Secretary Yellen stated that interest rates will have to rise somewhat to ensure the economy does not overheat
  • Yellen later clarified that she is not predicting nor recommending a rate increase
  • In FX, the DXY retraced some of yesterday's gains, EUR/USD held on to 1.20 status and GBP/USD reclaimed...
  • European indices began the session firmer though initial gains diminished to largely mixed/flat performance with tech underperforming post Infineon and as NQ lags
  • USD outperforms with EUR/USD having tested 1.20 and Cable dropping below 1.39, though unmoved on final PMIs while NZD lags pre-data
  • Core debt is subdued with Bunds rangebound and Gilts playing catch-up while action is contained to the belly of the US yield curve
  • The RBA maintained...
  • Asian equity markets traded mixed following on from a mostly positive US session after sentiment was underpinned amid an easing of COVID restrictions
  • The Nasdaq underperformed with tech pressured by losses in work-from-home stocks
  • In FX, the DXY reclaimed 91.00, dragging EUR/USD and GBP/USD below 1.2050 and 1.39 respectively
  • The RBA maintained its key rates at 0.10% and the parameters of its QE program, as...
  • European bourses began with modest gains that have since fizzled out to reside in negative territory amid a holiday-thinned session
  • Core debt has been pressured after Bunds failed to eclipse Friday's peak convincingly with EZ Final PMIs not moving the dial but US ISM and Fed speak in focus
  • The EU Commission is recommending the easing of restrictions on non-essential travel to the EU, whilst addressing variants via a new "emergency brake" mechanism
  • ECB's de Guindos says the ECB can consider phasing...
  • MON: German Retail Sales (Mar); EZ and US Manufacturing Final PMI (Apr); ISM Manufacturing PMI (Apr); UK Bank Holiday, Chinese Labour Day & Japanese Constitution Day
  • TUE: RBA Policy Decision, UK Manufacturing Final PMI (Apr); US Durable Goods R (Mar); New Zealand Jobs Report (Q1); Riksdag Hearing on Riksbank Monetary Policy; Chinese Labour Day
  • WED: BCB Policy Decision; EZ and US Services and Composite Final PMI (Apr); US ADP National Employment (Apr);...
  • Asian equity markets began the week subdued amid key market closures and a lack of fresh macro-drivers over the weekend
  • In FX, the DXY retained gains seen on Friday, EUR/USD and GBP/USD sit on 1.20 and 1.38 handles respectively
  • ECB's de Guindos says the ECB can consider phasing out emergency stimulus once the economy picks up pace and 70% of the adult population is vaccinated
  • Iran's Deputy Foreign Minister said that a deal was nearing for a...
  • European bourses are rangebound with individual movers dominated by earnings; stateside, futures are modestly softer
  • Amazon earnings beat on top and bottom lines after reporting a 44% increase in sales; +2% in pre-market
  • USD is firmer but remains sub-91.00 with action largely confined to EUR & GBP into month-end with Japanese participants away on holiday
  • Chinese official Manufacturing PMI and Non-Manufacturing PMI disappointed but...
  • Asian stocks traded subdued after the momentum from yesterday’s intraday rebound and fresh record highs on Wall Street waned
  • The APAC region was tentative at month-end and as participants digested an influx of earnings and mixed data releases
  • Chinese official Manufacturing PMI and Non-Manufacturing PMI disappointed but remained in expansionary territory
  • In FX, the DXY consolidated slightly north of 90.50, EUR/USD holds on to 1.21 and GBP/USD...
  • European bourses are somewhat mixed but slightly firmer overall after a heavy earnings morning in Europe while US futures are bolstered post large tech earnings
  • Apple and Facebook beat on top & bottom lines and are firmer in pre-market trade, with upside also in Qualcomm while Ford is pressured
  • President Biden unveiled his American Families plan which was in-line with earlier reports and prompted the expected Republican pushback
  • The USD...
  • The FOMC left policy unchanged and Fed Chair Powell pushed back on early tapering expectations
  • Asian equity markets traded positively in reaction to the continued dovish tone from the FOMC
  • Support was also garnered from firm earnings amongst the tech giants including Apple, Facebook and Qualcomm
  • Focus was also on President Biden’, who unveiled his American Families plan to Congress
  • In FX, the DXY was subdued around...
  • European bourses are mixed though positively biased and rangebound in an earnings-dominated morning ahead of large-cap US reports; ES +0.1%
  • Microsoft declined and Google shares surged after-hours/pre-market with both beating on top and bottom lines in their respective earnings
  • US President Biden plans to ask Congress to pay for the entirety of the USD 1.8tln in new spending; speech at circa 21:00EDT tonight
  • The USD has been supported by...