• MON: Norwegian CPI (Nov), Chinese M2 (Nov).
  • TUE: EIA STEO; UK Unemployment Rate (Oct), German ZEW (Dec), US NFIB (Nov), US CPI (Nov), Japanese Tankan (Q4).
  • WED: FOMC, BoK & BCB Policy Announcements, OPEC MOMR; UK GDP (Oct), EZ IP (Oct), US PPI (Nov).
  • THU: BoE, ECB, SNB & Norges Bank Policy Announcements, IEA OMR, EU Council (1/2); Australian Employment (Nov), Swedish CPIF (Nov), US IJC (w/e 8th), Import/Export...
  • European equities gain with outperformance in the CAC 40; US Futures meander around the unchanged mark ahead of NFP
  • Dollar remains within a tight range whilst the Kiwi lags on cross-related flows, JPY off recent highs
  • Fixed income retreats modestly ahead of payrolls, Gilts continue to modestly underperform
  • Crude posts notable gains making back some of this week’s losses whilst spot Gold is around flat
  • Looking ahead,...
  • APAC stocks eventually traded mostly higher but with gains limited as sentiment remained cautious.
  • RBI kept the Repurchase Rate unchanged at 6.50%, as expected.
  • JPY remains the key focus in the FX space with USD/JPY sub-144.00, EUR/USD and Cable tested 1.08 and 1.26 respectively. 
  • European equity futures are indicative of a higher open with Euro Stoxx 50 future +0.3% after the cash market closed down 0.2%...
  • European equities are on a weaker footing following a negative handover from the APAC session; whilst US futures are mixed with NQ holding in the green
  • Dollar subdued with the Yen dominating as it benefits from higher JGB yields post BoJ Ueda
  • BoJ Governor Ueda suggested that the “handling of monetary policy would get tougher from the end of the year”
  • Crude attempts to nurse recent losses while precious metals are flat pre-data, base metals...
  • APAC stocks declined following the weak lead from Wall St, while markets digested mixed Chinese trade data.
  • Chinese trade metrics showed the first expansion in exports since April although imports surprisingly contracted.
  • European equity futures are indicative of a weaker open with Euro Stoxx 50 future -0.5% after the cash market closed up 0.7% yesterday.
  • DXY holds a footing above 104, JPY leads following upside in Japanese yields,...
  • European bourses are modestly firmer with US futures posting gains of a similar magnitude
  • The Dollar is uneventful meandering around the 104 level; Antipodeans outperform paring back yesterday’s losses and benefiting from positive risk sentiment
  • Fixed saw initial EGB/UST divergence but Bunds have faded and move in-line with USTs which pause for breath pre-ADP
  • Crude continues to slip whilst base metals are almost entirely in the green given...
  • APAC stocks were mostly higher with risk sentiment underpinned by softer yields.
  • European equity futures are indicative of a modestly firmer open with Euro Stoxx 50 future +0.4% after the cash market closed up 0.9% yesterday.
  • DXY lingers just below 104, EUR/USD languishes beneath 1.08, antipodeans benefit from the risk appetite.
  • 10-year UST futures marginally pulled back and Crude futures lacked direction after yesterday's...
  • European equities trade on the front foot though the FTSE100 is once again hampered by losses in Basic Resources; US Futures are in the red
  • DXY trades around the unchanged mark, with the Aussie underperforming post RBA hold
  • Fixed was initially driven higher by ECB Schnabel’s comments; though now off best levels after EZ PMI revisions
  • ECB's Schnabel (Hawk) says that further hikes are now “rather unlikely” following the November inflation...
  • APAC stocks declined following the mostly negative lead from Wall St where the major indices were choppy and ultimately weighed amid a rebound in yields ahead of key data releases.
  • RBA kept the Cash Rate Target unchanged at 4.35%, as expected, while it reiterated its forward guidance; Chinese Caixin Services PMI topped forecasts; Tokyo CPI printed below expectations.
  • Saudi's Energy Minister said OPEC+ cuts can 'absolutely' go beyond Q1 and they will not agree to a...
  • European equities mixed with underperformance in the FTSE100 hampered by Basic Resources and Energy; Stateside, futures trade on the backfoot
  • Dollar is firmer with clear underperformance in the Swiss Franc post-CPI; Yen trades marginally firmer attributed to narrowing yield differentials
  • Core fixed benchmarks are around unchanged; Bunds were briefly lifted in the wake of weaker German Trade data
  • WTI and Brent lose further ground in a...
  • APAC stocks traded mixed with an initial positive bias after last Friday’s gains on Wall St, although the upside was capped in the region after quiet macro newsflow from the weekend and ahead of this week’s key events.
  • DXY was marginally positive in otherwise quiet trade, 10-year UST futures mildly pulled back although held to most of Friday's spoils, and crude futures were subdued.
  • Spot gold initially surged by more than 3% shortly after the open as prices breached...
  • MON: Riksbank Minutes (Dec); German Trade Balance (Oct), Swiss CPI (Nov), EZ Sen tix (Dec), US Factory Orders (Oct), Japanese CPI (Nov), Australian Final PMIs (Nov).
  • TUE: RBA Policy Announcement; Chinese Caixin Services PMI (Nov), EZ/UK/US Composite/Services Final PMI (Nov), EZ Producer Prices (Oct), US ISM Services PMI (Nov).
  • WED: BoC Policy Announcement; German Industrial Orders (Oct), UK/EZ Construction PMI (Nov), EZ Retail Sales (Oct), US ADP (Nov),...
  • European equities extend gains; FTSE100 propped up by mining names; US futures contained pre-Powell
  • DXY is marginally weaker, with mild outperformance in the Kiwi post-hawkish commentary from Hawkesby
  • Bonds bounce and back on a firmer footing, after steep month-end retracement
  • Crude contained post-OPEC; base metals boosted by the softer Dollar & firmer Chinese data
  • Israel's military said that Hamas violated the...
  • APAC stocks began the new month with price action rangebound as markets paused following the November rally amid another busy day of economic releases, while the conflict in Gaza also resumed.
  • DXY marginally softened beneath 103.50 as it gave back some of the prior day’s gains, USD/JPY briefly dipped beneath the 148.00 level, and Antipodeans were choppy amid the mixed risk appetite.
  • Crude futures remained subdued after the prior day's selling despite the OPEC+...
  • Equities post modest gains with the FTSE 100 & DAX 40 outperforming given crude and SAP/Salesforce
  • Stateside futures tilt higher in-fitting with the European bias as markets await US PCE data.
  • DXY is firmer, leading G10’s lower with clear underperformance in the EUR post cooler than expected CPI.
  • Debt futures wane after short squeeze fizzles out; Bunds fade from near 133.00
  • Crude extends gains following reports...
  • APAC stocks were mixed and indecisively capped off this month’s notable gains as the Israel-Hamas truce hung in the balance before the announcement of a last-minute one-day extension.
  • The overnight session saw a slew of key data releases including disappointing Chinese official PMI figures which showed a steeper contraction in China’s factory activity.
  • OPEC+ reportedly mulls new oil production cuts amid the Middle East conflict with Saudi Arabia favouring a curb of...
  • European bourses & US Futures extend gains but with clear underperformance in the FTSE100
  • DXY is firmer edging back towards the 103.00 level; G10’s are mixed with underperformance in the AUD following mixed data and cross-related flows.
  • RBNZ opted for a hawkish hold where it kept rates unchanged but slightly raised its OCR forecasts from March 2024 to March 2025.
  • EGBs bid amid EZ-member inflation prints, but have drifted slightly from...
  • APAC stocks were mixed after the choppy performance on Wall St where stocks wavered, Treasuries rallied, and the Dollar dipped on dovish Fed rhetoric.
  • DXY was rangebound and traded on both sides of the 102.50 level overnight after declining yesterday on dovish comments from Fed hawk Waller; 10-year UST futures remained underpinned after the prior day’s bull-steepening.
  • RBNZ opted for a hawkish hold where it kept rates unchanged but slightly raised its OCR forecasts...
  • European bourses slip whilst US Futures teeter around the unchanged mark with slight underperformance in the CAC 40
  • Bonds retreat but have reclaimed some of the post-UK supply marked sell-off in Gilts
  • DXY is around flat with slight outperformance in the CAD amid crude; G10s generally contained
  • Oil continues to extend gains while metals are flat/mixed in the absence of major catalysts
  • Looking ahead, US Consumer...
  • APAC stocks traded mixed amid the lower yield environment and after the lacklustre performance of US counterparts.
  • DXY traded flat and was confined to within a tight range, USD/JPY tested 148.00 to the downside, Antipodeans were marginally firmer.
  • 10-year UST futures marginally eased back from the 109.00 level after rallying on the back of soft US housing data and a strong 5yr auction, while a weak 2yr offering failed to derail the...
  • European bourses & US futures are in the red with newsflow focused on geopols and any extension to the Israel-Hamas truce.
  • Black Friday US online sales rose 7.5% Y/Y to USD 9.8bln, while shopper traffic to physical stores rose 2% -5% Y/Y, according to CNBC citing Adobe Analytics.
  • USD remains heavy with initial support from yields also fading, CAD lags given crude.
  • Crude continues to slump; latest reports suggest African states are yet to...
  • APAC stocks declined heading into month-end and after newsflow over the weekend was mainly dominated by geopolitical headlines with a question mark hanging over whether the Israel-Hamas truce will be extended beyond the initial four-day agreement.
  • Israeli PM Netanyahu said Israel will resume the Gaza operation in full force at the end of the truce but would welcome extending the truce if it facilitated the release of ten additional hostages daily.
  • Hamas announced in...
  • European bourses & US futures are essentially unchanged, with price action & newsflow limited post-Thanksgiving
  • DXY tilts lower with GBP bid as UK yields rise, NZD underpinned by retail data while EUR was largely unreactive to Ifo
  • EGBs & USTs continue to slump with supply-side dynamics in play
  • Commodities await any fresh OPEC and/or geopolitical updates, the latter following the Israel-Hamas truce...
  • APAC stocks traded mixed in the absence of a lead from Wall St and as markets headed into the start of the Israel-Hamas truce.
  • DXY traded rangebound amid a lack of drivers and in holiday conditions with many in the US likely to stay away for Black Friday.
  • 10-year UST futures trickled further below 109.00 as yields edged higher and with demand hampered by thinned conditions.
  • A four-day truce in the Israel-Hamas war took effect at 7:00 am...
  • APAC stocks were subdued for most of the session before edging higher in holiday-quietened conditions owing to market closures in the US and Japan.
  • DXY marginally softened, EUR/USD nursed the prior day’s losses, and Antipodeans were firmer with NZD/USD the outperformer.
  • Israel’s military said they do not know when the ceasefire will take effect; Iran's Foreign Minister said if the truce between Hamas and Israel does not continue, the war will...