• Sentiment has slipped in a quiet session after a positive APAC handover as the OPEC meeting is seemingly delayed and with risk events looming
  • Energy Journalist Reza Zandi says the OPEC+ meeting is unlikely to be held today amid complicated negotiations for compliance
  • President Trump stated that he does not think they will need to send the military in response to protests
  • China's Agricultural Ministry confirms they are continuing to purchase US soybeans
  • Looking ahead, highlights include ECB...
  • Asian stocks were mostly higher as the region partially upheld the firm handover from Wall St; S&P 500 +1.36%
  • Chinese state-controlled companies reportedly cancelled some shipments from US farm exporters, according to WSJ
  • US President Trump's administration selected Moderna (MRNA), AstraZeneca (AZN), Johnson & Johnson (JNJ), Merck (MRK) and Pfizer (PFE) as COVID-19 vaccine candidate finalists
  • German Chancellor Merkel's ruling coalition reached a deal on the German stimulus package with an...
  • Sentiment remains strong after a positive APAC handover, US futures firmer but have been drifting
  • Saudi Arabia and Russia reportedly agreed on a preliminary 1-month extension on existing OPEC+ oil cuts, according to sources; meeting conditional on countries compensating for compliance ahead
  • Crude was firmer in-line with overall sentiment; however, above remarks knocked the benchmarks into negative territory
  • US President Trump reportedly appeared to be backing away from invoking the Insurrection Act...
  • Asian equity markets traded higher across the board as the region took impetus from the energy-led gains on Wall St.
  • Chinese Caixin Services and Composite PMIs printed their largest expansions in nearly a decade
  • DXY continued to weaken and fell below the 97.50 level, EUR/USD breached 1.1200 and GBP/USD briefly took 1.2600 to the upside
  • OPEC+ oil cut extension talks are said to be complicated by Saudi and Russia haggling
  • US President Trump reportedly appeared to be backing away from invoking...
  • China's Foreign Ministry says there is no information relating to a soybean halt and reports indicate soybeans from the most recent crop were sold to China state-buyers
  • Sentiment strengthens after a tentative APAC lead bolstered by soybean updates, US futures higher by 0.6% as DXY deteriorates and US Treasury curve beginning to modestly steepen
  • Trump stated he is mobilizing civilian and military resources to stop the rioting and warned he will deploy the military to states if local law enforcement cannot...
  • Asian equity markets traded with cautious gains following the positive performance on Wall St but with upside limited after US President Trump’s latest speech
  • Trump stated he is mobilizing civilian and military resources to stop the rioting and warned he will deploy the military to states if local law enforcement cannot curb protests
  • UK could signal a willingness for a compromise on fisheries and level playing field trade rules if the EU drops its maximalist approach
  • The DXY remained lacklustre...
  • China is reportedly to halt some US Soy imports as tensions are increasing, according to sources; with Beijing reportedly waiting to see what steps Trump takes before deciding its next move
  • US futures dropped into, and remain in, negative territory on these reports which also bolstered the USD and USTs
  • China's Foreign Ministry, responding to the US ending preferential treatment for Hong Kong, will have firm countermeasures. Adding, they firmly oppose such actions and it is an interference in internal...
  • Asian equity markets began the new month higher across the board as the region sustained the late relief seen last Friday on Wall Street
  • US President Trump’s press conference on Friday saw the US leader revoke Hong Kong’s special status but refrained from making any adjustments to the China trade deal
  • This underpinned sentiment in Asia and helped US equity futures recoup the initial losses that were triggered by nationwide violent protests and mixed Chinese PMI data over the weekend
  • Official Chinese...
  • US President Trump is to announce actions against China today in response to the HK bill – timing currently unknown
  • POTUS is reportedly to cancel visas of some Chinese students with links to the PLA, WSJ
  • China's Foreign Ministry reiterates they are determined to take countermeasures against the US in relation to its actions over Hong Kong; prepared to take all necessary measures
  • Sentiment remains tentative, with month-end flows also playing a role, aiding EUR/GBP and fixed income most notably thus...
  • Asia-Pac indices mostly declined following the late selling pressure on Wall St. after President Trump announced a press conference on China later today
  • NEC Director Kudlow reiterated that the Phase One US-China trade deal is still on for now
  • US President Trump signed an executive order on social media companies which means they will no longer have a liability shield
  • UK reportedly seeks to form an international alliance of 10 democracies or “D10” to create alternative suppliers of 5G...
  • China's Parliament has voted to approve the Hong Kong National Security Bill, as expected while the US House passed bill calling for sanctions on Chinese officials related to the crackdown on Uighur minorities as expected
  • Chinese Gov’t advisors say Beijing is “prepared for the worst case scenario” with the US
  • Action in the equity space sees some divergence with European bourses modestly firmer while US futures are mixed as the Nasdaq lags once...
  • Asian equity markets traded mixed as China concerns counterbalanced the momentum from a firm Wall St handover
  • US Secretary of State Pompeo said he has certified to Congress that Hong Kong is no longer autonomous from China
  • US President Trump administration is reportedly considering suspending Hong Kong's preferential US tariff rate for exports to US
  • Huawei CFO lost the double criminality aspect of the US extradition case in Canadian court and the Canadian judge is mulling whether to proceed with...
  • EU Commission are reportedly to mobilise EUR 750bln for the recovery fund, with EUR 500bln in grants & EUR 250bln in loans; additionally, to propose a budget of EUR 1.1trl
  • Sentiment strengthened on these reports with stocks, alongside US futures, climbing to session highs alongside EU periphery bonds surging higher as the core pulled back
  • FX sees the EUR continuing to strengthen on such reports which, alongside the improving sentiment, is weighing on the USD
  • US President Trump said that the US...
  • Major US indices finished higher although staggered heading into the close after reports the US is considering sanctions on Chinese officials and firms
  • US President Trump said we will hear about US actions on China by the end of the week
  • The DXY nursed the prior day’s losses to reclaim the 99.00 handle, EUR/USD trade around 1.0950, GBP/USD remains above 1.2300
  • UK Chancellor Sunak is set to announce this week that the government will soon stop allowing companies from placing employees on the furlough...
  • Sentiment remains strong with the e-mini S&P above the 3k handle as US futures outperform their European bourses in a relatively quiet session
  • Novavax (NVAX) reports that it has begun a clinical Phase 1 trial of a COVID-19 vaccine candidate
  • On Brexit, the EU are preparing to drop its "maximalist" approach to negotiations on fisheries, according to sources
  • BoE’s Haldane says the BoE have not remotely come to a view on NIRP
  • FX sees the USD softer weighed on by general sentiment and...
  • Asian equity markets began the week mostly higher following last Friday’s recovery on Wall St. where the US major indices gradually clawed back opening losses
  • Thousands of protesters rallied in Hong Kong on Sunday against China’s national security law
  • US announced it will include 33 Chinese firms and institutions in an economic blacklist
  • The Oxford University COVID-19 vaccine has only around a 50% chance of success, according to the Professor leading the development of the drug
  • DXY was...
  • China’s NPC meeting confirmed no GDP target for 2020 & reiterated intentions to implement the Phase One US-China deal
  • China's draft Hong Kong legislation stated that Hong Kong should finish enacting as soon as possible the regulations in basic law regarding national security; HK activists reportedly intend to protest this
  • APAC indices were heavily weighed upon on the NPC & HK newsflow, sentiment which has hit European bourses & US futures; albeit, currently off lows
  • Fixed is firmer and...
  • Asian indices weakened as markets digested today's key events including the BoJ off-schedule meeting and start of China's NPC
  • China omitted setting a GDP growth target for this year due to coronavirus, as well as uncertainties surrounding economy and trade
  • China's draft Hong Kong legislation stated that Hong Kong should finish enacting as soon as possible the regulations in basic law regarding national security
  • US Senators are reportedly introducing a bipartisan bill that would sanction Chinese...
  • European bourses continue to move further into negative territory after a subdued APAC session as US-China rhetoric ramped up; Stateside, futures are also softer but by a smaller magnitude
  • US President Trump suggested China could have stopped the COVID-19 plague and that China’s disinformation and propaganda attack on the US and Europe was a “disgrace”
  • Furthermore, diplomatic backchannels between US and China are said to have dried up and some suggest behind the scenes meetings/messages between officials...
  • Asian equity markets struggled to sustain the impetus from the rebound on Wall St where stocks were underpinned by hopes of a pick-up in economic activity
  • US President Trump alleged the incompetence of China was behind the “mass worldwide killing” and that China’s disinformation and propaganda attack on the US and Europe was a “disgrace”
  • US Senate passed a bill aimed at increasing oversight of Chinese companies which could require Chinese firms to de-list from US exchanges
  • The temperamental tone...
  • European bourses, and sentiment in general, has been choppy this morning but continues to drift higher ahead of the entrance stateside; US futures outperform with gains over 1%
  • Lowe’s (LOW) beat on EPS & revenue this morning as did Target (TGT) however they declined to provide FY guidance
  • FX sees the USD softer and DXY towards the bottom of a relatively compact range for the session; benefitting major counterparts & antipodeans in particular
  • China's Foreign Ministry says China will take...
  • Asian equity markets traded indecisively following the soured mood on Wall St amid ongoing US-China tensions and a disappointing drug update
  • Moderna (MRNA) COVID-19 vaccine reportedly did not produce data critical to assessing the vaccine, according to STAT News citing experts
  • In FX markets, the DXY oscillated around the 99.50 level amid the indecisive risk tone
  • WTI July crude futures edged mild gains and broke back above the USD 32/bbl level supported by a somewhat encouraging private inventory...
  • Sentiment has slipped on a few factors with trade in focus and as the European short-selling ban has been removed; US futures are subdued ahead of Powell
  • WTI has been firmer for much of the session but has slipped marginally into negative territory on the day ahead of today’s June’20 future expiry
  • FX, sees the USD softer to the benefit of most major counterparts aside from the JPY afflicted by the BoJ to hold an off-schedule meeting on May 22nd
  • US President Trump criticized the World Health...
  • Asian equity markets were higher across the board as the region took impetus from the global stock rally
  • Germany and France proposed a EUR 500bln recovery fund and to give grants–not loans–to member states
  • White House spokesperson called China's USD 2bln pledge to the WHO a "token" to distract from China's failure to warn the world of what was coming
  • BoE's Tenreyro said MPC has not ruled out any policy tool and that it is her personal view that negative rates have had a positive impact in...
  • Sentiment has strengthened following a hefty weekend of central bank speak notably from Fed Chair Powell
  • Fed Chair Powell reiterated the US will not have negative interest rates and post coronavirus recovery could last through 2021; not out of ammo & suggested there are no limits to what we can do
  • President Trump commented that he has lost a little flavour for the China trade deal
  • EU Medicines Agency says Gilead's (GILD) Remdisivir could be granted conditional market authorisation in Europe in...
ECB GDP growth forecasts (June 2020): 2020 -8.7% (prev. +0.8%), 2021 +5.2% (prev. +1.3%), 2022 +3.3% (prev. +1.4%)