• APAC stocks mostly took impetus from the gains on Wall St where the S&P 500 and Nasdaq posted record closes.
• European equity futures indicate a firmer open with Euro Stoxx 50 future +0.5% after the cash market closed lower by 0.5% on Tuesday.
• DXY remains sub-106, EUR/USD has pivoted around the 1.0750 mark, USD/JPY is in close proximity to its multi-decade high.
• Bunds have edged mild gains, oil futures were supported by a large draw in...

• European bourses pressured despite a lack of fresh drivers with US futures softer ahead of Chair Powell
• DXY firmer and above 106.00, USD/JPY hit another peak of 161.75, EUR unreactive to HICP
• EGBs slipped incrementally on sticky super-core EZ HICP but remain near the unchanged mark overall, USTs slightly firmer
• Crude continues to climb while XAU pivots its 21-DMA and base metals lift marginally
• ECB's Lane said...

• France’s far-right won the first round of the French parliamentary election, according to estimates. However, expectations are mixed over whether they will secure a majority. 
• EUR is the best performing currency across the majors and OATS are firmer by circa 16 ticks and CAC 40 future +1.1%, with some citing relief over the potential lack of majority for Le Pen.
• European equity futures indicate a higher open with Euro Stoxx 50 future +1.4% after the first round...

Week Ahead 1st-5th July:

• SUN: French Parliamentary Election
• MON: Canada Day; Japanese Tankan (Q2), Japanese, Chinese Caixin, EZ, UK & US Manufacturing Final PMI (June), German Prelim. CPI (June), US ISM Manufacturing PMI (June)
• TUE: RBA Minutes (June), Australian & Canadian Manufacturing PMI Final (June), EZ Flash CPI (June), Unemployment Rate (May), US JOLTS Job Openings (May)
• WED: Riksbank Minutes...

• Price action in European equities has been choppy, but are ultimately mostly firmer; US futures are modestly firmer ahead of US PCE
• French assets underperform ahead of Sunday’s legislative elections; CAC 40 -0.4%, OATs -31 ticks, OAT-Bund yield spread above 84bps
• Dollar is flat after initially being boosted by JPY weakness & post-presidential debate
• Bonds are subdued following the Presidential debate which saw the odds of a Trump victory...

• 67% of respondents said Trump won the Presidential debate; 81% of registered voters who watched said it had no effect on their choice, 5% said it made them change their mind, via CNN.
• APAC stocks mostly higher heading into month-, quarter-, & half-end and following the positive US handover as attention turns to PCE.
• DXY strengthened as the betting odds of a Trump second term got boosted marginally, support also from USD/JPY eclipsing...

• European bourses are mixed whilst US futures are modestly in the red; Micron -5.5% after its results
• Dollar is slightly softer, Antipodeans outperform & USD/JPY holds around 160.50
• Bonds are modestly softer in a continuation of the prior day’s losses
• Crude & XAU benefit from the softer Dollar, whilst base metals remain subdued
• Looking ahead, US IJC, Durable Goods, GDP & PCE Q1 (Final), Banxico Policy...

• APAC stocks were negative amid this week's choppy tech performance with headwinds from higher yields.
• Fed Bank Stress Tests showed all banks passed, which paves the way for higher payouts.
• European equity futures indicate a lower open with Euro Stoxx 50 future -0.2% after the cash market closed lower by 0.4% on Wednesday.
• DXY pulled back below the 106 mark, USD/JPY remains above 160 and EUR/USD is stuck on a 1.06...

• APAC stocks followed suit to the mixed performance stateside where tech rebounded as Nvidia snapped its losing streak.
• European equity futures indicate a firmer open with Euro Stoxx 50 future +0.5% after the cash market closed lower by 0.2% on Tuesday.
• DXY is caged in a tight range on a 105 handle, AUD boosted post-CPI, EUR/USD sits just above the 1.07 level.
• Australian monthly CPI data saw markets price around a 33% probability for an RBA...

• European bourses are hit following updates from Airbus and Merck; US futures mixed, with the NQ leading as NVDA (+2.2%) finds its footing
• Dollar is flat, with G10 price action also lacklustre in catalyst-thin trade
• Bonds are contained awaiting impetus from US data and a 2yr auction
• Crude is modestly softer benefiting from Dollar price action, base metals are generally higher
• Looking ahead, US Philly Fed...

• APAC stocks were mostly positive but with some of the gains capped following the tech underperformance on Wall Street.
• Nvidia (-6.5%) suffered a third consecutive day of losses and was down 13% from its peak last week.
• European equity futures indicate a weaker open with Euro Stoxx 50 future -0.3% after the cash market closed higher by 0.9% on Monday.
• DXY is lacklustre with FX markets broadly contained, USD/JPY remains...

• Equities are entirely in the green, benefiting from a pick-up in sentiment in the European session
• Dollar is softer, EUR is the G10 outperformer, but was initially pressured post-German Ifo, USD/JPY around 159.60
• Bonds are mixed with USTs contained, whilst Bunds slip to session lows
• Crude is incrementally firmer, XAU/base metals benefit from Dollar weakness
• Looking ahead, US Dallas Fed Manufacturing Business...

• APAC stocks were predominantly subdued heading closer to month-end and US PCE data later in the week
• DXY rangebound just below 106.00, G10 peers generally contained with JPY subject to fresh jawboning
• Fixed income contained into today's German data and ECB speak; JGB futures softer
• Crude lacklustre with specific lights and unreactive to Netanyahu's latest remarks
• China and the EU have agreed to hold consultations on...

• MON: BoJ Summary of Opinions, German Ifo Survey (Jun), German Import Prices (May)
• TUE: Japanese Services PPI (May), Canadian CPI (May), UK GDP (Q1)
• WED: Australian CPI (May), German GfK Consumer Sentiment
• THU: Biden/Trump debate on CNN, Riksbank Announcement, CBRT Announcement, CNB Announcement, European Council, Chinese Industrial Profits YTD (May), EZ Sentiment Survey (Jun), US GDP Final (Q1)
• FRI: European...

• Equities are subdued amid a broader risk aversion following the downbeat EZ PMI data
• France, Germany and the EZ-wide figure all reported lower-than-expected PMI data, which has led to outperformance in Bunds and slight pressure in the EUR
• Dollar is incrementally firmer, USD/JPY went as high as 159.12 before paring back towards 158.80 following the European data
• Crude is rangebound, base metals suffer from the subdued risk...

• APAC stocks were mostly rangebound with sentiment subdued after the lacklustre handover from Wall St where tech underperformed, and risk appetite was sapped.
• DXY took a breather but held on to the prior day's spoils after strengthening on firmer yields despite soft data; USD/JPY briefly rose above 159.00.
• 10-year UST futures remained lacklustre after weakening yesterday; Bund futures were kept afloat after rebounding from support near the 132.00...

• Equities in the green and Tech leads in Europe; NQ outperforms, lifted by pre-market gains in NVDA +2.7%
• Dollar is firmer, CHF sinks after the SNB cut rates by 25bps, GBP slightly softer ahead of the BoE
• Bonds are softer, Bunds initially lifted post-SNB but has since pared, French auction passes without issue
• Crude is incrementally firmer, base metals gain amid a generally positive risk tone
• Looking ahead, US IJC...

• APAC stocks were subdued in rangebound trade amid a lack of catalysts and following the US holiday lull.
• European equity futures indicate a firmer open with Euro Stoxx 50 future up 0.3% after the cash market closed higher by 0.7% on Wednesday.
• DXY is steady on a 105 handle with FX markets broadly contained, Cable holds above 1.27 ahead of the BoE announcement.
• Bunds are lower, whilst crude markets are contained after WTI hit resistance...

• US stocks inched higher in rangebound trade, APAC stocks mainly positive with Hang Seng outperformance
• European futures point to a contained open, after the cash market closed higher by circa. 0.7%
• DXY contained after the deluge of Fed remarks, peers rangebound
• Crude and spot gold largely sideways while base metals benefited from the constructive US tone
• Israel's military said operational plans for an offensive in...

• European bourses are entirely in the green whilst US futures are mixed
• Dollar is firmer, AUD gains post-RBA and USD/JPY holds above 158.00
• Softer session for fixed thus far, Bunds initially boosted by ZEW but slipped on a poor German outing
• Crude is slightly softer, hampered by the softer Dollar; XAU contained
• Looking ahead, US Retail Sales & Industrial Production, NBH Policy Announcement, Comments from ECB’s...

• European bourses are mostly firmer paring some of Friday’s pronounced downside, US futures are trading tentatively
• Dollar is flat, Antipodeans lag after weaker than expected Chinese industrial data
• Bonds are subdued paring recent EU political-induced upside on Friday, as participants digest ECB sources which suggest that the Bank is in no rush to discuss a French bond rescue
• Crude is flat in what has been a choppy session thus far, XAU/base...

• US stocks were mixed and the major indices finished off their worst levels seen early in the session alongside the broad risk-averse conditions
• APAC stocks were mostly negative as markets reflected on the latest soft Chinese data releases; European futures point to a firmer open
• DXY steady around 105.50, EUR/USD directionless & Cable below 1.27
• EGBs eased back from Friday's marked rally; ECB sources report they are in no rush to discuss...

• MON: PBoC MLF, Chinese Activity Data (May), EZ Wages and Labour Costs (Q1)
• TUE: RBA Announcement, NBH Announcement, EZ Final CPI (May), German ZEW Survey (Jun), US Retail Sales (May), Japanese Trade Balance (May)
• WED: BoC Minutes, BCB Announcement, UK Inflation (May), New Zealand GDP (Q1)
• THU: BoE Announcement, PBoC LPR Announcement, SNB Announcement & Press Conference, Norges Bank Announcement & Press Conference, German...

• European bourses are entirely in the red, with sentiment hampered by ongoing political angst in the EU; US futures are also lower, RTY underperforms
• DXY is bid, benefitting from the subdued EUR which dips below 1.07 and a weak JPY post-BoJ
• The BoJ kept rates unchanged but defied expectations for an immediate reduction of bond purchases, instead, it will decide on a specific bond-buying reduction plan at the next meeting
• USTs are flat, EGBs...

• APAC stocks were mostly subdued after the mixed performance stateside where soft data took centre stage, while participants turned their attention to the BoJ policy announcement. 
• The BoJ maintained rates as expected but defied expectations for an immediate reduction of bond purchases, instead, it will decide on a specific bond-buying reduction plan at the next meeting. 
• Nikkei 225 recovered early losses, USD/JPY advanced to just shy of the 158.00 level,...