• FOMC left rates unchanged as expected and announced a ‘technical’ cut in the IOER; Chair Powell stated that he does not see the case for moving policy in either direction
• Asian indices were mixed, as most of the region returned from market holidays, somewhat diverging from the negative Wall St lead
• Sources state that a US-China trade deal may be possible by next week, with reports indicating that there has been significant progress; however, the details still need to be worked out
• Looking ahead,...

• Markets have been quiet due to the mass closures for Labour Day, while the FTSE 100 (+0.1%) is similarly uninspiring
• In FX sterling outperforms but the broadly in line PMI did little for the currency, while NZD underperforms following the weak jobs data
• Looking ahead, highlights include US ADP & Construction Spending, US ISM Manufacturing PMI, FOMC Rate Decision & Press Conference, BoC's Wilkins and Poloz
• Earnings: CVS, Qualcomm. CME Group, Automatic Data Processing,...

• A quiet tone was observed in Asia-Pacific amid market closures, US equity futures were underpinned after-hours following Apple earnings
• Eurosceptic ministers fear that PM May is preparing to give in to Labour demands on Brexit after they were told an unpalatable result would be better than a disastrous one
• Looking ahead, highlights include UK Manufacturing PMI, US ADP & Construction Spending, US ISM Manufacturing PMI, FOMC Rate Decision & Press Conference, ECB's de Guindos, BoC's Wilkins and...

• European indices have continued to drift lower following on from the predominantly downbeat Asian session
• On the data front EZ GDP came in above expectations, with State German CPI’s all increasing vs. their priors ahead of the German prelim figure at 13:00BST
• Looking ahead, highlights include German CPI (Prelim), Canadian GDP, US Chicago PMI & Consumer Confidence, BoC’s Poloz & Wilkins
• Earnings: Apple, Amgen, Arconic, Pfizer,...

• Asian equity markets traded mostly lower following weaker than expected Chinese PMI data and as the region digested a heavy slate of earnings
• UK PM May is reportedly facing a grassroot vote demanding her resignation while cross party talks are said to have been better
• Looking ahead, highlights include German Gfk, Import Prices & CPI (Prelim), Canadian GDP, US Chicago PMI & Consumer Confidence, BoE’s Ramsden, BoC’s Poloz & Wilkins, Supply from Italy &...

• European indices have continued to edge lower after a choppy morning for stocks [Euro Stoxx 50 -0.5%]
• On the trade front, US Treasury Secretary Mnuchin says that trade negotiations with China are now in their final laps
• Looking ahead, highlights include US Personal Income & Consumption, US PCE Price Index & Dallas Fed
• Earnings: Alphabet, NXP Semiconductor

ASIA-PAC

Asian equities traded mixed despite last Friday’s gains on Wall St where...

• Sunday: Spanish Election.
• Monday: EZ consumer confidence; US PCE/personal spending.
• Tuesday: German unemployment; EZ flash Q1 GDP, regional EZ CPIs; Canada GDP; US consumer confidence, pending home sales, Chicago PMI; NZ employment.
• Wednesday: Europe Labour Day Holiday; UK, US mfg PMI; US ADP employment, construction spending, ISM mfg, FOMC.
• Thursday: China Caixin mfg PMI; EZ mfg PMI; UK construction PMI;...

• Asian equities traded mixed despite last Friday’s gains on Wall Street, Japanese markets were closed due to the Golden Week Holiday
• Spain’s election showed that no party won a majority, but the Socialists emerged as the only party with a chance of forming a governing coalition
• UK Labour is said to be prepared to sign up to a Brexit deal with the government without the promise of a referendum attached if cross-party talks make significant progress in the coming...

• Major European indices are little changed with the markets focus remaining firmly on earnings
• On the trade front it has been reported that if a deal is finalised, Chinese President Xi could sign the deal in the US as early as June
• Brent and WTI prices have extended on losses this morning, with some citing this to technical factors
• Looking ahead, highlights include, US GDP (Advance)
• Earnings: Exxon Mobil, Colgate, Chevron, American Airlines

ASIA-PAC

Asia-Pac risk sentiment...

• Asia-Pac risk sentiment was mostly downbeat as markets remained heavily focused on earnings releases and following the lacklustre performance of counterparts stateside
• UK officials have conceded that UK PM May does not have enough time to get her Brexit deal passed by Parliament and avoid taking part in EU elections
• DXY consolidated after the prior day’s choppy price action but remained considerably firmer on the week and above the 98.00 level
• Looking ahead, highlights include, US GDP (Advance),...

• European Indices [Euro Stoxx 50 -0.3%] are trading with losses after a earnings dominated morning
• BoJ & Riskbank kept rates unchanged but both altered their forward guidance
• UK PM May is reportedly planning a Withdrawal Agreement Bill vote for next week, subsequently a source has suggested there is no plan for such a vote next week
• Looking ahead, highlights include US Durable Goods & Initial Jobless Claims, New Zealand Trade Balance, ECB’s de Guindos Speaking, Supply from the...

• Asian equity markets traded cautiously following an uninspiring lead from Wall St
• BoJ kept monetary policy settings unchanged as expected but tweaked forward guidance and lowered GDP and CPI forecasts
• UK PM May is reportedly planning a Withdrawal Agreement Bill vote for as early as next week
• Looking ahead, highlights include US Durable Goods & Initial Jobless Claims, New Zealand Trade Balance, Riksbank Rate Decision & Press Conference, ECB’s de Guindos Speaking, Supply from the...

• European indices are mixed [Euro Stoxx 50 -0.1%] in-spite of strong earnings from heavy weight names such as SAP, Credit Suisse and Novartis
• UK PM May is preparing to challenge the opposition Labour Party to support the Brexit bill before European Parliamentary elections if cross-party discussions fail
• In FX, AUD underperforms as the weaker than expected inflation data raises the likelihood of a RBA rate cut
• Looking ahead, highlights include BoC Rate Decision & Press Conference, Supply from the...

• Asian equity markets traded mixed after the region failed to sustain the tailwinds from Wall St after the S&P 500 and Nasdaq posted fresh record closes
• UK PM May is preparing to challenge the opposition Labour Party to support the Brexit bill before European Parliamentary elections if cross-party discussions fail
• AUD/USD slumped as Australian inflation data missed expectations across all components, which spurred the likes of Citi, JP Morgan and RBC all calling for a cut at the next...

• European indices are slightly subdued [Euro Stoxx 50 -0.2%] as markets trade largely in-line with indecisive overnight trade
• UK MP’s return from recess with Labour-Tory talks resuming, recent newsflow surrounds potential no-confidence votes in PM May
• Looking ahead, highlights include US New Home Sales, EZ Consumer Confidence (Flash), Supply from the US
• Earnings: Verizon, P&G, eBay, State Street, Twitter, United Technologies, Lockheed Martin,...

• Asian equity markets traded mixed as sentiment somewhat deteriorated from the mostly positive close in the US
• UK Conservative Party activists are to hold an emergency summit for a vote of no-confidence in UK PM May
• Oil prices extended on their gains overnight following the US announcement to end Iranian oil sanction waivers in an effort to push Iran oil imports to zero
• Looking ahead, highlights include US New Home Sales, EZ Consumer Confidence (Flash), Supply from the US
• Earnings: Verizon,...

• Major European indices [Euro Stoxx +0.3%] have traded choppily this morning, largely recovering from the poor PMIs
• On the trade front the Chinese Commerce Ministry states that new progress has been made in agreeing the text for a US-China trade deal
• Looking ahead US PMI (Flash), US Retail Sales, US Initial Jobless Claims & Business Inventories, US Philly Fed Business Index, Fed’s Bostic,
• Earnings: Phillip Morris, Union Pacific, American...

• European indices are little changed [Euro Stoxx 50 +0.1%] following on from the indecisive trade seen overnight
• European Commission has published the preliminary list of USD 20bln of US products to potentially be hit with retaliatory tariffs relating to Boeing
• Looking ahead, highlights include Canadian CPI, Fed Beige Book, BoE’s Carney, ECB’s Lautenschlaeger & de Galhau, Fed’s Harker & Bullard,
• Earnings: Morgan Stanley, Abbott Laboratories, US...

• Asian equity markets traded indecisively as the region failed to fully benefit from a slew of better than expected Chinese data
• Local UK Conservative party chairmen are circulating a petition which seeks an Extraordinary General Meeting to pass a no-confidence vote in PM May
• In FX markets, the DXY was marginally softer and fell back below the 97.00 level as most major counterparts gained overnight
• Looking ahead, highlights include UK, EZ,...

• European indices have grinded higher [Euro Stoxx 50 +0.4%], continuing from the upbeat sentiment seen at the end of the Asia-Pac session; ahead of further US earnings with more Dow components to report
• ECB sources highlight that policymakers have doubts around H2 growth rebound projections; weighing on EUR/USD and lifting Bund futures to session highs
• Looking ahead, highlights include US Industrial Production, APIs, Fed Discount Minutes, ECB’s Lane, Fed’s Kaplan
• Earnings: IBM, Johnson & Johnson,...

• Asian indices are marginally firmer as the region eventually shrugged off the lacklustre sentiment from Wall St. following mixed earnings
• In FX, AUD declined on dovish RBA minutes while DXY attempted to reclaim the 97.00 level
• Looking ahead, highlights include UK Jobs report, German ZEW, US Industrial Production, APIs, ECB’s Lane, Fed’s Kaplan, supply from the UK
• Earnings: IBM, Johnson & Johnson, Netflix, UnitedHealth Group, CSX, Bank of...

• A relatively cautious start to the week for European equities [Euro Stoxx 50 U/C], as the overnight optimism faded.
• On the trade front EU countries have agreed to begin negotiations with the US; separately, the US have reportedly softened subsidies demands with China
• Looking ahead, highlights include New York Fed Manufacturing, Fed’s Evans, BoE’s Haskel
• Earnings: M&T Bank Corp, Goldman Sachs, Citigroup, Charles Schwab

GLOBAL

IMF stated that global expansion...

• Asian indices are predominantly positive, following on from Friday’s upbeat start to US earnings season and strong Chinese data
• US-China trade hopes bolstered on reports that an agreement has been reached on currency manipulation & US softening demands surrounding subsidies
• Looking ahead, highlights include New York Fed Manufacturing, Fed’s Evans, BoE’s Haskel
• Earnings: IBM, Johnson & Johnson, UnitedHealth Group, Netflix, CSX, Kinder...

ASIA-PAC

Asian equity markets traded mixed following an indecisive lead from Wall St. with participants tentative ahead of the latest Chinese trade data and big bank earnings in US. ASX 200 (+0.8%) benefitted from early outperformance in its largest weighted financials sector as top lender CBA gained on the reports it plans to reduce 10k workers, while Nikkei 225 (+0.7%)exporters found solace from favourable currency flows. Elsewhere, Hang Seng (+0.3%)...

• Asian indices are mixed as markets await Chinese trade data and the start of US earnings season
• France is reportedly against reopening EU-US trade talks, but will not block them given that a majority supports the talks
• Looking ahead, highlights include EZ Industrial Production, US Import/Export Prices, University of Michigan (Preliminary), Chinese Trade Balance, ECB's Weidmann & Praet, BoE's Carney
• Earnings: JP Morgan Chase, Wells Fargo...