• European equities have kicked the session off with modest losses (Eurostoxx 50 -0.5%) as markets take a breather from yesterday’s “trade truce” inspired gains
• DXY pulling back further from 97.000 to register a fresh post-G20 low of 96.372
• Oil surged on source reports of a 1.3mln BPD minimum cut, before pairing gains after KSA Energy Minister watered down cut expectations
• Looking ahead, highlights include weekly...

• Asian stocks traded mostly negative as the relief rally fizzled out in the region with investors quick to book their recent profits.
• In FX markets, USD softened against its major counterparts with the DXY back below the 97.00 level amid a decline in US yields, which benefitted both EUR/USD and GBP/USD
• Italy's Deputy PMs Di Maio and Salvini are said to be open to a possible 2% deficit. However, Italian press noted that a budget deficit at 2% is not low...

• US President Trump and Chinese President Xi Jinping announced a truce at the G20 in which the US agreed to delay hiking tariffs on USD 200bln of Chinese goods to 25% for 90 days
• Russia President Putin spoke with Saudi Arabia’s Crown Prince in which they agreed to extend the OPEC+ agreement, although haven’t decided on the precise volume of production cuts
• Looking ahead, highlights include US Markit Manufacturing PMIs, Fed’s Quarles,...

• US President Trump and Chinese President Xi Jinping announced a truce at the G20 in which the US agreed to delay hiking tariffs on USD 200bln of Chinese goods to 25% for 90 days
• Russia President Putin spoke with Saudi Arabia’s Crown Prince in which they agreed to extend the OPEC+ agreement, although haven’t decided on the precise volume of production cuts
• Italian PM Conte is reportedly preparing for a deficit of 1.9%-2.0%, while Italian Deputy...

• Italian QQ GDP contraction weighs on BTP’s as Bund-BTP spread retests 300bps
• Double trouble for Deutsche bank as MS downgrades EU banking stocks and probe enters second day
• EU equity indices largely in the red and core EU bonds in the green in skittish trade ahead of G20
• Looking ahead, highlights include, Canadian GDP, Chicago PMI, ECB's Draghi, Mersch & Coeure, Fed's Williams...

• Asian stocks traded mixed amid a cautious global risk tone ahead of the US-China showdown at the G20 and as participants digested disappointing Chinese PMI data
• FOMC Minutes stated almost all policy makers said rate hikes likely warranted "fairly soon" and it could be appropriate at future meetings to emphasise more greatly on data
• UK PM May is turning to Eurosceptics in her cabinet to launch a last gasp effort to sell her compromise Brexit deal,...

• European equities (Eurostoxx 50 +0.1%) initially piggybacked on the optimism seen on Wall St and during the Asia-Pac session as perceived dovish rhetoric by Fed Chair Powell continues to guide markets.
• Chinese President Xi is expected to offer greater market access and fewer subsidies to state firms when he meets with US President Trump at the G20
• Looking ahead the highlights are, German National CPI, US PCE Price Index and Jobless data, FOMC Minutes,...

• Asian stocks traded mostly positive after risk appetite was ignited by Fed Chair Powell’s dovish comments which spurred hopes the Fed may begin to slow down on its hiking cycle
• In FX markets, the USD was pressured post-Powell with the DXY back below 97.00 which led EUR/USD and GBP/USD to reclaim the 1.1300 and 1.2800 handles respectively
• EU could give Italy more time before triggering the Excessive Deficit Procedure (EDP); according to La Repubblica
• Looking ahead, highlights...

• European equities (Eurostoxx 50 +0.3%) have held on to opening gains seen in the wake of the upbeat US and Asia-Pac sessions, despite lingering trade concerns.
• EU Commission will begin disciplinary action on Italy regarding its debt before Christmas; but Italy remain optimistic that a deal can be struck with the EC
• Saudi Energy Minister Al Falih said that Saudi cannot and will not reduce output on their own.
• Looking ahead,...

• Asian equity markets traded mostly positive following a similar lead from Wall St. but with the session initially mired by lingering trade uncertainty
• White House Economic Advisor Kudlow said President Trump could hike tariffs if no constructive talks occur at G20, however, Trump remains open to a deal
• UK PM May is said to have backed down regarding attempts to stop lawmakers from making changes to her Brexit plan
• EU Commission...

• US President Trump said he still intends to go ahead with raising tariffs on China imports from 10% to 25% and that it was highly unlikely he would accept China’s request to refrain from the increase.
• Italy's League economic advisor Siri says Italy are considering reducing the budget deficit to 2.2-2.3%
• Senior UK lawmaker Fallon says it may be possible to delay the date the UK leaves the EU to negotiate a better deal.
...

• Asian equity markets were mostly positive as the region took impetus from the performance on Wall St, where all majors finished with firm gains
• US President Trump suggested an intention to proceed with raising tariffs on China imports from 10% to 25% and warned over tariffs on the remaining USD 267bln of Chinese imports if talks fail
• US President Trump said it sounds like the Brexit deal is a good deal for the EU and that the UK may not be able to trade with...

• European equities started the week on the front foot (Eurostoxx 50 +1.1%) following the upbeat performance experienced over in Asia
• The Italian government are discussing reducing the 2019 deficit target to 2.0-2.1% from 2.4%; according to a government source
• The European Council released its statement that endorsed UK PM May’s Brexit deal, as expected
• Looking ahead, highlights include ECB’s Coeure, BoE Governor Carney...

• Asian equities and US index futures began the week mostly positive as stock markets picked themselves up from the Thanksgiving holiday lull
• The European Council released its statement that endorsed UK PM May’s Brexit deal, as expected
• EU officials were quick to warn that there is no plan B on offer for the UK and that voters are mistaken if they think that voting ‘no’ to the deal will get them a better offer
...

• EUR suffers post-poor flash EZ PMI’s as slowing global growth hurts European exports
• Crude continues its collapse in thin trade and set for 7th consecutive weekly fall
• Gibraltar remains a key issue ahead of Sunday’s Brexit summit
• Looking ahead, highlights include Canadian CPI, ECB’s de Guindos. US markets early close

• Asian stocks traded mostly lower with sentiment in the region subdued by trade concerns and holiday-thinned conditions
• Tory Brexiteer Iain Duncan Smith stated that the Brexit deal will be killed off by him and his Brexiteer colleagues in Parliament
• In FX markets, the major pairs traded sideways with price volatility virtually non-existent due to the holiday closures and lack of data releases
• Looking ahead, highlights include...

• Asian equities were mixed as the region struggled to sustain the rebound seen on Wall St, where a recovery in the energy and tech sectors underpinned most major US indices
• UK PM May's spokesperson said PM May and EU's Juncker failed to finalise a deal on terms of Brexit but added that very good progress has been made in talks
• FX markets were uneventful with the USD subdued as US participants headed into the Thanksgiving holiday
...

• European equities are higher across the board (Eurostoxx 50 +0.8%) as the region stemmed the stock rout seen in Asia and Wall Street
• European commission has rejected the Italian budget, with the opening of EDP said to be warranted
• Looking ahead, highlights include US Durable Goods, Weekly Jobs, Existing Home Sales, Uni. of Michigan, DoEs, Japanese CPI, BoE’s Carney, UK PM May to meet with EC’s...

• Asian stocks mostly weakened as the global stock rout continued into the region following the losses in US
• US Trade Representative Lighthizer released a report regarding China intellectual property and tech transfers which stated that China has not altered its unfair practices
• UK PM May will discuss the text in Brussels today and will push for parts of her Chequers plan to be recognisable in the document, according to the BBC
• Looking ahead, highlights include US Durable Goods, Weekly...

• FAANG stocks down 1.3-2.0% premarket, while EU technology sector hits yearly lows
• DXY and broad Dollar saved from steeper declines as jitters over Brexit alongside the Italian budget are in focus
• Looking ahead, highlights include US building permits & housing starts, BoC’s Wilkins & Lane and weekly API crude inventory data

• Asian stock markets were lower across the board as the risk averse tone rolled over from Wall St, where the tech sector led the sell-off
• Brexiteers reportedly still lack the sufficient number of signatures required to trigger a no-confidence vote against UK PM May
• UK PM May is reportedly drawing up secret plans to drop the Irish border backstop and win support from angry Brexiteers
• Looking ahead, highlights include US building permits & housing starts, BoE’s Carney, Haldane,...

• APEC summit ended without an agreement on a joint communique for the first time in its history after China refused to sign amid US-China tensions
• Apple have reportedly cut production orders for their 3 new iPhone models and are down 1.9% pre-market
• DXY remains capped below a key Fib level (96.590) and the Dollar overall is mixed vs major counterparts
• Looking ahead, highlights include potential comments from Fed’s Williams....

• Asian equity markets began the week somewhat cautious on lingering trade concerns and after disunity at the APEC summit
• UK PM May stated over the weekend that there has not yet been enough number of letters required to trigger a no-confidence vote
• ERG sources are said to be confident of reaching the 48 letters required on Monday to trigger a no-confidence vote against UK PM May
• Looking ahead, highlights include potential comments from Fed’s Williams, UK PM May to speak at the CBI...

16th November 2018

• US-Chinese trade relations in focus again after conflicting reports suggesting the next round of Chinese tariffs are being placed on hold, which USTR Lighthizer later denied
• UK PM May said she will see this through and fight leadership challenge. UK PM May is yet to appoint a new Brexit Minister
• Looking ahead, highlights include EZ CPI, US Industrial Production, ECB’s Draghi, Weidmann and Lane, Fed’s Evans