• Fed kept rates unchanged, noted a lack of progress on inflation and decided to slow the pace of its balance sheet runoff.
• US Stocks ended the session softer despite an initial dovish reaction, US yield curve bull-steepened.
• European equity futures indicate a lacklustre open with the Euro Stoxx 50 future down 0.2%.
• USD/JPY dropped aggressively late in the US session amid suspected FX intervention; formed a trough near...

• European bourses are closed for Labour Day, with the exception of the UK’s FTSE 100, which is incrementally firmer; US equity futures are entirely in the red
• Dollar is flat with G10 peers also holding pattern awaiting a slew of US data and the FOMC
• USTs are unchanged ahead of today’s key events, with QRA also in focus; Gilts subdued
• Crude sinks lower, XAU is incrementally firmer and base metals are lower across the...

• NOTE: All major European markets (ex-UK) are closed for Labour Day.
• APAC stocks took their cues from the losses on Wall St and with trade mired by mass holiday closures.
• DXY is rangebound on a 106 handle, EUR/USD sits just above 1.0650, USD/JPY edged closer to 158.00.
• Amazon beat on top and bottom lines; Co. shares were up 1.2% after-hours.
• Looking ahead, highlights include UK, US Manufacturing PMI, US ADP,...

• European bourses are mixed, though have tilted lower as the session progressed; US equity futures modestly softer
• DXY is flat, EUR benefits from strong EZ GDP metrics, USD/JPY firmer and just shy of 157.00
• Bonds are lower, dragged down by French/German and finally EZ figures
• Crude is incrementally firmer as Gaza peace talks continue, XAU at session lows and base metals in the red
• Looking ahead, US Employment Cost...

• APAC stocks were mostly higher but with gains capped heading into month-end alongside a slew of data and earnings.
• Official Chinese NBS Manufacturing and Caixin Manufacturing PMIs topped forecasts but Non-Manufacturing PMI disappointed.
• European equity futures indicate a flat open with the Euro Stoxx 50 future unchanged after the cash market closed down 0.5% on Monday.
• DXY is a touch firmer in an attempt to unwind recent losses, USD/JPY...

• European bourses were initially firmer, though have since dipped lower; US futures remain modestly in the green
• Dollar is softer amid hefty USD/JPY selling; the pair rose to 160.00 before sharp downticks with intervention suspected
• Bonds are firmer benefiting from dovish Spanish/German inflation metrics
• Crude is softer as Israel-Gaza truce talks continue; XAU flat and base metals mixed
• Looking ahead, German CPI, EZ...

• APAC stocks began the week on the front foot after the tech-led surge last Friday on Wall St; Japan was on holiday.
• European equity futures indicate a positive open with the Euro Stoxx 50 future +0.4% after the cash market closed up 1.4% on Friday.
• USD/JPY saw volatile trade in which it initially surged to above 160.00. The pair later saw a sharp drop and breached 156.00 to the downside despite the absence of any obvious drivers.
• Egypt...

• MON: Spanish Flash CPI (Apr), German Prelim CPI (Apr), EZ Sentiment Survey (Apr); Japan Market Holiday (Showa Day).
• TUE: FOMC Meeting Commences (Announcement on 1st May), Japanese Retail Sales/Industrial Output (Mar), Chinese NBS PMIs (Apr), Chinese Caixin Manufacturing Final PMI (Apr), French Flash CPI (Apr), German Flash GDP (Q1), EZ Flash CPI (Apr)/Flash GDP (Q1), US Employment Wages (Q1)/CaseShiller (Feb), US Chicago PMI (Apr), New Zealand Jobs...

• Equities are firmer, benefiting from strong Big Tech earnings; Google (+11.7%), Microsoft (+3.6%)
• Dollar is flat, USD/JPY moved lower in quick succession before paring back, Aussie outperforms given the risk tone and higher metal prices
• Bonds are modestly firmer, though very much contained ahead of US PCE
• Crude within recent ranges, XAU trudges higher and base metals entirely in the green; 3M LME topped USD...

• APAC stocks were mostly higher as the region digested recent market themes and the BoJ policy announcement.
• The BoJ kept policy settings unchanged and refrained from any major hawkish surprises.
• Tech earnings from Alphabet (+11.5%) and Microsoft (+4.3%) topped forecasts and boosted futures after-hours.
• DXY lacked firm direction overnight, JPY softer post-BoJ with USD/JPY on a 156 handle, EUR/USD is back above...

• European bourses are mostly lower, US equities are mixed, with the NQ underperforming after Meta (-13.1%) results
• Dollar is lower, Antipodeans benefit from higher metals prices, JPY is softer holding above 155.50 against the USD
• Bonds are rangebound awaiting impetus from Tier 1 data later today
• Crude is slightly lower in absence of energy-specific newsflow, XAU benefits from the weaker dollar, base metals are mostly...

• APAC stocks were mostly subdued after the uninspiring handover from the US; Australia and New Zealand markets were closed for ANZAC Day.
• US equity futures were pressured with underperformance in Nasdaq 100 after Meta shares dropped over 15% post-earnings.
• European equity futures indicate a slightly softer open with the Euro Stoxx 50 future -0.1% after the cash market closed down 0.4% on Wednesday.
• DXY is steady below the 106 mark, USD/JPY...

• European bourses are mostly firmer; NQ outperforms, propped up by gains in Tech names – TSLA +10.5% pre-market, TXN +7.3%
• Dollar is firmer, AUD benefits from the risk tone and on hotter Aussie CPI, USD/JPY printed a high of 154.96
• USTs are pressured, giving back some of the PMI-induced gains; Bunds follow suit and eye YTD lows
• Crude and XAU are subdued by Dollar strength, base metals remain resilient
• Looking ahead,...

• APAC stocks gained as the region took impetus from the rally on Wall St where soft PMI data spurred a dovish reaction across asset classes.
• Tesla shares were up 13% post-earnings despite its results falling short of estimates as the Co. flagged a sooner launch of new and more affordable models.
• DXY holds below the 106 mark following yesterday's sell-off, EUR/USD is lingering around the 1.07 level, AUD boosted post-CPI.
• European equity...

• European equities are entirely in the green; US equity futures trade modestly on either side of the unchanged mark.
• Dollar is slightly softer, EUR incrementally firmer post-EZ PMI; USD/JPY hits multi-decade highs once again.
• USTs initially remained in overnight ranges but succumbed to modest selling pressure following EZ PMIs.
• Crude is marginally firmer, underpinned by EZ PMIs; XAU continues to decline and base metals...

• APAC stocks traded with a mild positive bias after the tech-led rebound stateside.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +0.5% after the cash market closed up 0.4% on Friday.
• DXY is holding above the 106 mark, EUR/USD lingers around 1.0650 and USD/JPY sits near its multi-year high.
• Crude futures edged modest gains in quiet trade, Bund futures took a breather after recently rebounding to above the 131.00...

• European bourses trade mixed; Stateside futures are entirely in the green; US “Big 6” downgraded at UBS
• Dollar is flat, Antipodeans benefit from positive risk appetite, whilst safe-havens are modestly suffer
• Bonds are pressured and contained within a tight range
• Crude is subdued given the lack of geopolitical escalation over the weekend; XAU is softer and at session lows
• Looking ahead, BoC's Market Participants...

• APAC stocks were mostly positive following the lack of any major geopolitical escalations over the weekend.
• China's benchmark Loan Prime Rates were maintained at their current levels, as expected.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +0.4% after the cash market closed down 0.4% on Friday.
• DXY remains on a 106 handle, risk-sensitive antipodeans outperform, safe-havens JPY and CHF...

Week Ahead 22nd-26th April:

• SAT: Bitcoin Halving Event (estimate)
• MON: PBoC LPR, US National Activity Index (Mar), South Korean PPI Growth (Mar)
• TUE: EZ/UK/US Flash Manufacturing PMI (Apr), US Richmond Fed (Apr), NBH Announcement, New Zealand Trade Balance (Mar)
• WED: Australian CPI (Mar), Bank of Indonesia Announcement, EZ/UK/US Flash Services and Composite PMI (Apr), German Ifo Survey (Apr), US Durable Goods...

• Equities are entirely in the red, though well off worst levels following geopolitical events overnight
• Israel conducted an operation against Iran which an Iranian official said was on a military airbase near Isfahan. However, Iran's Press TV later denied reports of a foreign attack in Iranian cities including Isfahan
• Dollar lower and around 106.00, safe-haven status benefits CHF, whilst Antipodeans lag
• Bonds are modestly firmer, though has...

• APAC stocks were lower across the board as the initial tech-related selling stemming from Wall St was exacerbated by reports of explosions in Iran following an Israeli operation although stocks are off today's worst levels as Iran downplayed and later denied the attack.
• Israel conducted an operation against Iran which an Iranian official said was on a military airbase near Isfahan. However, Iran's press TV later denied reports of a foreign attack in Iranian cities including...

• Equities mostly, but modestly firmer; TSMC beat Q1 expectations, though lower in the pre-market
• Dollar slightly lower, G10’s generally flat/firmer with newsflow light
• Bonds bid, continuing the upside seen following Wednesday’s auction
• Crude is at lows, pressured by Israel/Iran reports; XAU edges higher
• Looking ahead, US IJC, Philly Fed, Comments from ECB’s Schnabel, Fed’s Williams, Bowman & Bostic, Earnings from...

• APAC stocks traded mostly higher after gradually shrugging off headwinds from Wall Street. US equity futures recovered some of their recent losses as the mood in Asia gradually improved, albeit with price action contained. 
• European equity futures indicate a flat open with the Euro Stoxx 50 future unchanged after the cash market closed down 0.1% on Wednesday. 
• DXY was lacklustre after retreating beneath the 106.00 level,  EUR/USD sat around...

• Equities are in the green, except for the AEX, which is weighed on by poor ASML results; Luxury bellwether LVMH gains post-earnings
• Dollar is lower though still above 106.00, Antipodeans outperform and GBP benefits post-CPI
• USTs incrementally firmer, Gilts gapped lower following hotter-than-expected CPI though have pared to near unchanged
• Crude is pressured as markets await geopols updates, XAU is firmer, benefiting from recent Dollar...

• APAC stocks traded mixed as the region picked up the pieces from the prior day's heavy selling but with the recovery limited.
• Fed Chair Powell said the Fed can maintain the current rate for as long as needed if higher inflation persists.
• European equity futures indicate a positive open with the Euro Stoxx 50 future +0.2% after the cash market closed down 1.4% on Tuesday.
• DXY retains a firm footing on a 106 handle, support in EUR/USD...