• APAC stocks were mixed as participants second-guessed central bank policies and digested Chinese trade data.
• Fed's Kashkari (non-voter) said he currently thinks there will be two rate cuts for 2024 which could potentially just be one.
• European equity futures indicate a contained open with the Euro Stoxx 50 future -0.1% after the cash market closed up 0.5% on Wednesday.
• In FX, DXY was contained after yesterday's selling, JPY strength has...

• Equities are firmer as sentiment improves from the prior session; Chair Powell ahead
• Dollar lower, JPY bid after BoJ sources, Antipodeans benefit from risk tone
• At the March BoJ policy meeting some attendees are reportedly likely to say that lifting negative interest rates is reasonable, via JiJi
• Bonds softer with Gilts pressured ahead of the UK Budget
• Crude benefits from a bullish-leaning private inventory...

• APAC stocks were mostly choppy with early pressure following the tech-led declines stateside.
• Super Tuesday projections point to a rematch between US President Biden and former President Trump.
• European equity futures indicate a slightly positive open with Euro Stoxx 50 future +0.1% after the cash market closed down 0.4% on Tuesday.
• DXY is uneventful on a 103 handle, USD/JPY traded on both sides of 150.00, antipodeans...

• Equities are entirely in the red; the NQ lags, dragged down by Apple and Tesla
• Dollar is flat, with G10’s mostly lower though the Yen holds firm post-CPI
• Bonds are firmer, though revised EZ PMIs spurred a gradual hawkish move for EGBs
• Crude lacks direction, XAU continues to trade higher and base metals are mixed
• APAC focus on hot Tokyo CPI and China’s 2024 GDP target being set around 5%, as...

• APAC stocks traded mixed as the region digested China's Work Report and Caixin Services PMI data.
• China unveiled the government work report with the 2024 GDP growth target set at around 5%, as expected.
• European equity futures indicate a slightly softer open with Euro Stoxx 50 future -0.3% after the cash market closed up 0.4% on Monday.
• DXY remains sub-104, USD/JPY lingers around the 150.50 mark, EUR/USD uneventful around 1.0850, antipodeans...

• European and US equities are mixed and trading on either side of the unchanged mark; slight RTY outperformance
• DXY is flat, JPY underperforms and is comfortably above 150.00
• Bonds are mixed but rangebound, Treasuries underperform slightly
• Crude is softer and unable to benefit from the OPEC+ cut extension; Geopols and ceasefire talks remain in focus
• Looking ahead, Australian PMI, Tokyo CPI, Comments from Fed’s Harker...

• APAC stocks traded mixed amid a tentative mood ahead of an event-packed week.
• European equity futures indicate a slightly higher open with Euro Stoxx 50 future +0.2% after the cash market closed up 0.4% on Friday.
• DXY is sub-104, JPY marginally lags across the majors with price action otherwise contained in the FX space.
• OPEC+ members agreed to extend voluntary cuts to Q2 whereby Saudi Arabia is to extend its voluntary oil cut of 1mln...

Week Ahead 4th - 8th March

• MON: Swiss CPI (Feb), South Korean GDP (Q4), Japanese Tokyo CPI (Feb),
• TUE: US Primary Super Tuesday, Chinese Caixin Services PMI Final (Feb), EZ/UK/US Services and Composite PMI Final (Feb), EZ PPI (Jan), US ISM Services PMI (Feb), South Korean CPI (Feb)
• WED: BoC Announcement, Australian GDP (Q4), German Trade Balance (Jan)
• THU: ECB Announcement, Japanese Wage Data, Chinese Trade...

• European equities began the session on a firm footing, though have succumbed to selling pressure after the hotter-than-expected EZ CPI print; US futures lower, with RTY hampered by NYCB losses
• The EZ metric sparked a fleeting hawkish reaction in the bond complex; soon-after EGBs moved to session highs, as the cooling narrative remains in-play & a June cut is still priced
• Dollar holds around flat and the Yen underperforms after dovishly-perceived comments from...

• APAC stocks traded with positive bias amid tailwinds from the US, while participants also reflected on the latest Chinese PMI figures.
• Fed's Williams doesn't see a sense of urgency to cut rates, Mester says three cuts in 2024 still 'feels about right'.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.5% after the cash market closed down 0.1% on Thursday.
• DXY is back above 104, JPY lags post-Ueda comments,...

• Equities are mixed, with the Dax 40 continuing to trade near/at ATHs, and as attention remains on US PCE
• Dollar is modestly weaker, largely a factor of the strong JPY after hawkish leaning BoJ speak
• Bonds are pressured following the hotter-than-expected European CPI data
• Crude is pressured with a lack of fresh catalysts; XAU initially benefitted from the weaker Dollar, though now off best levels
• Looking ahead, US PCE...

• APAC stocks were choppy at month-end after the lacklustre handover from the US ahead of PCE price data.
• Fed voter Williams said three interest rate cuts in 2024 is reasonable for Fed officials to debate.
• US Congressional leaders have reached a deal to avoid a March 2nd partial government shutdown.
• European equity futures indicate a steady open with Euro Stoxx 50 future flat after the cash market closed flat on...

• European equities are mixed, whilst US futures are entirely in the red, with Nvidia weighing on the NQ
• Dollar is firmer and reclaims 104 status, focus remains on USD/JPY with YTD high in sights; Kiwi underperforms following a dovish hold at the RBNZ
• Bonds are incrementally firmer with specifics light and supply heavy, awaiting US GDP 2nd estimate
• Crude and base metals are hampered by the firmer Dollar
• Looking ahead,...

• APAC stocks traded cautiously and followed suit to the rangebound performance seen on Wall St.
• RBNZ kept the OCR unchanged and lowered its OCR projections to suggest a reduced chance of a hike.
• NZD is the standout laggard across the majors, USD/JPY remains in close proximity to the YTD peak.
• European equity futures indicate a slightly lower open with Euro Stoxx 50 future -0.1% after the cash market closed up 0.4% on...

• European bourses modestly firmer having picked up from an uneventful open with newsflow limited
• DXY fell below Monday’s trough with pressure coming via JPY strength after Japanese CPI
• Session’s focus for fixed income is supply, EGBs stuck near unchanged levels while USTs are a touch firmer
• Commodities near unchanged levels as we await fresh geopolitical developments, latest pour some cold water on Biden’s framing. Metals bid, benefitting...

• APAC stocks traded mixed after the lacklustre handover from the US as markets braced for looming risk events.
• Fed's Schmid (non-voter) said there is no need to pre-emptively adjust the stance of policy.
• Hamas officials are "disappointed" with the framework of the hostage deal that was presented in Paris last Friday.
• Japanese CPI data printed firmer-than-expected but showed a slowdown with Core CPI at the central bank's 2%...

• Equity bourses/futures under modest pressure with newsflow light after a weekend of heavy geopols & Berkshire numbers/commentary
• DXY under modest pressure but above Friday’s base, EUR benefitting from the softer USD; antipodeans lag, USD/JPY firmer
• Contained start with specifics light into ECB’s Lagarde for EGBs while USTs await US supply, Gilts modestly outperform
• Crude subdued despite significant geopolitical rhetoric, though no major...

• APAC stocks were mostly subdued with weekend macro newsflow light and dominated by geopolitical commentary.
• European equity futures indicate a lower open with Euro Stoxx 50 future -0.2% after the cash market closed up 0.4% on Friday.
• DXY is contained around the 104 mark, EUR/USD sits near its 200DMA @ 1.0826, NZD lags.
• Israeli PM Netanyahu said that they are all working on a hostage deal but he cannot say if they will have...

Week Ahead 26th February - 1st March

• MON: US New Home Sales (Jan), Dallas Fed (Feb), Japanese CPI (Jan), UK Nationwide (Feb)
• TUE: US Democratic Primary - Michigan; German GfK (Mar), US Durable Goods (Jan), Consumer Confidence (Feb), Richmond Fed (Feb)
• WED: RBNZ Policy Announcement, Australian CPI (Jan), Swedish PPI (Jan), EZ Consumer Confidence Final (Feb), US GDP 2nd/PCE Prices Prelim. (Q4), Japanese Retail Sales (Jan)
• THU:...

• European equites are around flat, whilst US futures are slightly softer following the prior day’s strength
• Dollar is flat and around 104.00, JPY is softer following continued hawkish Fed speak
• Bonds are softer but Bunds/Gilts yet to test Thursday’s lows, fleeting hawkish move on Ifo/ECB Consumer survey
• Commodities pressured with catalysts light thus far; White House announces new Russian sanctions
• Looking ahead,...

• APAC stocks mostly benefitted amid tailwinds from the tech-led surge in the US on the NVIDIA wave.
• Fed's Waller (voter) said there is no rush to begin cutting rates and it is appropriate to be patient.
• European equity futures indicate a slightly higher open with Euro Stoxx 50 future +0.1% after the cash market closed up 1.7% on Thursday.
• DXY sits just below the 104 mark, antipodeans lead, EUR/USD trades near its 200DMA @...

• European equities are firmer, taking the lead from strong Nvidia earnings, which has led to outperformance in the NQ
• Dollar is subdued and the Antipodeans outperform, benefiting from the broader risk tone
• Bonds are divergent, with EGBs choppy on the morning’s PMI data
• Crude holds firm alongside base metals which benefit from the softer Dollar and positive risk tone
• Looking ahead, US IJC, ECB Minutes, CBRT Policy...

• APAC stocks were mostly positive amid tailwinds from the tech uplift in US futures following NVIDIA earnings.
• NVIDIA surged by over 9% after-hours after beating on top and bottom lines and offering strong sales guidance.
• FOMC minutes proved to be a non-event and echoed the broader tone of Fed speak seen in the wake of the January meeting.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.8% after the cash market...

• European bourses are generally firmer, though the FTSE 100 lags after significant underperformance in Glencore & HSBC; US futures lower pre-Nvidia
• Dollar is incrementally firmer, Antipodeans bid in tandem with strong Chinese equity trade overnight
• Bonds are mixed but edging higher in recent trade post-supply; attention on US 20yr supply later today
• Crude is softer and Gold is modestly firmer with specifics...

• APAC stocks traded mixed with headwinds following the tech-led declines stateside ahead of Nvidia earnings.
• European equity futures indicate a contained open with Euro Stoxx 50 future +0.1% after the cash market closed down 0.1% on Tuesday.
• DXY lingers around the 104 mark, EUR/USD maintains 1.08 status and antipodeans outperform again.
• Bund futures remain subdued and Crude futures moved off the prior day's...