• US President Trump remarked that a new trade deal with China is possible; EU's Sefcovic says they are prepared to talk about reducing the 10% US auto tariff.
• European bourses opened mixed but have gradually edged higher; US futures modestly lower.
• USD is softer vs. peers, JPY benefits from yield dynamics, AUD boosted post-jobs.
• USTs inch higher continuing post-FOMC price action while EGBs remain in the red.
• Crude and...

• US President Trump remarked that a new trade deal with China is possible; EU's Sefcovic says they are prepared to talk about reducing the 10% US auto tariff 
• FOMC Minutes showed various participants believed it might be appropriate to pause/slow balance sheet runoff given debt ceiling dynamics, supporting USTs.
• Fed's Jefferson said they can take their time weighing the next move and Goolsbee said inflation is too high, once it comes down rates...

• Sentiment hit across markets after Ukrainian President Zelensky pushes back against US-Russian talks, with equities at fresh lows.
• USD a little firmer, NZD leads post-RBNZ, GBP contained after mixed inflation metrics.
• Crude firmer while aluminium spikes on EU's 16th sanctions package on Russia.
• Gilts lag after UK CPI, USTs await 20yr supply & FOMC Minutes, Bunds hit by hawkish ECB Schnabel comments.
• Looking...

• APAC stocks traded mixed following the somewhat choppy performance stateside.
• President Trump stated he will impose 25% tariffs on autos, pharmaceuticals and chips.
• European equity futures indicate a slightly lower open with Euro Stoxx 50 futures down 0.1% after the cash market closed with gains of 0.3% on Tuesday.
• The RBNZ delivered a third consecutive 50bps rate cut and signalled further cuts ahead; likely to step down to 25bps...

• European bourses are mixed with price action choppy; US futures gain a touch awaiting geopolitical updates as US and Russia begin Ukraine peace talks.
• USD is broadly firmer vs. peers, AUD bucks the trend after the RBA delivered a cautious cut.
• Gilts underperform on wage data though Bailey has pared some of this, EU joint issuance in focus.
• Crude and gold remain underpinned by geopolitics despite the firmer...

• APAC stocks traded somewhat mixed in the absence of a lead from Wall St owing to the Presidents' Day holiday.
• Fed's Waller (voter) said the Fed cannot let uncertainty about policy paralyse action but it is appropriate to keep rates on hold for now.
• RBA delivered a widely expected 25bps rate cut but also noted the board remains cautious on prospects for further policy easing.
• European equity futures indicate a marginally softer cash...

• APAC stocks began the week mixed after a lack of major macro drivers from over the weekend aside from stronger-than-expected Japanese GDP.
• US President Trump said his meeting with Putin could happen very soon, according to Reuters.
• US Secretary of State Rubio, National Security Adviser Waltz and Special Envoy Witkoff are to travel to Saudi Arabia to start Ukraine-Russia peace talks.
• European equity futures indicate an uneventful cash market...

• MON: N/A
• TUE: RBA Announcement & SoMP, UK Jobs (Dec), Swedish CPIF (Jan), German ZEW (Feb), Canadian CPI (Jan), Japanese Trade Balance (Jan)
• WED: FOMC Minutes, RBNZ Announcement, Bank of Indonesia Announcement, Chinese House Prices (Jan), UK CPI (Jan)
• THU: PBoC LPR, Australian Jobs (Jan), EZ Consumer Confidence (Feb), Japanese CPI (Jan)
• FRI: UK Retail Sales (Jan), EZ/UK/US Flash PMIs (Feb), Canadian...

• European bourses & US futures began the session mixed but have deteriorated on geopols; Luxury lifted by Hermes post-earnings.
• USD remains pressured post-Trump tariff announcement, Antipodeans lead.
• Bonds retain a bearish bias but are off lows as geopolitics drives recent price action
• Gas continues to deflate, crude rangebound & metals advance.
• Russia has said its officials are not attending the Munich...

• US President Trump signed a memorandum to introduce a reciprocal tariff plan; delayed implementation provided optimism regarding negotiations.
• APAC stocks were mostly higher following the positive handover from Wall St; S&P 500 and Nasdaq closed with gains of over 1%.
• European equity futures indicate a negative cash market open with Euro Stoxx 50 future down 0.4% after the cash market closed with gains of 1.8% on Thursday.
• USD is...

• US President Trump did not sign reciprocal tariffs order on Wednesday after stating that he may, while the White House schedule showed President Trump is to sign executive orders on Thursday at 13:00EST/18:00GMT.
• Stocks mostly firmer on constructive geopolitical updates; US futures are mixed ahead of PPI.
• USD softer as markets weigh potential Ukraine peace deal and lack of reciprocal tariffs (so far).
• Bonds attempt to recoup CPI-driven...

• APAC stocks traded somewhat mixed albeit with a mostly positive bias among the major indices following the two-way price action across global markets owing to hot US CPI data and geopolitical optimism.
• US President Trump posted on Truth that he had a lengthy and highly productive phone call with Russian President Putin, and they agreed to have their respective teams start negotiations immediately. Trump then said he spoke to Ukrainian President Zelensky and the conversation went very...

• US President Trump responded "We'll see" when asked if reciprocal tariffs are still coming on Wednesday.
• European bourses hold an upward tilt pre-US CPI and with tariffs capping optimism; US futures are mixed.
• USD steady ahead of CPI, JPY is on the backfoot given the yield environment.
• USTs trade steady ahead of CPI, German yields continue their march higher.
• Crude slips on inventories which saw a surprise build in...

• APAC stocks were ultimately mixed with price action somewhat choppy following the similar performance stateside.
• US President Trump responded "We'll see" when asked if reciprocal tariffs are still coming on Wednesday.
• European equity futures indicate a marginally positive cash market open with Euro Stoxx 50 future up 0.2% after the cash market closed with gains of 0.6% on Tuesday.
• FX markets are broadly steady asides from JPY which is the...

• US President Trump signed proclamations to reimpose a 25% tariff on steel and aluminium imports and declared there are no exceptions or exemptions, effective March 12th.
• US President Trump said they are looking at tariffs on cars, pharmaceuticals and chips and will hold meetings over the next four weeks, while they will do reciprocal tariffs over the next two days; Trump also commented that tariffs on metals could go higher and he does not mind if other countries...

• US President Trump signed proclamations to reimpose a 25% tariff on steel and aluminium imports and declared there are no exceptions or exemptions, effective March 12th.
• US President Trump said they are looking at tariffs on cars, pharmaceuticals and chips and will hold meetings over the next four weeks, while they will do reciprocal tariffs over the next two days; Trump also commented that tariffs on metals could go higher and he does not mind if other countries...

• US President Trump said he will announce 25% tariffs on all steel and aluminium coming into the US on Monday and unveil reciprocal tariffs on Tuesday or Wednesday which will go into effect almost immediately.
• Stocks hold a positive bias despite tariff updates from Trump; NQ outperforms, whilst US steel names surge.
• USD is mixed vs. peers as tariff updates dominate newsflow; JPY underperforms.
• USTs are flat, Bunds are a touch higher as tariff...

• APAC stocks saw mixed price action as participants reflected on last Friday's NFP print and President Trump's latest tariff remarks.
• US President Trump said he will announce 25% tariffs on all steel and aluminium coming into the US on Monday and unveil reciprocal tariffs on Tuesday or Wednesday which will go into effect almost immediately.
• European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 future up 0.3% after the cash market...

• SUN: Chinese Inflation (Jan)
• MON: Norwegian CPI (Jan) and GDP (Q4/Oct), EZ Sentix Index (Feb), UK GDP (Q4)
• TUE: EIA STEO
• WED: OPEC MOMR, US CPI (Jan)
• THU: IEA OMR, NZ Inflation Forecasts (Q1), UK GDP (Dec), Swiss CPI (Jan), EZ Industrial Production (Dec), PPI Final Demand (Jan)
• FRI: CBR Announcement, EZ Flash GDP Estimate (Q4), US Retail Sales (Jan)

US-CHINA...

• Stocks and bonds trade tentatively ahead of US NFP and ECB Natural Interest Rate.
• AMZN -2.6% pre-market after it beat expectations but issued weak Q1 guidance.
• USD mixed vs. peers ahead of NFP, GBP is attempting to recoup lost ground, havens narrowly lag.
• Upward bias in industrial commodities while precious metals await US jobs.
• Looking ahead, ECB Staff Revision of Natural Interest Rate, US NFP, Payrolls Benchmark...

• APAC stocks traded mixed following the similar performance stateside where price action was choppy amid soft data and as participants looked ahead to the latest key US jobs report.
• Amazon (AMZN) shares slipped 4.1% after-market as Q1 net sales guidance fell notably short of analysts' expectations.
• RBI cut the Repurchase Rate by 25bps to 6.25%, as expected, via a unanimous vote and unanimously decided to maintain a neutral policy stance; Mexican Interest Rate 9.5%...

• European bourses at highs; US futures edge higher ahead of a slew of earnings.
• USD attempts to recoup lost ground, EUR/USD back below 1.04, GBP awaits BoE.
• Bonds in the red but off lows via a strong French auction & stagflationary UK data amid reports of a UK Cabinet reshuffle.
• Metals trade mixed amid the Dollar but crude holds an upward bias.
• Looking ahead, US Jobless Claims, BoE, CNB & Banxico Policy...

• APAC stocks followed suit to the gains on Wall St where sentiment was underpinned amid a softer yield environment and the lack of trade war escalation.
• US Treasury Secretary Bessent said Trump wants lower 10-year yields; is not calling for the Fed to lower rates.
• European equity futures indicate a positive cash open with Euro Stoxx 50 future up 0.5% after the cash market closed with gains of 0.1% on Wednesday.
• DXY is sub-108,...

• European bourses mostly lower; NQ underperforms with GOOGL -7% & AMD -8% post-earnings, AAPL -2.5% as China mulls a probe on its App Store.
• EU prepares to target US big tech if US President Trump pursues tariffs against the EU, according to FT.
• Dollar dragged lower again, JPY is boosted by wage data, EUR/USD above 1.04.
• Bonds bid as AAPL reports hit sentiment and into Bessent's first Quarterly Refunding.
• Gold...

• APAC stocks traded mixed with the region only partially sustaining the positive momentum from the US, as Chinese markets reopened from the Spring Festival and participants digested disappointing China Caixin Services PMI data.
• US President Trump said he will speak to Chinese President Xi at the appropriate time and is in no rush, while he responded 'that's fine' when asked about China’s retaliatory tariffs.
• EU prepares to target US big tech if US President Trump...