• European bourses are mixed and trading around the unchanged mark, with slight underperformance in the CAC 40, hampered by losses in L’Oreal; US equity futures mirror European peers
• Dollar is incrementally firmer; Kiwi outperforms after ANZ lifts its RBNZ rate forecast
• Bonds are around flat awaiting US CPI Revisions, German & UK 10yr yields notched fresh YTD peaks
• Crude is holding near yesterday's high after soaring more than 3% in the...

• APAC stocks traded mixed and were mostly subdued in holiday-thinned conditions ahead of the Lunar New Year.
• European equity futures indicate a slightly softer open with Euro Stoxx 50 future -0.2% after the cash market closed up 0.7% on Thursday.
• DXY is a touch firmer in contained trade for the FX space, NZD outperforms following a hawkish ANZ call on the RBNZ.
• Crude futures took a breather after rallying by over 3% yesterday, whilst Bunds...

• European equities are firmer, with outperformance in the AEX; US equity futures meander around the unchanged mark, though the RTY continues to underperform
• Dollar is flat and pivots 104.00, JPY is softer after BoJ speak; Chinese CPI softer than expected
• Bonds are modestly weaker with specifics light into a US 30yr auction
• Crude is firmer in what has been a choppy session for the complex; XAU edging higher, albeit with gains...

• APAC stocks were ultimately mixed after the fresh record levels on Wall St where the S&P 500 touched just shy of the 5k level
• Participants also digested recent earnings releases and soft Chinese inflation data ahead of the Lunar New Year holiday
• RBI kept the Repurchase Rate unchanged at 6.50%, as expected and maintained its stance of remaining focused on the withdrawal of accommodation
• European equity futures indicate a slightly higher...

• European equities are mixed whilst US futures meander around the unchanged mark; the Russell underperforms as Moody’s downgrades NYCB’s rating
• Dollar is flat and holds just above 104.00, GBP the G10 outperformer
• Bonds are divergent, though the overall trend is bearish ahead of US supply
• Crude benchmarks are firmer and XAU holds around flat alongside base metals as we await updates on the ceasefire proposal
• Looking...

• APAC stocks were mostly positive after a decline in global yields and further Chinese support efforts; Hang Seng and Shanghai Comp were mixed despite early momentum.
• Moody's downgraded New York Community Bancorp's (NYCB) long-term issuer rating to junk status of Ba2 and said most ratings remain on review for a further downgrade.
• Fed's Mester (voter) said the Fed can lower rates later this year if the economy performs as expected and when the Fed cuts rates, it will...

• European equities are mixed with outperformance in the FTSE 100, post-BP earning; US equity futures in-fitting, NQ bid
• Dollar is marginally firmer and AUD the G10 outperformer following a “hawkish hold” at the RBA
• Bonds modestly firmer, though have been edging lower throughout the European morning
• Crude and XAU hold around the unchanged mark; base metals are propped up on Chinese stabilisation efforts
• Looking ahead,...

• APAC stocks were somewhat mixed as Chinese market stabilisation efforts offset the early headwinds from Wall Street.
• Fed SLOOS (Q4) noted that tighter standards and weaker demand were reported.
• RBA kept rates unchanged at 4.35% as expected, while it reiterated that a further increase in interest rates cannot be ruled out.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.4% after the cash market closed flat on...

• European equities are mixed, with clear outperformance in the FTSE MIB, propped up by UniCredit (+8.7%) post-earnings; US equity futures are modestly softer, though the RTY underperforms
• Dollar is firmer continuing Friday’s advances, which has been leading the EUR towards December lows.
• Bonds are softer post-NFP and Chair Powell’s weekend commentary as attention turns to US ISM & other Fed speak
• Crude futures are pressured by the firmer...

• APAC stocks were mostly subdued after last Friday's red-hot jobs report; Chinese regulators pledged to stabilise the market.
• Fed Chair Powell repeated his expectation that the March meeting is likely too soon to have confidence to start rate cuts.
• European equity futures indicate a contained open with Euro Stoxx 50 future flat after the cash market closed up 0.3% on Friday.
• DXY is contained around the 104 mark, EUR/USD is sub 1.08, USD/JPY...

Week Ahead 5th-9th February

• MON: Japanese Jibun Final Composite/Services PMI (Jan), Chinese Caixin Final Services PMI (Jan), German TradeBalance (Dec), EZ/UK/US Final Composite/Services PMI (Jan), US ISM Services PMI (Jan)
• TUE: RBA Policy Announcement, EIA STEO, US Democratic Primary - Nevada, German Industrial Orders (Dec), EZ Construction PMI (Jan), EZ Retail Sales (Dec), New Zealand Unemployment (Q4)
• WED: NBP Policy Announcement,...

• European equities are firmer taking impetus from gains on Wall Street; US equity futures are in the green, outperformance in the NQ post-earnings from Amazon (+6%) and Meta (+16.7%).
• Dollar is around flat awaiting impetus from US NFP; Aussie outperforms recouping the prior day’s downside.
• Bonds are softer giving back recent advances as attention turns to key US data
• Crude is firmer and finds some reprieve after hefty losses in the prior...

• APAC stocks mostly took impetus from the gains on Wall St where stocks were underpinned amid a softer yield environment.
• US equity futures were boosted after-hours following the big tech earnings (META +15%, AMZN +7%, AAPL -3%).
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.8% after the cash market closed down 0.2% on Thursday.
• DXY sits around the 103 mark, AUD is attempting to recoup lost ground,...

• European equities are mixed, whilst US equity futures are firmer to varying degrees
• Dollar is marginally bid though off post-Powell highs; Aussie lags after weak building approvals data
• Bonds are mixed; USTs modestly higher whilst Bunds pare yesterday’s dovish data
• Crude is in the green pre-JMMC whilst base metals are lower across the board, in-fitting with the broader risk tone
• Looking ahead, US IJC & ISM...

• The Fed kept rates unchanged and removed the reference to possible additional rate hikes but also downplayed near-term cuts.
• APAC stocks were mixed after the losses on Wall St owing to banking sector fears and Fed Chair Powell's pushback against a March rate cut.
• Chinese Caixin Manufacturing PMI data topped forecasts, China's Finance Ministry said it will implement structural tax cuts in 2024.
• European equity futures indicate a steady...

• European bourses are lower with underperformance in the SMI post-Novartis earnings; US equity futures are mixed, though with clear underperformance in the NQ after MSFT, AMD & GOOG earnings
• Dollar continues its contained trade, AUD underperforms amid softer CPI data
• Bonds modestly firmer; Bunds off best levels post-German data
• Crude is weaker amid the downbeat risk tone; XAU in a holding pattern awaiting impetus from the...

• APAC stocks were mostly subdued amid a deluge of earnings releases and key data releases at month-end.
• Alphabet (GOOG) slumped 5.8% after advertising revenue missed, while Microsoft (MSFT) fell by 0.3% after Q3 More Personal Computing was guided below forecasts. 
• Hang Seng and Shanghai Comp underperformed following the latest Chinese PMI data in which Manufacturing PMI remained in contraction territory for a 4th consecutive...

• European equities are generally firmer, whilst US equity futures meander around the unchanged mark ahead of key earnings
• Dollar is around flat whilst the Pound lags with specifics light
• Bonds are firmer, though Bunds have been edging lower following hawkish EZ data
• Crude benchmarks are marginally firmer alongside Gold, awaiting geopolitical updates
• Looking ahead, US JOLTs, Consumer Confidence, Japanese Retail Sales,...

• APAC stocks traded mixed as weakness in China offset the momentum from Wall St's record highs.
• US Treasury expects to borrow USD 760bln in net marketable debt for the January-March period which is down USD 55bln from the October 2023 estimate.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.4% after the cash market closed up 0.1% on Monday.
• DXY is contained and continued to pivot around 103.50, EUR/USD remains on...

• European bourses are trading on a mixed footing and lack clear direction; US equity futures follow suit ahead of a busy week of risk events
• Dollar continues to firm, EUR a touch softer and Antipodeans bid despite a flimsy risk tone
• Bonds are bid amid dovish ECB speak as attention turns to US Treasury Financing Estimates
• Crude is modestly firmer as geopols remain in focus; US said three troops were killed by an Iran-linked drone attack near...

• APAC stocks began the week mostly on the front foot, albeit with some of the gains capped by heightened geopolitical tensions and Chinese property sector concerns.
• Three US troops were killed and dozens were injured from an aerial drone attack on US forces in northeastern Jordan near the Syrian border; US says attack linked to Iran.
• European equity futures indicate a lower open with Euro Stoxx 50 future -0.2% after the cash market closed up 1.2% on...

Week Ahead 29th January - 2nd February 2024

• SUN: New Zealand Trade Balance
• MON: Japanese Unemployment (Dec)
• TUE: Israel Municipal Elections; Spanish Flash CPI (Jan), Swiss KOF (Jan), German Flash GDP (Q4), EZ Flash GDP (Q4), EZ Consumer Confidence Final (Dec), US Home Prices (Nov), JOLTS (Dec), Japanese Retail Sales (Dec)
• WED: Australian CPI, FOMC & BCB Policy Announcements, BoJ SOO (Jan); Chinese NBS PMIS...

• European bourses are firmer, with significant outperformance in the CAC40 lifted by the Luxury sector, post-LVMH earnings
• Dollar is around flat, EUR modestly firmer with price action contained ahead of US PCE
• Bonds are modestly firmer and in proximity to yesterday’s highs
• Crude benchmarks are pulling back marginally; base metals are a touch softer with specifics light
• Looking ahead, US PCE, Earnings from American...

• APAC stocks failed to sustain the broad positive momentum from Wall St with the region mostly lower in quietened conditions and amid a lack of fresh drivers.
• Tokyo inflation data showed the slowest pace of core inflation in Japan's capital area since March 2022.
• FX markets are contained with the DXY sitting just above the 103.50 mark, USD/JPY was indecisive post-Tokyo CPI.
• European equity futures indicate a flat open with Euro Stoxx 50...

• European bourses are generally weaker, with the exception of the AEX which benefits from ASML; US equity futures are mixed, with the RTY outperforming
• Tesla (-7.9%) is significantly lower in the pre-market after its results missed, noting that 2024 vehicle growth will be lower than the prior year.
• Dollar is marginally weaker, EUR flat and JPY marginally weaker
• Bonds hold a bearish tone following yesterday's hot data and disappointing US 5yr...