• Major European bourses are pressured as the Wall St. rally faded and reverberated through APAC trade; although, the Stoxx 600 remains +0.5% on the week.
• US futures have been lifting off overnight lows, though the NQ continues to lag post-Netflix.
• Buck betwixt and between as USTs rebound, but risk aversion gathers momentum; antipodeans lag while Yuan outperforms post-PBoC SLFs.
• WTI and Brent March contacts remain pressured by the broader risk tone, with focus on geopolitics as Blinken & Lavrov...

• APAC markets traded lower amid wide-spread risk aversion after late Wall Street selling
• All major US indices declined after another failed relief rally; S&P 500 -1.1%
• Netflix shares dropped 20% after-hours on disappointing subscriber additions and forecasts
• DXY remained steadfast despite decline in yields. Antipodeans lag
• Looking ahead, highlights include UK Retail Sales, EZ Consumer Confidence, BoE's Mann; ECB's Lagarde,...

• US equity futures are firmer, ES +0.4%, picking back up from yesterday's pressure with the NQ +0.7% outperforming amid a pull-back in yields.
• Major bourses in Europe are softer, Euro Stoxx 50 -0.2%, in an indecisive morning; following eventual upside in APAC markets.
• Dollar drifts alongside Treasury yields; Aussie rules G10 roost; Pound retains post-UK inflation momentum but wary about further political upheaval.
• WTI and Brent front month futures are choppy intraday, spot gold/silver are contained,...

• Asian equity markets eventually traded mostly higher but with price action relatively choppy
• Major US indices (S&P 500 -1%, Nasdaq -1.2%) failed to sustain the early reprieve despite yields easing from pandemic highs
• European futures are indicative of a firmer open with the Eurostoxx 50 future higher by 0.3%
• PBoC reduced the 1-year Loan Prime Rate by 10bps and cut the 5-year LPR by 5bps
• DXY resides around the...

• European bourses are mixed but becoming increasingly upbeat as the pressure from the APAC/US handovers dissipates, Euro Stoxx 50 +0.6%; ES +0.3%, NQ +0.4%
• The DXY remains above, but within touching distance of, 95.50 with G10 peers firmer and antipodeans leading after ANZ's RBNZ OCR call
• Some UK Conservatives expect the no-confidence vote threshold for PM Johnson to be met today, today's PMQs and the expected Gray report in...

• Asian stocks followed suit to the losses on Wall St where all major indices declined, led by tech and growth; Nasdaq -2.6%
• European futures are indicative of a softer open with the Mar'22 Eurostoxx 50 future lower by 0.5%
• An explosion in Turkey forced the shutdown of the Iraq-Turkey crude oil pipeline which is Iraq’s largest crude oil export line
• Conservative MPs are reportedly confident they have enough votes to trigger a confidence vote in...

• Equities remain pressured in a continuation of the yield-inspired downside seen in APAC hours as the German 10yr yield nears 0.00%
• Overnight, the US yield briefly breached 1.85% but has since pulled back modestly though equities remain waylaid with NQ, -2.0%, continuing to underperform
• Oil remains elevated on supply-side factors while the DXY is firmer but yet to test 95.50 with peers modestly pressured
• BoJ maintained policy settings as...

• Asia-Pac stocks traded mixed with early optimism in the region soured by a resumption of the surge in US yields
• The US 10yr cash yield briefly topped 1.85%; US equity futures were softer across the board
• European futures are indicative of a softer open with the Eurostoxx 50 future lower by 0.4% after the cash market closed higher by 0.7% yesterday
• BoJ maintained policy settings as expected and reaffirmed its dovish...

MON: BoC Business Outlook Survey, Eurogroup Meeting, US Martin Luther King Jr. Day; Chinese Retail Sales/Industrial Output (Dec), GDP (Q4), EZ CPI Final (Dec), US Leading Index (Dec), Canadian Housing Price Index (Dec)

TUE: BoJ Policy Announcement, OPEC MOMR; Japanese Capacity Utilisation (Nov), UK Jobs Report (Nov), Claimant Count (Dec), German ZEW (Jan), Canadian Housing Starts (Dec), CPI (Dec), US NY Fed Manufacturing (Jan), NAHB (Jan)

WED: EIA OMR; Australian...

• MON: Italian Election; Japanese Manufacturing PMI Flash (Jan), EZ, UK, US Flash PMIs (Jan), German CPI Prelim. (Jan), US National Activity Index (Dec).
• TUE: NBH Policy Announcement; Australian NAB (Dec), German Import Prices (Dec), Ifo (Jan), EZ Consumer Confidence Final (Jan), Consumer Confidence (Jan), Richmond Fed (Jan), New Zealand Trade Balance (Dec).
• WED: FOMC & BoC Policy Announcements, BoJ SOO (Jan), India Republic Day, Australia Day; US New...

• Asian equity markets traded with a mild positive bias following the similar close last Friday on Wall Street
• Chinese GDP and industrial production exceeded expectations, whilst retail sales disappointed
• The PBoC reduced rates on its 1-year Medium-term Lending Facility and 7-day reverse repos by 10bps each
• European futures are indicative of a mildly firmer open with the Eurostoxx 50 future higher by 0.3%
• The USD is...

• European bourses are softer, Euro Stoxx 50 -0.9%, with newsflow minimal though benchmarks are off lows led by Oil & Gas given benchmark pricing
• US futures are contained/rangebound, ES +0.1%, ahead of US Retail Sales and Fed's Williams as the last scheduled pre-blackout speaker
• DXY remains pressured but fairly contained with peers mixed while debt dips lifting yields; however, US/German 10yr yields remain shy of recent peaks
• Chinese trade...

• Asian equity markets weakened amid headwinds from the US where all major indices declined
• Losses in the US were led by tech and consumer discretionary names amid a slew of hawkish Fed speak
• European futures are indicative of a softer open with the Eurostoxx 50 future lower by 0.8%
• Chinese trade figures showed weaker than expected Imports although Exports topped estimates
• Bank of Korea hiked rates by 25bps for a third...

• European bourses are contained with US futures equally uninspiring, ES +0.1%; in Europe, sectors has Tech, +1.1%, notably outperforming given TSMC read-across
• DXY remains subdued moving further below 95.00 to the benefit of peers across the board; conversely, core debt is relatively calm before more key US events
• Russian Kremlin says talks with the West were "unsuccessful", sanctioning Putin would be comparable to severing relations
• Some...

• Asia-Pac stocks traded mixed following the choppy session in the US where major indices eked mild gains
• European futures are indicative of a flat open with the Eurostoxx 50 Mar'22 contract near the unchanged mark
• In FX, the DXY heads into the European open a touch softer and in close proximity to the 95.00 mark
• Fed's Bullard has said that four rate hikes in 2022 now appear likely
• Looking ahead, highlights include US...

• European bourses are firmer continuing from upbeat APAC performance while US futures are more contained but retain a positive bias pre-CPI, ES +0.1%, NQ +0.3%
• Chinese inflation metrics cooled from the prior and came in below expectations
• The DXY is towards the top of a narrow range with peers generally contained ex-crude sensitive FX, given benchmark action
• USTs are cautious as we await data, Fed speak and supply while EGBs, led by Bunds,...

• Asia-Pac bourses traded positively as stocks took their cue from the energy and tech-led gains in the US
• US indices closed higher across the board with the Nasdaq outpacing peers with gains of 1.4%
• Chinese inflation metrics cooled from the prior and came in below expectations
• The DXY languished around two-month lows near 95.50. Activity currencies lead in the G10 FX space
• Looking ahead, highlights include US CPI,...

• European bourses and US futures are firmer following yesterday's US rebound, ES +0.3%, but off best pre-Powell's testimony
• Fed Chair Powell’s prepared remarks noted the economy has rapidly strengthened despite the ongoing pandemic
• Fed's Bostic (2024 voter) sees three 2022 hikes, risks of a fourth on the possibility of higher inflation
• DXY remains sub-96.00 and continues to drift with peers ex-JPY modestly firmer while debt is choppy but...

• Asian equities were subdued following on from the mostly negative lead from Wall St
• US stocks declined at the open, but then finished off lows and the Nasdaq fully recovered from a near-3% drop as yields wavered
• DXY is softer and back on a 95 handle as activity currencies gain and EUR/USD gains a firmer footing above 1.13
• Fed Chair Powell’s prepared remarks noted the economy has rapidly strengthened despite the ongoing...

MON: Japanese Old Age Day, EZ Sentix (Jan), Unemployment (Nov), US Employment Trends (Dec), Wholesale Inventory/Sales (Nov), Chinese M2 /New Yuan Loans (Dec)

TUE: EIA STEO; Australian Retail Sales (Nov), Japanese Coincident Index/Leading Indicator (Nov), UK GDP Estimate (Nov), US NFIB (Dec), Redbook (w/e Jan 3rd)

WED: Chinese CPI (Dec), EZ Industrial Production (Nov), US CPI (Dec)

THU: US Initial/Continued Jobless Claims (w/e Jan 3rd/Dec...

• Indecisive and somewhat choppy trade amid a thin docket; Euro Stoxx 50 -0.1%, ES U/C, NQ -0.3%
• In FX, the DXY tested 96.00 to the upside with peers mixed but relatively contained while USTs/EGBs recovered from initial pressure
• US Senator Manchin reportedly no longer supports a USD 1.8trl Build Back Better counterproposal, via Washington Post
• US-Russia talks have begun and initial commentary seemingly downplays the prospect of a...

• Asia-Pac markets traded mixed and US equity futures were initially pressured after last Friday's post-NFP weakness
• Ongoing Omicron woes and the absence of Japanese participants further added to the uninspired mood
• China reported its first community transition of the Omicron variant in Tianjin which is a gateway city to Beijing
• In FX, the DXY is firmer but sub-96.00, EUR/USD has reclaimed 1.13, USD/JPY remains on a 115...

• European bourses/US futures are mixed but generally contained amid minimal newsflow pre-NFP/Fed speak; ES +0.2%
• DXY remains downbeat but off worst and yet to test 96.00 with main peers little changed and both EUR and GBP unreactive to respective data
• Core debt is similarly confined while crude continues to climb absent catalysts though geopols draw focus
• China may still ease policy in Q1 despite the hawkish Fed, according to reports citing...

• Asia-Pac equities traded mostly higher; US equity futures held onto mild gains
• In FX, DXY was subdued, EUR/USD and GBP/USD probed 1.1300 and 1.3550 respectively
• Fed's Bullard (hawk, voter) said the first rate hike could come in March and said the balance sheet run-off should start shortly after
• China may still ease policy in Q1 despite the hawkish Fed, according to reports citing China's Securities Journal
• Crypto...

• European bourses are pressured, Stoxx 600 -1.0%, following a downbeat APAC handover given the FOMC Minutes spillover; NQ, -0.4%, continues to lag
• European Banking names are the primary outperformer given yield action as the US 10yr nears 1.75% and the German equivalent 0.00% (best -0.033%)
• DXY is positive but has been pressured as FX peers receive a boost for the broad yield action; JPY leads and AUD lags in a continuation of APAC...