• APAC stocks kicked off the week with gains across the board as the region coat-tailed on the strength seen stateside. Tech outperformance continued across the region.
• US Coast Guard officials over the weekend tracked two oil tankers in international waters close to Venezuela, marking three tankers within the past week.
• Russia’s Kremlin said changes made by Ukrainians and Europeans to peace proposals did not bring agreements closer or add anything positive, IFAX...

• MON: PBoC LPR, UK GDP (Q3)
• TUE: BoC Minutes (Dec Meeting), RBA Minutes (Dec Meeting), US Richmond Fed (Dec)
• WED: Christmas Eve, ECB Wage Tracker, US Durable Goods (Oct)
• THU: Christmas Day, PBoC MLF, Japanese Tokyo CPI (Dec), Japanese Activity Data (Nov)
• FRI: Chinese Industrial Profits YTD (Nov)
• 30th Dec: FOMC Minutes

PBOC LPR (MON): Expected to be a...

• US President Trump’s administration initiated a multi-agency review of NVIDIA (NVDA) H200 licenses for sales to China, according to sources cited by Reuters.
• US President Trump is scheduled to make an announcement at 13:00EST/18:00GMT on Friday and will deliver remarks on the economy at 21:00EST/02:00GMT.
• European bourses are mixed whilst US equity futures are broadly firmer, with outperformance in the NQ.
• DXY is firmer, whilst the JPY...

• APAC stocks were mostly higher as the region took impetus from the positive handover from Wall Street, where the major indices gained following softer CPI data and strong Micron earnings, while the attention overnight turned to the BoJ.
• USD/JPY edged higher alongside the positive risk appetite and despite the BoJ decision to hike rates, as widely expected, and with no mention of FX-related concerns.
• US President Trump’s administration initiated a multi-agency review...

• US President Trump said he will soon announce the next Fed chair and that the new Fed chair will believe in lowering interest rates by a lot.
• European bourses are mostly firmer; US equity futures also gain, with mild outperformance in the NQ.
• DXY is slightly firmer as traders await US CPI; GBP underperforms a touch ahead of the BoE, EUR awaits the ECB.
• Fixed income grinds higher; Bunds saw some modest downticks after Germany's DFA announced...

• APAC stocks were mostly lower following on from the tech-led selling stateside and ahead of US inflation data and a slew of upcoming central bank decisions.
• US President Trump's primetime address to the nation made no mention of a US blockade against Venezuela or Russian sanctions.
• US President Trump said he will soon announce the next Fed chair and that the new Fed chair will believe in lowering interest rates by a lot.
• US equity futures...

• US President Trump is to give an address to the nation on Wednesday night, live from the White House at 21:00EST (02:00GMT Thursday). White House Press Secretary said that Trump’s address will be about accomplishments, while he will talk about what's to come and maybe tease new year policies.
• European bourses are mostly stronger this morning, with US equity futures also posting modest upside.
• DXY is firmer, the GBP has been hit after the UK’s cooler-than-expected...

• US President Trump is to give an address to the nation on Wednesday night, live from the White House at 21:00EST (02:00GMT Thursday). White House Press Secretary said that Trump’s address will be about accomplishments, while he will talk about what's to come and maybe tease new year policies.
• US threatened to retaliate against EU companies over digital tax, while it will use 'every tool' to counter the EU digital tax and may consider fees and foreign services...

• Ukrainian President Zelensky said there is still no ideal peace plan as of now, and the current draft is a working version; Russia's Ryabkov said they are ready to make efforts to overcome disagreements relating to the Ukraine crisis.
• China Securities Times commentary noted that China should set a positive yet 'pragmatic' 2026 GDP growth target with leeway, while researchers are said to be divided between an around 5% or 4.5%-5.0% growth target for 2026.
• European...

• APAC stocks were mostly lower after the weak lead from Wall Street, as the tech-related pressure rolled over into the region; Nikkei 225 fell beneath the 50,000 level amid a firmer currency.
• China Securities Times commentary noted that China should set a positive yet 'pragmatic' 2026 GDP growth target with leeway, while researchers are said to be divided between an around 5% or 4.5%-5.0% growth target for 2026.
• US President Trump said they are looking into whether...

• The BoJ Tankan survey showed sentiment of Large Manufacturers was at the highest in four years, which supports the case for a rate hike.
• European bourses are entirely in the green, with US equity futures also firmer; the RTY outperforms.
• DXY is a touch lower, whilst the JPY outperforms amidst growing bets of a BoJ hike this week and the Tankan Survey; the Kiwi underperforms after the RBNZ Governor suggested that market conditions have tightened “beyond” what the...

• APAC stocks were mostly pressured at the start of a risk-packed week and following on from the tech-led declines stateside amid a rotation out of AI, while participants digested economic releases, including the BoJ Tankan and Chinese activity data.
• The BoJ Tankan survey showed sentiment of Large Manufacturers was at the highest in four years, which supports the case for a rate hike.
• Hang Seng and Shanghai Comp were subdued after the latest Chinese activity data...

• MON: Chinese Activity Data (Nov), EZ Industrial Production (Oct), Canadian CPI (Nov)
• TUE: NBH Announcement, UK Jobs Report (Oct), EZ/UK/US Flash PMIs (Dec), German ZEW Survey (Dec), Japanese Trade Balance (Nov), US Jobs Report (Nov)
• WED: UK Inflation (Nov), EZ CPI Final (Nov), US Retail Sales (Oct)
• THU: ECB Announcement, BoE Announcement, Norges Bank Announcement, Riksbank Announcement, CNB Announcement, US CPI (Nov), Japanese CPI...

• US President Trump said they would help on security with Ukraine, and he thought they were close to a deal.
• US President Trump said that it is going to start on land soon regarding Venezuela; the US is reportedly preparing to seize more ships transporting Venezuelan oil.
• European bourses are in the green whilst US equity futures are mixed, and with underperformance in the tech-heavy NQ as Broadcom falls 4.9% in post-earnings.
• DXY is a little...

• APAC stocks were predominantly higher following on from the mostly positive handover from Wall Street, where the S&P 500 and DJIA notched record closes, but the Nasdaq lagged on Oracle-related headwinds.
• US President Trump said they would help on security with Ukraine, and he thought they were close to a deal.
• US President Trump said that it is going to start on land soon regarding Venezuela; the US is reportedly preparing to seize more ships transporting...

• European bourses opened lower but now marginally firmer, US equity futures are in the red, with underperformance in the NQ following Oracle (-11%) earnings.
• DXY initially attempted to pare post-FOMC pressure, but now flat, CHF little moved to the SNB announcement, but gained on the presser, the Aussie is pressured post-jobs data.
• USTs continue to strengthen in the aftermath of the FOMC, whilst Bunds pull back from highs.
• Crude benchmarks are...

• FOMC cut rates by 25bps to 3.50-3.75%, as expected, while the vote split was 9-3, as Miran voted for a 50bps cut. Goolsbee and Schmid voted for unchanged.
• Fed said it is to assess incoming data, evolving outlook and balance of risks in considering the extent and timing of further adjustment (tweaked from “in considering additional adjustments”), and it will monitor implications of incoming information for the economic outlook.
• Powell said adjustments to rates since...

• US Trade Representative Greer said China's rare earths continue to flow and expects to sign more trade deals over the coming weeks.
• US President Trump is to kick off the final round of Fed Chair interviews this week, while senior administration officials said Kevin Hassett remains in pole position to succeed Powell as Fed Chair, according to the FT.
• European bourses are broadly lower, with US equity futures mildly in the red as markets await the FOMC; The...

• APAC stocks were mostly subdued amid cautiousness ahead of today's Fed policy decision and dot plots, while the region also digested the latest Chinese inflation data.
• China is buying US soybeans again, but is reportedly falling short of the goal set by the Trump trade agreement, according to CNBC.
• US Trade Representative Greer said China's rare earths continue to flow and expects to sign more trade deals over the coming weeks.
• US President...

• US President Trump announced that he informed Chinese President Xi that the US will allow NVIDIA (NVDA) to ship its H200 products to approved customers. Though the FT reported that China is set to limit access of NVIDIA's H200 chips; NVDA shares off best levels, last +0.5%.
• European bourses are broadly lower, US equity futures are mixed with the NQ dipping into modest negative territory after the FT report on NVIDIA.
• DXY hovers around 99.00, Antipodeans rise post...

• APAC stocks were subdued following the lacklustre lead from Wall Street, with markets cautious ahead of the FOMC policy announcement on Wednesday.
• US President Trump announced that he informed Chinese President Xi that the US will allow NVIDIA (NVDA) to ship its H200 products to approved customers.
• RBA unsurprisingly kept the Cash Rate unchanged at 3.60%, although comments from RBA Governor Bullock at the press conference leaned...

• European bourses attempt to move higher after initial pressure, US equity futures trade with modest gains.
• USD is flat, EUR and NZD manage to hold towards the top of the G10 pile.
• Global bonds pressured, Bunds hit on hawkish remarks via ECB's Schnabel, who said that she is 'comfortable' on bets that the next move will be a hike, albeit not any time soon.
• Crude benchmarks retreat despite a lack of drivers, XAU grinds higher and 3M LME Copper...

• EUR/USD gained, while DAX and Bund futures fell as ECB's Schnabel said she is 'comfortable' on bets that next move will be a hike.
• APAC stocks were mixed following a lack of major macro drivers over the weekend and with markets tentative ahead of this week's risk events, while participants also digested data, including the latest Chinese trade figures.
• USD/JPY briefly retreated beneath the 155.00 handle amid a softer buck and as the latest wages data from Japan...

• MON: Chinese Trade Balance (Nov)
• TUE: RBA Announcement, EIA STEO, German Trade Balance (Oct), US JOLTS (Oct)
• WED: FOMC Announcement, BoC Announcement, Chinese Inflation (Nov), Swedish GDP (Oct), Norwegian CPI (Nov), US Employment Cost Index (Q3)
• THU: SNB Announcement, CBRT Announcement, OPEC MOMR, IEA OMR, Australian Jobs Report (Nov), Swedish CPIF (Nov)
• FRI: UK GDP (Oct), German/French/Spanish Final CPI...

• European bourses trade modestly firmer, with little macro news to steer price action. Sentiment follows on from a mixed and quiet APAC session.
• US equity futures are mixed/mostly firmer with a skew towards tech-positive as ES and NQ eke mild gains vs the YM and RTY.
• DXY has unwound most of its earlier losses. Initially hit by a firmer JPY on the back of more hawkish BoJ sources, coupled with verbal intervention; USTs remain flat in a thin 112-22+ to 112-27+...