• Asian equities traded with no firm direction after an upbeat performance on Wall Street, ahead of NFP
  • SCMP Editorial piece stated, "Beijing is in no hurry to forge a deal” with the US
  • EU’s Brexit Negotiator Barnier told a private meeting of EU diplomats that UK PM Johnson’s proposals fell far short of his conditions for a deal, sources stated
  • In FX, the DXY is flat, EUR and GBP moved in-step with the Dollar, Antipodeans outperformed
  • Looking ahead, highlights include US NFP and Trade, Baker...
  • US equity futures are modestly firmer, in a bounce-back from the WTO announcement; note, Germany is closed
  • USTR are to impose 10% tariffs on EU aircraft and 25% on agricultural and industrial goods
  • Fed’s Evans says the ISM-Manufacturing print confirmed the FOMC’s view and is open-minded for the next meeting
  • ·Fixed is firmer as growth concerns grow while DXY remains around 99.0 and somewhat mixed vs. G10 counterparts
  • Looking ahead highlights include US Services and Composite PMIs, US Initial...
  • Asian equities joined the global stock rout, Mainland China and South Korean markets were closed due to public holidays
  • Hong Kong is reportedly studying a curfew to contain protest violence, according to local press
  • US will impose retaliatory tariffs of 10% on EU aircrafts, 25% on EU agriculture and industrial goods, effective October 18th
  • EU is ready to grant another Article 50 extension even if the letter is not signed by UK PM Johnson, diplomats stated that no European leader has reached the...
  • European equities are lower as sentiment remains subdued from yesterdays events and ahead of today’s risk catalysts
  • WTO are to announce the decision on the US' right to retaliate to against the EU over their Airbus (AIR FP) subsidies at 15.00 BST
  • EU Sources note UK proposals on Brexit as reported by the media "won't fly" and seem "fundamentally floored"
  • In FX, DXY has regained ground against most G10 peers while the debt complex has been...
  • Asian equity markets were negative and followed the lead from Wall Street, ASX 200 underperformed, Mainland China and Indian markets were shut
  • North Korea fired short-ranged projectiles towards the East Sea, one missile reportedly landed inside Japan’s Exclusive Economic Zone (EEZ)
  • UK PM Johnson will today unveil a new ‘two borders for four years’ Brexit plan which will leave Northern Ireland in a special relationship with Europe until 2025
  • Irish Foreign Minister Coveney said the UK PM’s Brexit plan...
  • Asian equities traded higher across the board, Chinese and Hong Kong markets were closed due to National Day holiday
  • The RBA cut its cash rate by 25bps to 0.75% as expected, reaffirmed easing bias, but added that a gentle turning point appears to have been reached
  • UK PM Johnson is said to release his final Brexit plan to EU leaders within 24 hours and will reportedly ask the EU to rule out further Brexit extensions as part of a new deal
  • In FX, DXY printed fresh YTD highs, USD/JPY climbed above 108,...
  • Major European indices are modestly firmer but little changed overall, on a relatively quiet session thus far
  • USD is firmer vs. most G10 counterparts with NZD the laggard although Sterling does modestly outperform
  • US Treasury official stated that there are no current plans to stop Chinese firms from listing on US exchanges.
  • UK Opposition Leaders will be meeting today to find a way to force UK PM Johnson to ask for a Brexit extension as early as this weekend
  • Looking ahead highlights include,...
  • Asian equities showed a mixed performance, Hang Seng (+0.4%) outperformed as Budweiser APAC’s debut signalled favourable IPO conditions
  • Chinese Caixin Manufacturing topped estimates but trade concerns weighed on the one-year outlook and new export business continued to decline
  • Reports suggested that the White House is mulling limits on portfolio flows into China, however, a US Treasury official stated that there are no current plans to stop Chinese firms from listing on US exchanges
  • UK Opposition...

27th September 2019 

·        Major European indices are firmer following on from a choppy Asia-Pac session

·        FTSE 100 outperforms as Sterling slips and Gilts gain on dovish BoE Saunders

·        Saudi Arabia have reportedly agreed to a partial ceasefire in Yemen, according to the WSJ

·       ...

  • Asian equity markets were mostly subdued following the weak lead from Wall St, Australia outperformed
  • Chinese Foreign Minister said China is willing to buy more US products needed by the Chinese market, ahead of principal-level talks on October 10-11th in Washington
  • Pentagon is to send 200 troops, a missile system and radar equipment to Saudi Arabia following the attack on its oil facilities
  • In FX markets, the DXY was firmer, EUR/USD edged...

·        Major European indices are firmer from a mixed Asia-Pac session on further positive US-China remarks

·        UK PM Johnson said he will not request a Brexit extension even if conditions of the Benn bill are met, while he also stated that changing the Irish backstop is under serious negotiation

·        Chinese Commerce Ministry says US and China are closely...

  • Asian equity markets traded somewhat mixed as the region struggled to maintain the momentum from the US
  • US President Trump said China is making large agricultural purchases and there is a good chance that we'll make a trade deal with China, getting closer and closer
  • US President Trump announced the first stage of a new US-Japan trade deal
  • UK PM Johnson said he will not request a Brexit extension even if conditions of the Benn bill are met
  • ECB's Lautenschlaeger (Hawk) resigned from the ECB...
  • European indices are subdued as sentiment is impacted by a number of risk factors ahead
  • House Speaker Pelosi says the House is to open informal impeachment inquiry into President Trump
  • Saudi Aramco have reportedly restored oil production capacity to 11.3mln bpd, according to sources
  • Fixed is little changed, USD is bolstered by a softer Sterling and EUR while NZD is now unchanged following RBNZ leaving rates unchanged at 1.0%
  • Looking ahead, highlights include US New Home Sales, SNB Quarterly...
  • Asian equity markets tracked the losses seen across global peers amid headwinds from the US
  • UK government source expects a quick push for an election again perhaps even as early as this week, Cabinet source sees this being tabled on Thursday
  • China’s Foreign Minister says US-China relations have come to a crossroad, and trade negotiations cannot happen under threats
  • US House Speaker Pelosi says the House is to open a formal impeachment...
  • UK Supreme Court deem PM Johnson’s parliament suspension as unlawful, GBP and Gilt whipsawed
  • EU Court rules that Alphabet's Google (GOOG) does not have to apply the right to be forgotten globally
  • US President Trump said he will discuss Iran in his UN speech today at 10:15ET
  • Looking ahead, highlights include US Consumer Confidence, New Zealand Trade, UN General Assembly begins, ECB’s de Guindos, Norges Bank’s Matsen and BoE’s Carney. Supply from the...
  • Asian equity markets traded indecisively following a similar close on Wall St where the major indices spent the day steadily recouping the opening losses
  • US Treasury Secretary Mnuchin stated Chinese VP Liu He will visit the US next week for discussions; however, later stated talks will resume in two weeks
  • US President Trump said we will have to see what happens regarding a meeting with Iranian President Rouhani and that he will discuss Iran in his UN speech...
  • Major European bourses are softer as risk sentiment slips on PMI prints
  • China’s agricultural delegation cancelled their farm trip at the US’ request, not due to trade talk difficulty
  • Saudi Arabia's Khuraris and Abqaiaq facilities are to fully restore oil production early next week; currently producing around 4.3mln BPD., according to sources
  • However, WSJ reports indicate that some experts believe it could take 8-months to restore Saudi production
  • EUR/USD is lower and core debt has been...


Attention will be on meetings that take place on the sidelines of next week's UN confab, particularly any meetings between US and Iranian officials, following last week's attacks on Saudi energy facilities, where from a US perspective, the blame has fallen on Iran. However, the chances of an official meeting between the two sides has faded after the attacks. Iran, which denies involvement in the attacks, has said that talks with the US cannot take place unless all...

  • Asian equity markets were mixed following the negative close last Friday on Wall St. amid temperamental US-China trade headlines
  • Trump reiterated he does not need a deal before the 2020 election and is not interested in a limited China deal
  • Reports suggest that repair work for Saudi to return to normal oil output levels could take much longer than expected
  • US Secretary of State Pompeo said the US is still seeking to avoid war with Iran but added that additional troops being deployed to the region...
  • European bourses are firmer this morning in largely tentative trade as markets pause after a hectic week
  • NY Fed announced a fourth consecutive overnight repo operation of USD 75bln at a minimum bid rate of 1.8% for Friday at 0815-0830 ET
  • Fed’s Bullard says he dissented as a large cut is more appropriate, cites soft PCE & signs the economy is to slow soon
  • The FX space is similarly tentative with the USD little changed vs. G10 counterparts
  • Looking ahead, highlights include Canadian Retail...
  • Asian equity markets traded mostly positively as risk appetite picked up from the indecision seen on Wall St
  • US President Trump advisor Michael Pillsbury said the President is ready to escalate the trade war if a deal is not agreed soon and that tariffs could go to 50% or 100%
  • EU Commission President Juncker said he thinks there can be a Brexit deal and that Brexit will happen
  • Saudi-led coalition conducted a military operation in Yemen in which it destroyed 4 locations used for assembling...
  • European indices are modestly firner post-Fed and as most G10 central banks have met, with BoE ahead
  • In Central Bank activity, BoJ & SNB unchanged, SNB did not alter their CHF assessment while Norges Bank hiked but likely the last hike in the near term
  • Iranian Foreign Minister Zarif threatened ‘all out war’ in the event of an Iranian military strike
  • In FX, CHF is outperforming post SNB while AUD is the laggard vs. USD after poor overnight data
  • Looking ahead, highlights include US Philly...
  • Fed cut rates by 25bps for a 2nd consecutive meeting as expected with three dissenters; Rosengren and George voted for no change again, Bullard voted for a 50bps cut
  • Dot plots showed a median view for a pause through to next year which left a hawkish aftertaste amongst US asset classes
  • BoJ maintained all policy settings as expected and forward guidance to keep current extremely low rates for extended period at least through Spring 2020
  • Brazil Central Bank cut the Selic Rate by 50bps to 5.50% as...
  • Major European bourses are trading tentatively ahead of today’s key risk events with the FOMC ahead
  • Saudi Arabia’s Defence Ministry are to update on evidence of Iranian weapon usage today (15:30BST) and IEA’s Birol is to speak on recent developments at 14:00BST
  • In FX, the USD is King thus far, mainly on the underperformance of G10 counterparts with Sterling subdued on EU comments and soft CPI
  • Looking ahead, highlights include US Building Permits, Housing Starts, Canadian CPI, New Zealand GDP, FOMC...
  • Asian equity markets traded tentatively following the cautious gains on Wall St amid positioning heading into a flurry of central bank activity
  • NY Fed are to to conduct another USD 75bln overnight repo today between 1315-1330BST at a minimum bid rate of 2.10% (unchanged from Tuesday
  • Saudi Energy Minister Abdulaziz said oil supply is fully back online and that it will keep full oil supply to its customers this month
  • Saudi Arabia’s Defence Ministry will conduct a press conference today which will...
European Equity Movers this Morning: Persimmon (PSN LN) +14.0% RBS (RBS LN) +11.0% Peugeot (UG FP) +2.6% Airbus (AI…