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  • Asian indices are subdued with sentiment weighed on by US President Trump’s plans to place tariffs on Mexican goods at an initial level of 5%
  • Chinese Manufacturing PMI moved into contractionary territory and printed below the estimate at 49.4
  • China reportedly has plans to limit rare earth sales to the US if necessary, while US VP Pence says Trump and Xi will likely meet at the G20 summit
  • Looking ahead, highlights include German Retail Sales...
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  • Monday: BoJ Minutes, Eurozone Consumer Confidence (Final), New Zealand Trade Balance
  • Tuesday: US Consumer Confidence, US Case Shiller, Japan Retail Sales
  • Wednesday: FOMC Interest Rate Decision, Australia CPI, US Pending Home Sales, US-China trade talks
  • Thursday: US PCE (TBC), US Chicago PMI, China PMIs, Eurozone GDP Flash & Unemployment, Canadian PPI, Japan Labour Report, US-China trade talks
  • Friday: EZ (F), UK, US mfg PMIs, US NFP, ISM mfg PMI, Uni. Of Michigan
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Key Events

Monday: UK Market Holiday, German Ifo Survey

Tuesday: US Trade Balance

Wednesday: French GDP, US GDP (2nd Reading), US Pending Home Sales

Thursday: German Labour Market, German CPI (Prelim), US PCE, Canadian GDP (Quarterly)

Friday: Japan Labour Market, Tokyo CPI, China PMI, EZ CPI (Prelim)

TRADE

The US trade war continues to be...

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Key Events

Monday: German PPI

Tuesday: RBA Minutes

Wednesday: NZ Retail Sales, Canadian Retail Sales, US Existing Home Sales, FOMC Minutes

Thursday: Norway GDP, EZ PMI (Flash), ECB Minutes, Fed’s Jackson Hole Symposium begins, US PMI (Flash), US tariffs on USD 16bln of Chinese goods take effect

Friday: NZ Trade Balance, Japan CPI, German GDP (2nd reading), US Durable...

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Key Events

Monday: North and South Korea to hold “high-level” talks

Tuesday: China Industrial Production, German ZEW Survey, German & EZ GDP, UK Labour Market, Home Depot earnings

Wednesday: UK CPI, US Retail Sales, US Industrial Production, Cisco earnings

Thursday: Australian Labour Market, Norges Bank Rate Decision, UK Retail Sales, US Housing Starts & Building Permits, Walmart...

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Monday: German Factory Orders

Tuesday: RBA Rate Decision, German Industrial Production, US JOLTs

Wednesday: China Trade Balance

Thursday: RBNZ Rate Decision, China CPI, US PPI, US and Japan to hold bilateral trade talks

Friday: Japan GDP, Norway CPI, Swedish CPI, UK GDP, US CPI, Canadian Labour Market

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Key Events

Monday: Swedish GDP, German CPI (Prelim), US Pending Home Sales

Tuesday: Japan Labour Market, China PMI, BoJ Decision, German Labour Market, EZ CPI, EZ GDP, US PCE, Canadian GDP, US SOMA Redemptions, Apple Earnings

Wednesday: NZ Labour Market, EZ Manufacturing PMI, UK Manufacturing PMI, US ADP Employment Change, US Quarterly Refunding Announcement, US ISM Manufacturing, FOMC Decision, Brazil Rate...

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Monday: US Existing Home Sales

Tuesday: EZ & US Manufacturing & Services PMIs (Flash)

Wednesday: AU CPI, GE IFO Survey, US New Home Sales, EU’s Juncker visits the US

Thursday: ECB Decision, US Durable Goods

Friday:  Tokyo CPI, US GDP (Prelim reading)

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Key Events

Monday: Chinese GDP, Trump/Putin Summit, US Retail Sales

Tuesday: NZ CPI, RBA Minutes, UK Labour Market, US Industrial Production, US TIC Flows, Fed Chair Powell’s Semi-Annual Testimony

Wednesday: UK CPI, EZ CPI (Final), US Housing Starts & Building Permits

Thursday: Australian Labour Market, UK Retail Sales

Friday: Japanese CPI, Canadian...

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Monday: German Trade Balance

Tuesday: German ZEW Survey, UK Industrial Production, UK GDP (Monthly)

Wednesday: BoC Interest Rate Decision & MPR, US PPI

Thursday: US CPI, German CPI (Final), ECB Minutes

Friday: Chinese Trade Balance, JPM, Wells Fargo and Citi report earnings

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  • Wall Street gains and CDU/CSU immigration agreement leads EU stocks into the green
  • Riksbank leaves rates and rate path unchanged, but opposition from Floden and Ohlssen pushes SEK higher
  • Looking ahead, highlights include, US factory orders, APIs and ECB’s Praet

ASIA

Asian stocks traded mixed as the region failed to take full advantage of the tail wind from the tech-led recovery on Wall St and early bargain hunting following the prior day’s hefty declines. ASX...

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Central Banks

At the June meeting the Fed expectedly hiked interest rates by 25bps, however, the median now sees four hikes in 2018 from three previously. The decision was perceived as relatively hawkish as the Fed also dropped their reference that it expected interest rates to be below neutral for “some time”. Nevertheless, markets are still not fully believing the Fed and pricing for four rate hikes this year stands below 50%. Markets will be looking out for comments in...

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Key Events

Sunday: Turkish General Election

Monday: German IFO

Tuesday: N/A

Wednesday: BoE Governor Carney speaks, US Durable Goods, Trade Balance

Thursday: RBNZ Rate Decision, German CPI (Prelim), US GDP (Final), EU Summit

Friday: Japan Labour Market, German Labour Market, UK GDP (Final), EZ CPI, US PCE, Canadian GDP (monthly)  

Key Events

  • Monday: Nothing major of note
  • Tuesday: Brexit votes in the House of Commons, UK Labour Market, US CPI, US-North Korea Summit
  • Wednesday: UK CPI, FOMC Rate Decision
  • Thursday: Australian Labour Market, ECB Rate Decision
  • Friday:  EZ CPI (Final), BoJ Rate Decision

Politics

On Tuesday, UK Parliament is...

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Key Events

  • Monday: US and UK Market Holiday
  • Tuesday: Japan Labour Market
  • Wednesday: Sweden GDP, German Labour Market, ADP Employment Change, US GDP (2nd reading), BoC Rate Decision
  • Thursday: Australian CAPEX, China Official PMIs, Swiss GDP, EZ CPI, EZ Unemployment, US PCE, Canadian GDP
  • Friday: China Caixin Manufacturing PMI, EZ Manufacturing PMIs, UK Manufacturing PMI, US NFP, US ISM Manufacturing 
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Key Events

  • Monday: NZ Retail Sales
  • Tuesday: UK/EU Brexit Talks
  • Wednesday: Eurozone PMIs (Flash), UK CPI, FOMC Minutes
  • Thursday: NZ Trade Balance, German GDP, UK Retail Sales, ECB Minutes, Eurogroup Meeting
  • Friday: Tokyo CPI, UK GDP (2nd reading), US Durable Goods, Fed’s Powell & BoE’s Carney speak

North America

FOMC May Meeting Minutes: The Fed kept rates unchanged at 1.50-1.75%,...

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  • Asian stocks were mostly negative on spill-over selling from the US. Sentiment also soured after North Korea cancelled a high-level inter-Korean meeting
  • UK government is to publish its Brexit White Paper next month. Italy’s M5S leader Di Maio said there are still issues to resolve
  • Looking ahead, highlights include Eurozone CPI, US industrial production, DoE’s, ECB’s Draghi, Praet and Constancio, Fed’s Bullard and Bostic

ASIA

Asian...

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  • Asian equity markets were subdued with prices relatively range-bound following the modest performance in US. FX markets consolidated throughout most of the Asia-Pac session
  • UK PM May admitted that the current options regarding UK customs plan are unworkable. The League and 5SM in Italy need more time to form a government
  • Looking ahead, highlights include GE and EZ GDP, UK jobs, German ZEW, US retail sales, Fed’s Williams and Kaplan

ASIA

Asian equity...

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  • Asian equity markets began the week mostly positive but with trade relatively rangebound. In FX, the greenback was somewhat subdued with the DXY below 92.50
  • Italy’s 5-Star Movement and League reportedly reached an agreement on certain measures although still need to reach a deal on who to choose to be PM and cabinet members
  • Looking ahead, highlights include the OPEC Monthly Report, Fed’s Mester, Bullard, BoE’s Carney, ECB’s Praet, Lautenschlaeger, and...
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Key Events

Monday: BoJ Minutes

Tuesday: China Trade Balance, Fed’s Powell scheduled to speak

Wednesday: US PPI

Thursday: BoE Rate Decision & QIR, RBNZ Rate Decision (Wednesday evening UK time), China CPI, US CPI

Friday: Canadian Labour Market data

 

North America

Data releases are thin from North America in the week, with inflation in focus in the US and labour market data from Canada. Headline US CPI is expected to increase...

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Key Events

 

Monday:

 

Tuesday: UK Inflation (Jan)

 

Wednesday: Japanese GDP (Q4), US CPI (Jan)

 

Thursday: Riksbank MonPol Decision, Australian Labour Market Report (Jan)

 

Friday:

 

North America

 

The US docket centres on Wednesday’s releases. January’s headline CPI is...

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Key Events

 

Monday: Brexit Negotiations Round Begins

 

Tuesday: RBA Monetary Policy Decision, UK Services PMI (Jan)

 

Wednesday: New Zealand Labour Market Report (Q4)

 

Thursday: BoE Monetary Policy Decision & QIR, RBNZ Monetary Policy Decision, Chinese Trade Balance (Jan)

 

Friday: Canadian Labour Market Report (Jan), RBA Statement on Monetary...

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Key Events

 

Monday:

 

Tuesday: Eurozone GDP (Q4, P)

 

Wednesday: FOMC MonPol Decision, Canadian GDP (Nov), Eurozone CPI (Jan, P), Australian CPI (Q4)

 

Thursday:

 

Friday: US Labour Market Report (Jan)

 

North America

 

Monday will bring the release of the US PCE price index, alongside the...

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Key Events

 

Monday:

 

Tuesday: Bank of Japan MonPol Decision

 

Wednesday:

 

Thursday: ECB MonPol Decision, UK Labour Market Report (Nov/Dec), New Zealand CPI (Q4), Norges Bank MonPol Decision

 

Friday: US GDP (Q4, A), UK GDP (Q4, A)

 

Focus in the early part of the week is set to...

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Key Events

 

Monday:

 

Tuesday:

 

Wednesday: BoC MonPol Decision

 

Thursday: Chinese GDP (Q4), UK Inflation Data (Dec), Australian Labour Market Report

 

Friday:

 

North America

 

The US will observe Martin Luther King Day on Monday, which will lead to lower liquidity conditions at the...

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