23 Aug 2023, 11:25 by Newsquawk Desk
- European bourses & US futures are firmer and back towards best as lower yields take precedence over European growth concerns
- Germany’s PMI saw a marked contraction for services and a bleak accompanying GDP nowcast, input costs increased in the EZ for the first time in 11 months
- USD benefits as EUR & GBP decline following dire PMIs while JPY outperforms as yields tumble
- Mentioned data has trimmed the probability of ECB/BoE tightening,...
23 Aug 2023, 06:30 by Newsquawk Desk
- APAC stocks traded mixed amid a slew of earnings releases alongside the latest PMI data from the region but with price action relatively rangebound.
- Fed's Barkin (2024 voter) said the US economy could reaccelerate before inflation cools and he won't prejudge the outcome of the Fed's September meeting.
- DXY gave back some of the prior day’s gains, albeit with price action contained ahead of flash PMIs and the Fed’s Jackson Hole...
22 Aug 2023, 11:25 by Newsquawk Desk
- European bourses and US futures are firmer as the US tech-led rally reverberated into Europe
- APAC trade was more mixed, though a late-doors revival occurred in Chinese-stocks despite limited catalysts
- DXY continues to slip and nears 103.00 with Antipodeans benefitting from the risk tone pre-data while JPY gets respite from a stabilisation in yields
- Fixed benchmarks have bounced firmly after Monday’s marked yield...
22 Aug 2023, 06:30 by Newsquawk Desk
- APAC stocks traded mixed following a similar performance stateside where tech rallied.
- WSJ's Timiraos tweeted that he believes Fed Chair Powell is unlikely to speak about higher neutral rates at the Jackson Hole Symposium.
- European equity futures are indicative of a higher open with the Eurostoxx 50 future +0.5% after the cash market closed up by 0.3% yesterday.
- DXY is a touch softer but still on a 103 handle, EUR/USD is back above 1.09,...
21 Aug 2023, 11:10 by Newsquawk Desk
- Equity bourses/futures have gradually improved throughout the morning after a contained European open
- Action which occurs in limited newsflow and follows mixed APAC on a disappointing LPR adjustment which overshadowed support measures
- Crude and nat gas are bolstered by supply-side updates via the NHC and on Australian LNG
- USD drifts in a contained start to the week, EUR eyes OpEx while the JPY is undermined by upside in US...
21 Aug 2023, 06:40 by Newsquawk Desk
- APAC stocks traded mixed as the disappointment from China’s decision on its Loan Prime Rates overshadowed its recent support efforts; Hong Kong underperformed.
- PBoC opted for a narrower-than-expected cut to the 1-year LPR alongside a surprise hold on the 5-year LPR, which is the reference rate for mortgages.
- PBoC and regulators met with bank executives and told lenders to boost loans to support the economic recovery, according to...
18 Aug 2023, 11:35 by Newsquawk Desk
- European bourses are once again on the backfoot as the downtrend in the equity space continues without much in the way of fresh drivers.
- US equity futures are trading on the back foot as sentiment continues to slump, extending the downward price action seen yesterday.
- In FX, DXY is resilient, JPY outperforms on yield dynamics, GBP lags following softer-than-expected UK retail sales, whilst the CNY saw the largest gap between the PBoC fixing and...
18 Aug 2023, 06:29 by Newsquawk Desk
- APAC stocks traded mostly lower after the early reprieve from the recent global rout petered out
- European equity futures are indicative of a slightly lower open with the Euro Stoxx 50 -0.1% after the cash market closed down by 1.3% yesterday
- DXY is a touch softer but still firmly on a 103 handle, EUR/USD remains sub 1.09, JPY leads the majors as USD/JPY pulls back from 146
- 10yr UST futures extended on the rebound from yesterday’s trough as...
17 Aug 2023, 11:50 by Newsquawk Desk
- European bourses trade on the backfoot after succumbing to the selling pressure seen Stateside and during APAC trade, while macro newsflow has been light.
- DXY faded from best levels after extending gains on the back of broad risk aversion, EUR sees several large option expiries, AUD underperforms after the Aussie jobs report.
- WTI and Brent front-month futures tilted higher this morning following APAC consolidation, with little in the way of fresh newsflow to drive...
17 Aug 2023, 06:25 by Newsquawk Desk
- FOMC minutes stated that most officials saw "significant" upside risks to inflation and could require further tightening; account was otherwise balanced.
- APAC stocks mostly suffered another day of selling and followed suit to the losses on Wall St, participants also reflected on several weak data releases from the region.
- European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.6% after the cash market closed down by 0.1%...
16 Aug 2023, 11:35 by Newsquawk Desk
- European bourses trade mixed after opening after shrugging off mild broad-based opening losses with no obvious catalyst behind the move at the time.
- DXY is softer and trades on either side of 103.00, T-note futures hold near overnight peaks, US equity futures are trading flat with a positive bias ahead of FOMC minutes.
- GBP and NZD outperform, the former following hotter-than-expected UK inflation and the latter after RBNZ left rates unchanged but upped the OCR...
16 Aug 2023, 06:29 by Newsquawk Desk
- US stocks closed lower with the S&P 500 closing below its 50DMA for the first time since March
- APAC stocks were pressured following the declines on Wall St amid the broad risk-off mood
- European equity futures are indicative of a weaker open with the Euro Stoxx 50 -0.3% after the cash market closed down by 1.0% yesterday
- RBNZ kept rates unchanged as expected and reiterated the OCR will need to remain at a restrictive level for the...
15 Aug 2023, 10:58 by Newsquawk Desk
- European bourses have been unable to hold onto modest opening gains, whilst there wasn’t a clear reason behind the pullback in global equities.
- Stateside are trading on the back foot, with ES and NQ giving back some of yesterday's gains after overnight data out of China disappointed.
- Fitch analysts warn it may be forced to downgrade dozens of banks, including JPMorgan Chase (JPM), according to CNBC.
- China's PBoC cut its 1-year MLF rate...
15 Aug 2023, 06:28 by Newsquawk Desk
- US stocks were mostly positive with outperformance in the Nasdaq amid the advances in Nvidia after MS named the stock a top pick.
- APAC stocks traded mixed as participants digested key releases including disappointing Chinese activity data and the PBoC’s surprise cuts to its 7-day Reverse Repo and 1-year MLF rates.
- European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.4% after the cash market closed up by 0.2%...
14 Aug 2023, 11:19 by Newsquawk Desk
- European bourses trade on the front-foot after shrugging off opening losses which were in part a by-product of Chinese-related concerns overnight.
- Stateside, futures are trading slightly firmer ahead of a catalyst-thin docket, with the ES briefly topping 4,500.
- A partial pick-up in overall sentiment sapped some of the Greenback’s strength rather than any real change in fundamentals; G10s are flat.
- Debt futures regain composure after...
14 Aug 2023, 06:14 by Newsquawk Desk
- APAC stocks were pressured amid ongoing Chinese economic woes and developer default concerns
- Goldman Sachs expects the Fed to begin cutting rates by the end of June 2024 at a gradual pace, which it anticipates likely to be once per quarter
- European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.4% after the cash market closed down by 1.4% on Friday
- DXY is firmer and just below the 103 mark, USD/JPY briefly climbed...
11 Aug 2023, 11:48 by Newsquawk Desk
- European bourses are under modest pressure as benchmarks gradually dip in catalyst thin trade; US futures near unchanged
- DXY is incrementally softer with GBP the standout outperformer post UK GDP
- Given the above, Gilts lag though EGBs are also lower while USTs remain afloat pre-data
- Crude benchmarks are near unchanged after Thursday’s subdued settlement, XAU bid
- Looking ahead, highlights include US PPI & UoM...
11 Aug 2023, 06:30 by Newsquawk Desk
- APAC stocks traded mostly lower after the post-CPI dovish unwinding seen stateside, Chinese property concerns and holiday-thinned conditions.
- European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.6% after the cash market closed up by 1.6% yesterday.
- DXY is contained just above the 102.50 mark, USD/JPY eyes 145, EUR/USD sits just below 1.10.
- Looking ahead, highlights include French Unemployment Rate, UK GDP,...
10 Aug 2023, 11:25 by Newsquawk Desk
- European bourses are in the green, with sentiment inching higher in pre-CPI trade
- Stateside, futures are taking impetus from the above and recouping some of Wednesday’s pressure
- DXY lags in the FX space with CHF taking advantage while JPY lags on yield dynamics, EUR & GBP both bid
- Core fixed benchmarks are in the red with US yields higher across the curve but action remains limited
- Commodities hold a positive...
10 Aug 2023, 06:46 by Newsquawk Desk
- US stocks finished lower in a choppy session with catalysts extremely light; APAC stocks were mixed with the regional bourses mostly rangebound amid a slew of earnings releases and with the mood tentative.
- European equity futures are indicative of a firmer open with the Euro Stoxx 50 +0.6% after the cash market closed up by 0.7% yesterday.
- DXY traded flat around the 102.50 level as participants lacked conviction heading into the US CPI data; 10yr UST futures were...
09 Aug 2023, 11:15 by Newsquawk Desk
- European bourses are firmer as the tone improves while US futures attempted to claw back recent downside
- DXY dips under 102.50, Yuan in focus during APAC hours given Chinese inflation; Antipodeans lead
- Core fixed benchmarks are relatively contained, Gilts bid and Bunds pressured post supply, US 10yr due
- Crude benchmarks inch higher, with focus on earlier Saudi updates while metals derive support from the USD
- Chinese...
09 Aug 2023, 06:30 by Newsquawk Desk
- APAC stocks traded mixed as participants digested a deluge of earnings releases and the latest inflation data from China
- Chinese inflation data was mixed but showed consumer prices in deflationary territory for the first time in more than two years
- European equity futures are indicative of a firmer open with the Euro Stoxx 50 +0.9% after the cash market closed down by 1.1% yesterday
- DXY is a touch softer, EUR/USD remains sub-1.10, USD/JPY...
08 Aug 2023, 11:29 by Newsquawk Desk
- European bourses are lower given the risk tone post-China trade, banking names lag after an Italian windfall tax
- Stateside, futures are also in the red and feature continued underperformance in the RTY
- Given the tone after downbeat Chinese trade the DXY continues to lift with Antipodeans lagging
- Bunds surpassed last week’s best after a strong Bobl auction with the complex bid on the tone ahead of US 3yr supply & Fed...
08 Aug 2023, 06:35 by Newsquawk Desk
- APAC stocks traded mixed after the early optimism following the positive lead from Wall St was soured
- This came as Chinese markets entered the fray, while the region also digested disappointing Chinese trade data
- European equity futures are indicative of a slightly lower open with the Euro Stoxx 50 -0.1% after the cash market closed up by 0.1% yesterday
- DXY heads into the European session firmer, JPY lags with USD/JPY above 143, EUR/USD...
07 Aug 2023, 11:28 by Newsquawk Desk
- European bourses are pressured with fresh drivers light and price action continuing from subdued APAC trade
- Stateside, futures are more constructive with the NQ leading despite yield upside given last week’s pressure
- DXY is bid to the detriment of G10 peers with havens lagging as yields lift
- Debt dips with Central Bank speak taking centre stage; Bowman said more hikes likely while Williams said we are pretty close to peak...