18 May 2020, 11:55 by Newsquawk Desk
- Sentiment has strengthened following a hefty weekend of central bank speak notably from Fed Chair Powell
- Fed Chair Powell reiterated the US will not have negative interest rates and post coronavirus recovery could last through 2021; not out of ammo & suggested there are no limits to what we can do
- President Trump commented that he has lost a little flavour for the China trade deal
- EU Medicines Agency says Gilead's (GILD) Remdisivir could be granted conditional market authorisation in Europe in...
18 May 2020, 06:54 by Newsquawk Desk
- Asia-Pac bourses mostly began the week with mild gains and US equity futures extended on their rebound
- Fed Chair Powell reiterated the US will not have negative interest rates and post coronavirus recovery could last through 2021
- President Trump commented that he has lost a little flavour for the China trade deal
- US House on Friday narrowly passed the new USD 3tln coronavirus stimulus relief bill. However, it is expected to be rejected in the Senate
- BoE’s Haldane suggested the Bank was...
15 May 2020, 12:09 by Newsquawk Desk
- European bourses were extending on opening gains but Huawei reports waylaid this; sending US futures into negative territory
- US is moving to prevent Huawei from acquiring semiconductors and chip-sets made using US software/technology, Commerce Department; expects this will be the final '90-day extension'
- US Treasury Secretary Mnuchin said China needed to provide a lot more information about coronavirus and that President Trump is reviewing all his options on China
- White House are reportedly likely...
15 May 2020, 06:54 by Newsquawk Desk
- Asian equity markets initially traded indecisively before moving into broadly positive territory
- The session saw mixed Chinese data in which Industrial Production topped estimates but Retail Sales disappointed
- The DXY traded choppy beneath resistance at 100.50, EUR/USD rangebound above 1.0800, GBP/USD consolidated above 1.2200
- US Senate passed legislation to impose sanctions on China over human rights abuses against Uighur Muslims
- The White House will likely support a fresh round of stimulus...
14 May 2020, 11:51 by Newsquawk Desk
- European bourses follow, and extend on, the negative APAC lead; US futures have been either side of U/C throughout the session
- US President Trump is reportedly looking into Chinese Co’s listed on NYSE and NASDAQ, adds he is very disappointed in China and reiterated preference for NIRP
- Trump said it is a great time to have a strong USD; remarks which sent the DXY to fresh session highs just shy of the 100.44 May peak
- UK is drawing up plans to reduce tariffs on US agricultural imports to advance...
14 May 2020, 06:54 by Newsquawk Desk
- Asian stocks traded negatively with global risk appetite dampened by ongoing US-China tensions and questions about reopening efforts
- China will soon impose countermeasures on US individuals and entities filing lawsuits seeking COVID-19 damages from China, according to sources
- US President Trump extended the executive order protecting the US supply chain from Huawei and ZTE for an additional year, according to a statement
- US President Trump...
13 May 2020, 11:57 by Newsquawk Desk
- European bourses remain in proximity to negative opening levels while US futures are modestly firmer ahead of Fed Chair Powell before the open
- US Republican Senators proposed legislation which would empower President Trump to impose sanctions on China if it does not provide a "full accounting" for the coronavirus outbreak.
- Ahead of Powell (preview on Newsquawk feed), Fed’s Mester (Voter) said she would like to stay away from negative rates because it would impact money markets and suggested that negative...
13 May 2020, 06:54 by Newsquawk Desk
- Asian equity markets were mostly negative following the late slump on Wall St. with sentiment soured over second wave fears and US-China tensions
- Republican Senators proposed legislation which would empower President Trump to impose sanctions on China if it does not provide a "full accounting" for the coronavirus outbreak
- US House Democrats are reportedly moving ahead with a new stimulus bill worth more than USD 3tln
- UK is on course for a budget deficit of GBP 337bln this year compared to the GBP...
12 May 2020, 11:56 by Newsquawk Desk
- European bourses opened marginally lower but have since been bolstered as US participants enter the fray; US futures firmer as such
- US President Trump stated he is not happy with China and that he is not interested in reopening the US-China trade deal
- China's Finance Ministry have released a second list of tariff waivers for some US goods; exemptions will last 1-year from May 19th
- NY Fed said the Secondary Market Corporate Credit Facility...
12 May 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded cautiously following the indecisive performance of Wall St peers as US-China trade concerns resurfaced
- US President Trump stated he is not happy with China and that he is not interested in reopening the US-China trade deal
- DXY extended on gains above 100.00, EUR/USD and GBP/USD briefly slipped below 1.0800 and 1.2300 respectively, AUD lags
- Fed’s Bostic and Evans both pushed back against the idea of negative rates for the US
- UK Brexit negotiators are to reportedly...
11 May 2020, 11:47 by Newsquawk Desk
- European bourses are softer in-spite of a modestly firmer open, given APAC performance, as sentiment has faded throughout a quiet session – US futures exhibiting similar pressure
- US source familiar with recent discussions stated US officials acknowledged China was largely delivering its pledges on structural issues, reports noted that a Chinese government adviser suggested the deal itself was fragile
- French Finance Minister said the Eurogroup have reached a deal on a EUR 240bln Treasury line for countries...
11 May 2020, 06:54 by Newsquawk Desk
- Asian equity markets begun the week on the front foot after last Friday’s gains on Wall St
- US source familiar with recent discussions stated US officials acknowledged China was largely delivering its pledges on structural issues
- US Chamber of Commerce called on China to dramatically accelerate purchases of US goods under the Phase One trade deal
- Japan is reportedly considering lifting the state of emergency declaration in most prefectures this month
- UK PM Johnson outlined a conditional...
08 May 2020, 11:53 by Newsquawk Desk
- Sentiment remains positive on trade updates in quiet markets so far ahead of NFP
- Chinese Vice Premier Liu He, US Treasury Secretary Mnuchin and USTR Lighthizer spoke over the phone and agreed to keep communications, strengthen cooperation and vowed efforts to implement the phase 1 deal
- Chinese Gov't Adviser, on the US-China phone call, suggested that the fact that “the dialogue has now gone straight to ministerial level may indicate the problem is quite severe, SCMP
- France are reportedly proposing a...
07 May 2020, 11:59 by Newsquawk Desk
- Sentiment is bolstered on trade updates; as such, European bourses and US futures are comfortably positive with US futures outperforming
- US and China Trade Chiefs are said to plan a phone conversation as soon as next week on progress in implementing the trade deal
- BoE left rates at 0.1% and maintained Gilt purchases, 2 dissenters on QE who wanted an extra GBP 100bln
- Norges Bank defied consensus, cutting rates to 0.0% & announced further F-loans; but, do not envisage making further...
06 May 2020, 12:01 by Newsquawk Desk
- European bourses are overall mixed in a choppy and relatively quiet session so far
- China are reportedly considering dropping their numerical GDP growth target for 2020.
- European Commission Spring Economic Forecasts: EZ 2020 GDP to contract 7.7% before rebounding 6.3% in 2021
- DXY has reclaimed the 100.00 mark, touching 100.20 at best, much to the detriment of G10 peers
- Looking ahead, highlights include US ADP & DoEs
- Earnings from: PayPal, T-Mobile US, General Motors, Metlife,...
06 May 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded mixed with the region lacking solid conviction after the choppy price action on Wall St
- The DXY heads into the EU open relatively flat, EUR/USD below 1.0850 and GBP/USD below 1.2450
- The ECB said it takes note of the German court ruling and remains fully committed to its mandate
- UK Chancellor Sunak is to wind down the coronavirus furlough scheme amid concerns Britain is addicted to the wage subsidy
- Looking ahead, highlights include EZ services & composite PMIs,...
05 May 2020, 11:57 by Newsquawk Desk
- German Constitutional Court did not find ECB's PSPP to be in violation of prohibition on monetary financing
- Sentiment has been dented by the German Court ruling, but remains firmer following a strong APAC handover
- However, GCC ruled that some actions are not valid in Germany relating to the proportionality of PSPP; ECB now has 3-months to demonstrate this – will meet at 17:00BST/12:00ET to discuss
- EUR, Bunds and BTPs were the biggest losers on this; EUR weakness propelled DXY to new session high of...
05 May 2020, 06:54 by Newsquawk Desk
- Asian equities traded positively after taking impetus from the rebound on Wall St where major indices gradually pared initial losses
- Senior Trump administration aides have signaled there will not be any economic punishment for China if it sticks to the trade agreement made in January
- University of Washington Institute for Health Metrics and Evaluation (IHME) updated model predicted the number of US deaths from coronavirus could reach over 134k by August
- In FX, the DXY was softer and traded below the...
04 May 2020, 11:50 by Newsquawk Desk
- President Trump said tariffs would be the ultimate punishment on China and warned that that if China doesn't buy US goods, the US will end the trade deal
- US Secretary of State Pompeo stated that there is enormous evidence that the coronavirus outbreak originated in a laboratory in Wuhan
- Sentiment is subdued following President Trumps remarks while European bourses catch-up from Labour Day holiday
- US President Trump said he is not doing stimulus without a payroll tax cut
- UK are reportedly...
04 May 2020, 06:54 by Newsquawk Desk
- Asian equity markets began the week mostly lower as concerns mount over US-Chinese tensions and activity at the inter-Korean border
- US President Trump said tariffs would be the ultimate punishment on China and warned that that if China doesn't buy US goods, the US will end the trade deal
- US Secretary of State Pompeo stated that there is enormous evidence that the coronavirus outbreak originated in a laboratory in Wuhan
- UK is looking to relax the lockdown measures beginning May 26th, according to The...
01 May 2020, 11:55 by Newsquawk Desk
- European bourses are predominantly closed given Labour Day, while the FTSE 100 is down over 2% with US futures posting similar losses
- US President Trump said the China trade deal is now secondary to what China did regarding the virus and that he has seen evidence the virus had originated from Wuhan Institute of Virology in China
- Additionally, Trump suggested he can retaliate against China with tariffs
- Apple beat EPS and Revenue but device breakdown missed expectations while Amazon missed EPS but...
01 May 2020, 06:54 by Newsquawk Desk
- The tone in Asia was subdued owing to the mass closures in the region for Labor Day and the negative handover from Wall St
- US futures were pressured after-hours following mega-cap earnings from Amazon and Apple
- US President Trump said that he has seen evidence the virus had originated from Wuhan Institute of Virology in China
- UK PM Johnson said we have passed the peak, adding a comprehensive plan will be released next week on the reopening of the country
- Looking ahead, highlights include UK...
30 Apr 2020, 12:32 by Newsquawk Desk
- European bourses are subdued after a modestly positive start; FTSE 100 & energy names after Shell cut quarterly dividend
- US President Trump said China will do anything they can for him to lose the 2020 election and stated the US is looking at different options regarding consequences for China
- Chinese official Manufacturing and Caixin Manufacturing PMIs fell short of estimates but Non-Manufacturing and Composite PMIs both improved
- US President Trump said they will have a plan to support oil...
30 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded positively as the region took impetus from the gains on Wall St where sentiment was underpinned by coronavirus treatment hopes
- FOMC left rates unchanged via unanimous decision and is to continue asset purchases in amounts needed to support market functioning and policy transmission
- Fed made no mention of forward guidance or YCC in the statement and the dollar amount of asset purchases was also withdrawn from the text
- NIH’s Dr. Fauci said the data showed Remdesivir had a...
29 Apr 2020, 11:51 by Newsquawk Desk
- European bourses are modestly firmer after a flat/mixed open, US futures are slightly firmer than EU peers ahead of large-cap earnings, US GDP/PCE & FOMC
- US Senate Majority Leader McConnell said he is certainly open to considering more aid for state and local governments
- Fitch downgraded Italy by one notch to BBB-; Outlook Stable – BTP’s lag but have pulled back somewhat; BTP-Bund yield spread within recent ranges
- FX sees the USD softer with most counterparts benefiting aside from GBP, hit via...