04 Sep 2020, 11:46 by Newsquawk Desk
- Sentiment has picked up since the European cash open; Banking sector outperforms
- US equity futures have mostly nursed losses, NQ remains the underperformer
- US Treasury Secretary Mnuchin and House Speaker Pelosi reportedly plan to keep stimulus additions out of the funding bill to make the bill easier to pass
- BoE's Saunders considers it likely that additional monetary easing will be appropriate to achieve a sustained return to the 2% inflation target
- US curve is bear steepening; DXY remains...
04 Sep 2020, 06:54 by Newsquawk Desk
- APAC stocks took the downbeat lead from Wall Street, which saw the Nasdaq shed over 5% amid the stock rout
- White House Chief of Staff Meadows said they are eyeing a number of other Chinese apps regarding threats
- UK Chancellor Sunak was warned that rebels in the UK Conservative Party will vote against the Autumn budget if the government proceeds with tax increases
- NATO Secretary General announced Greece and Turkey have agreed to enter talks...
03 Sep 2020, 11:42 by Newsquawk Desk
- European stocks remain in firm positive territory, but US equity futures diverge from counterparts across the pond
- US Senate Majority Leader McConnell suggested doubts on whether Congress can get an agreement of a COVID-19 relief bill when Congress returns to Washington from the recess
- Top ECB officials are said to be concerned of a strengthening EUR; a council member said the EUR rise will likely require the ECB to further cut inflation projections next week
- White House is reportedly to clarify the...
03 Sep 2020, 06:55 by Newsquawk Desk
- APAC stock markets traded mostly higher after a firm lead from Wall Street; but gains in China faded
- Top ECB officials are said to be concerned of a strengthening EUR; a council member said the EUR rise will likely require the ECB to further cut inflation projections next week
- European Centre for Disease Prevention and Control said COVID-19 infections in Europe are "almost back" to March levels
- NIH’s Dr Fauci said based on COVID-19 vaccine...
02 Sep 2020, 11:45 by Newsquawk Desk
- European bourses are elevated this morning shaking off the mixed APAC handover and taking direction from Wall St.
- US Secretary of State Pompeo said to expect an administration announcement in the coming days or weeks on China
- US House Speaker Pelosi’s office that there was no agreement on areas of funding Treasury Secretary Mnuchin testified about
- FX sees the USD firmer but within a relatively narrow range to the detriment of major peers with EUR downside exacerbated via EUR/GBP
- Looking...
02 Sep 2020, 06:54 by Newsquawk Desk
- Asian equity markets were mixed as the region partially sustained the momentum from the fresh record highs on Wall St.
- In FX markets, the DXY has reclaimed 92.00, EUR/USD sits just above 1.19 and GBP/USD trades just below 1.34
- ECB’s Lane says the ECB does not target the FX rate but the EUR/USD rate does matter
- Fed's Brainard suggested the importance is for Fed policy to pivot to accommodation from stabilisation in the coming months
- Looking ahead, highlights include US ADP Employment, Factory...
01 Sep 2020, 11:50 by Newsquawk Desk
- Stocks have been modestly choppy but generally rangebound throughout the morning; currently, US futures are firmer with Nasdaq outperformance
- China’s Caixin Manufacturing PMI beat & EZ CPI dropped into negative territory
- US Treasury Secretary Mnuchin said House Speaker Pelosi and Senate Minority Leader Schumer do not want to negotiate in good faith regarding COVID-19 relief legislation
- RBA left policy U/C overnight and reiterated forward...
01 Sep 2020, 06:54 by Newsquawk Desk
- Asian equities traded cautiously as the region took its cue from the losses seen across most global counterparts
- Chinese Caixin Manufacturing PMI (Aug) 53.1 vs. Exp. 52.6 (Prev. 52.8); highest since January 2011
- USD-selling persisted in Asia trade in which the DXY retreated below 92.00 to extend on 2-year lows
- RBA left the Cash Rate Target unchanged at 0.25% and the 3yr yield target at 25bps as expected
- EU Chief Brexit Negotiator Barnier is unwilling to open discussions on Britain’s latest...
31 Aug 2020, 12:03 by Newsquawk Desk
- European bourses are modestly firmer but off highs as month-end approaches
- DXY is attempting to stage a recovery as FX peers remain mixed amidst the UK Summer Bank Holiday
- US FDA Commissioner Hahn commented that he is willing to fast track a vaccine for COVID-19
- Chinese PLA troops reportedly violated previous consensus achieved between China & India and undertook a provocative military movement
- Chinese PMIs were mixed but all remained in expansionary territory for August
- Looking...
31 Aug 2020, 06:53 by Newsquawk Desk
- Asian equity markets were mostly higher amid tailwinds from last Friday’s gains on Wall St; Japan outperformed
- ByteDance will need the Chinese government’s approval to sell TikTok’s US operations
- US is to declassify documents today which will provide detail regarding security assurances to Taiwan
- UK is reportedly prepared to walk away from Brexit trade discussions if the EU does not back down on its demand for UK to align with EU state aid...
28 Aug 2020, 11:58 by Newsquawk Desk
- Japanese PM Abe announced a surprise resignation due to ill health; will remain as PM until successor is announced
- European equities see mixed trade, with futures modestly softer, whilst E-mini S&P briefly topped 3,500
- USD/JPY fell in wake of news of PM Abe’s resignation; DXY losses accelerated amid JPY strength bolstering major peers
- Bytedance instructed TikTok engineers to draw up US shutdown contingencies and that it is making separate plans to compensate TikTok's US employees and vendors...
28 Aug 2020, 06:56 by Newsquawk Desk
- Japanese PM Abe is reportedly planning to resign due to health reasons, according to NHK; press conference scheduled for 09:00BST
- Asian bourses eventually traded mixed; E-mini S&P rose above 3,500, Nikkei 225 briefly fell as much as 2.5%
- USD/JPY fell in wake of news of PM Abe’s resignation; DXY losses accelerated amid JPY strength
- China’s military said a US warship has been expelled near the Paracel Islands in the South China...
27 Aug 2020, 11:51 by Newsquawk Desk
- European stocks drift lower despite a lack of fresh catalysts ahead of Fed Chair Powell
- US Republicans are reportedly refining the new 'skinny' stimulus proposal which would not include stimulus checks and would be valued at USD 500bln
- US Defense Secretary Esper said Beijing has repeatedly failed to keep promises to adhere to international laws
- In FX, DXY remains propped up around 93.00, antipodeans outperform; UST curve is fractionally flatter
- Looking ahead, highlights include US GDP (2nd...
27 Aug 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded mixed after failing to take full impetus from the fresh record highs stateside
- US Defense Secretary Esper said Beijing has repeatedly failed to keep promises to adhere to international laws, whilst a US official stated that US actions regarding the South China Sea are a mere start
- EU Trade Chief Hogan confirmed reports that he is to resign as EU Trade Commissioner
- UK officials have warned that negotiations with...
26 Aug 2020, 11:55 by Newsquawk Desk
- European bourses modestly strengthened from a soft open after a weak APAC handover amidst quiet newsflow
- NHC says Laura is set to rapidly strengthen to a Category 4 hurricane
- Salesforce (CRM) beat on top and bottom lines and are some 12% higher in the pre-market
- DXY holds 93.00 with major peers mixed but overall little changed
- UST yields are continuing yesterday’s bear-steepening with USD 51bln 5yr supply in focus before tomorrow’s Jackson Hole
- Looking ahead, highlights include US...
26 Aug 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded cautiously amid a lack of fresh macro drivers and following on from the somewhat choppy performance of US counterparts
- In FX, the DXY rebounded from support around 93.00, dragging EUR/USD towards 1.18 and GBP/USD below 1.3150
- WTI crude futures plateaued just south of the USD 43.50/bbl level following the prior day’s advances; output disruptions remain in focus
- US President Trump's Administration is reportedly...
25 Aug 2020, 11:55 by Newsquawk Desk
- European bourses remain positive after a mixed APAC lead with US futures modestly positive as well
- USTR Lighthizer and Treasury Secretary Mnuchin spoke with China Vice Premier Liu He on Monday regarding implementation of the Phase 1 trade agreement
- Officials from both sides see progress and are committed to taking next steps required to ensure success of the deal
- DJIA Reshuffle: Salesforce.com (CRM), Amgen (AMGN) and Honeywell (HON) are to replace ExxonMobil (XOM), Pfizer (PFE) and Raytheon (RTX) as...
25 Aug 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded mostly higher as the region took impetus from the fresh record highs on Wall St
- USTR Lighthizer and Treasury Secretary Mnuchin spoke with China Vice Premier Liu He on Monday regarding implementation of the Phase 1 trade agreement
- Officials from both sides see progress and are committed to taking next steps required to ensure success of the deal
- The DXY was softer but remained above 93.00, EUR/USD reclaimed 1.18...
24 Aug 2020, 11:28 by Newsquawk Desk
- Equities build on a firm APAC handover as newsflow slows this morning
- FDA authorized the emergency use of convalescent plasma as treatment for hospitalized COVID-19 patients
- President Trump is considering fast tracking the UK vaccine which is currently being developed by AstraZeneca before the election, although AstraZeneca later denied this
- US President Trump raised the prospect of decoupling from China in which he suggested the US doesn’t have to do business with China
- Crude is supported...
24 Aug 2020, 06:53 by Newsquawk Desk
- Asian equity markets traded mostly positive and E-mini S&P topped 3,400
- US FDA authorized the emergency use of convalescent plasma as treatment for hospitalized COVID-19 patients
- China launched the emergency use of COVID-19 vaccines which are going through clinical trials
- Australia's Victoria State Premier is to allow the extension of the state of emergency for a year & New Zealand extended the Auckland Level 3 lockdown restrictions;...
21 Aug 2020, 11:50 by Newsquawk Desk
- Sentiment largely undeterred on EZ flash PMIs but currently bourses are mid-range and modestly firmer in quiet newsflow
- EZ PMIs were softer than expected, with French Manufacturing dropping into contractionary territory
- UK Retail Sales & PMIs were strong; however, DXY remains firm above 93.00 as Cable gave up 1.32 but EUR/USD just retains 1.18 – Brexit updates have been downbeat, but nothing fundamentally new
- US House Speaker Pelosi says...
21 Aug 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded mostly positive as the region benefitted from the tech-led gains on Wall St
- Brexit talks are set to end without a breakthrough this week, albeit the UK has reportedly submitted a draft FTA
- In FX markets, the DXY gave back some gains, providing mild reprieve for EUR/USD and GBP/USD
- US House Speaker Pelosi says the timing is not right for a smaller coronavirus relief bill
- Looking ahead, highlights include UK retail sales, EZ, UK & US flash PMIs, Canadian retail...
20 Aug 2020, 11:14 by Newsquawk Desk
- Sentiment remains soft after less accommodative FOMC minutes and US-China tensions remain in focus
- China's Foreign Ministry have decided Hong Kong will be suspending agreements with the US on some areas of legal cooperation
- Australia is reportedly to block China's Mengniu Dairy's proposed AUD 600mln takeover of a number of Australian dairy brands, FT
- FX sees the DXY modestly firmer but meandering around 93.00 with major peers subdued as such and antipodeans taking the brunt; NOK was unfazed by an...
20 Aug 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded lower across the board amid headwinds from Wall St where stocks faltered in the aftermath of the less accommodative than expected FOMC Minutes
- FOMC minutes mentioned the ongoing framework review but lacked any timing of its release and there also appeared to be no clear consensus regarding forward guidance
- There was also opposition to YCC as most members judged yield caps and targets would likely provide only modest benefits in the current environment
- US and Chinese trade...
19 Aug 2020, 11:50 by Newsquawk Desk
- A non-committal European session thus far with bourses within ranges and modestly firmer at present
- President Trump stated that he postponed talks with China and does not want to talk with China right now
- Brexit trade discussions are reportedly set to stall again after Brussels dismissed UK demands for continued wide-ranging EU access for British truckers
- Lowes (LOW) beat on EPS & revenue and highlights that sales momentum continues into August
- US Oil Fund (USO) has received a Wells...