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  • European bourses are firmer in risk-on trade this morning following the positive US-China rhetoric
  • US reportedly considers dropping some tariffs on China with the White House said to mull whether to roll back levies on USD 112bln of Chinese imports which were introduced at 15% on September 1st
  • US National Security Adviser O’Brien stated that US President Trump invited Chinese President Xi to the US if the two sides are ready to sign the phase one agreement; is...
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  • Asian equity markets were higher as the region sustained the momentum from Wall St where all major US indices posted record highs on the continued US-China trade optimism
  • FT reports that the US is mulling rolling back the 15% tariffs on USD 112bln of Chinese imports that took effect from September 1st
  • However, doubts remain over whether or not US President Trump would be willing to support such a move
  • Looking ahead, highlights include UK Markit Services PMI, EZ PPI, US International Trade, Markit...
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  • Asian equity markets kick-started the week on the front-foot following a strong performance from Wall St., Japan was away on holiday
  • SCMP opinion piece noted that China might make further compromises, but the Phase 1 deal does not provide any incentive for a more comprehensive agreement
  • US Commerce Secretary Ross suggested the US may not need to impose auto tariffs later this month
  • In FX, DXY is firmer, GBP, EUR, CAD, JPY and CHF are softer,...
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  • Asian equity markets kick-started the week on the front-foot following a strong performance from Wall St., Japan was away on holiday
  • US Commerce Secretary Ross said they are very far along in Phase 1 of the US-China trade deal, whilst USTR Lighthizer and WH Trade Adviser Navarro highlighted constructive talks with China
  • SCMP opinion piece noted that China might make further compromises, but the Phase 1 deal does not provide any incentive for a more comprehensive...
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  • European Cash indices are a touch firmer but little changed as markets await the US Jobs report
  • Chinese Caixin Manufacturing PMI beat Exp.; foreign ministry says reports of a US/China leaders meeting in Macau is speculation
  • US Secretary of State Pompeo said US is to impose new sanctions and nuclear curbs on Iran
  • FX complex is little changed overall vs. a slightly softer USD
  • Looking ahead highlights include US Labour Market Report, Construction Spending and ISM; Fed’s Clarida, Williams,...
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  • Asian equity markets mostly staged a turnaround from the weak Wall St. lead, China outperformed whilst Nikkei 225 lagged
  • In FX, USD held onto recent losses, JPY was marginally firmer, antipodeans welcomed above-forecast China Caixin Manufacturing PMI
  • US Secretary of State Pompeo said US is to impose new sanctions and nuclear curbs on Iran
  • Looking ahead, highlights include Swiss CPI, UK Manufacturing PMI, US Labour Market Report, Construction...
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RANsquawk Daily US Opening News - 31st October 2019

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  • Fed cut rates by 25bps as expected and stated “it will continue to monitor incoming information as it assesses the appropriate path"
  • Asian equities traded mostly positive after mild post-FOMC tailwinds, a slew of blue-chip earnings and disappointing Chinese PMI data
  • China Global Times Editor tweeted that based on what he knows, Chile cancelling APEC summit will not affect arrangements of the China-US trade talks
  • BoJ kept policy settings unchanged but adjusted its forward guidance to reflect chance...
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  • European equities are earnings/M&A driven this morning whilst markets remain tentative ahead of today’s risk events
  • FX and Fixed Income markets are largely on standby ahead of FOMC
  • US President Trump’s insistence that China commits to large purchases of US agricultural products has reportedly become a negotiating sticking point
  • Looking ahead highlights include US, ADP, GDP (Advanced), FOMC and BoC Rate Decisions & Press Conferences, ECB's Lautenschlager
  • Earnings: Apple,...
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  • Asian equity markets traded mostly negative after the cautious tone rolled over from Wall St
  • A Chinese Foreign Ministry spokesperson said team members will make continuous and stepped-up efforts on the trade consultation
  • US President Trump’s insistence that China commits to large purchases of US agricultural products has reportedly become a negotiating sticking point
  • UK lawmakers approved the early election bill with 438 votes and 20 against for an election on December 12th
  • Looking ahead,...
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  • European bourses are softer after a relatively flat open, as newsflow remains light ahead of the weeks risk events
  • UK Opposition Labour Party are to back a December election, irrespective of the date
  • US House Speaker Pelosi announced in a letter to Democrats that the House will vote to formalize the procedures related to impeachment inquiry of President Trump
  • Looking ahead highlights include, US Consumer Confidence & Pending Home Sales,...
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  • Asian equity markets trade mostly higher as the region just about took impetus from Wall St where the S&P 500 and NASDAQ 100 notched record highs
  • USTR office is to consider extensions of certain tariff exclusions on USD 34bln of Chinese goods from November 1st
  • UK lawmakers rejected PM Johnson's request for an early election with 299 MP's voting in favour, short of the two-thirds (434) majority needed
  • UK PM Johnson will now give notice of a short bill (requires a simple majority but can be...
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  • European bourses are little changed this morning on a lack of newsflow
  • European Council President Tusk announces that "The EU27 has agreed that it will accept the UK's request for a Brexit "flextension" until 31 January 2020
  • China’s MOFCOM stated the technical consultations of some of the text agreement for the deal with US were basically completed and that the sides agreed to properly handle their core concerns
  • Looking ahead, highlights...
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  • Asian equity markets began the week with a positive tone amid trade hopes after China signalled that a partial agreement may be within reach
  • EU is reportedly preparing to allow a 3-month Brexit extension to January 31st 2020 with an option to leave earlier
  • UK’s Liberal Democratic party have drawn up a bill which would fix an election for December 9th, SNP are said to back the bill
  • In FX, DXY traded relatively stable, GBP/USD was subdued,...
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  • European bourses are mixed but overall slightly subdued in what has been a quiet session thus far
  • Chinese Foreign Ministry state they are extremely indignant about, and oppose, the speech by VP Pence
  • FX complex is little changed overall with the USD slightly mixed and GBP softer as election talk increases
  • Looking ahead, highlights include US Baker Hughes
  • Earnings: Verizon Communications, Phillips 66, Charter Communications, Royal Caribbean, Aon,...
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  • Asian equities traded mixed with a lack of conviction amid the absence of any firm macro drivers and as earnings releases remained centre stage
  • US Vice President Pence suggested the US will continue to seek better relations with China
  • UK PM Johnson is calling for an election on December 12th under the Fixed Term Parliament Act
  • UK opposition party Labour is to reject PM Johnson’s offer until a no-deal Brexit is taken off the table
  • Looking ahead, highlights include German Consumer Sentiment...
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  • European equities are firmer this morning after a choppy session following Flash PMIs
  • Riksbank and Norges Bank left rates unchanged as expected; Riksbank maintained December hiking bias – as such Scandi’s are firmer
  • UK PM Johnson reportedly faces increasing revolt from within his party over the threat of holding an election before delivering the Brexit
  • Looking ahead highlights include, US Durables, Initial Jobless Claims and Markit PMIs, ECB, and CBRT policy decisions, ECB’s Draghi, US 7yr...
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  • Asian equity markets traded mixed after having failed to fully sustain the positive lead from Wall St with global markets heavily focused on earnings releases
  • UK PM Johnson reportedly faces increasing revolt from within his party over the threat of holding an election before delivering the Brexit
  • EU Diplomats are to discuss the UK's extension on Friday and say that an extension until 31 January is most likely
  • US President Trump said Turkey told the US that they will make the ceasefire permanent and...
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  • European bourses are mixed as sentiment remains tentative, although they have been grinding higher throughout the session
  • EU could respond as soon as today to the UK’s Brexit extension request, France pusing to wait until Friday
  • Russian Energy Minister Novak says he has no information regarding possible discussions on deeper oil production cuts at the OPEC+ December meeting
  • In FX, the DXY is modestly firmer with G10 counterparts flat/slightly subdued in comparison
  • Looking ahead, highlights...
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  • Asian equity markets traded lacklustre as the region took its cue from the losses on Wall St where sentiment was dampened by further Brexit uncertainty
  • UK Government won the vote on the second reading of the WAB by 329 to 299 votes but lost the vote for the programme motion by 308-322
  • EU’s Tusk said he will recommend the EU27 accept UK request for an extension to avoid a no-deal Brexit
  • US Commerce Secretary Ross is looking to negotiations with EU to ease trade dispute and is said to have floated new...
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  • European equities are choppy, sectors are mixed, risk tone remains tentative
  • UK government published the Withdrawal Agreement Bill on Monday which will see its first vote at 1900BST on Tuesday
  • Canadian PM Trudeau's Liberal Party won the Canadian General Election but fell short of an outright majority
  • Looking ahead, highlights include Canadian Retail Sales, US Existing Home Sales, Richmond Fed and APIs, NZ Trade, RBA Assistant Governor Kent,...
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  • Asian equity markets traded mostly positive amid mild tailwinds from Wall St where all major indices edged higher and the S&P 500 above 3000
  • US President Trump said China is purchasing US agricultural goods now and that any issues in phase 2 talks are in many ways a lot easier than the issues faced in phase 1
  • UK government published the Withdrawal Agreement Bill on Monday night which will see its first vote at 1900BST on Tuesday
  • Canadian...
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  • Major European bourses are modestly firmer, FTSE lags amid a firmer pound, SAP shares rose after earnings and announcing a deal with Microsoft
  • UK Parliament vote on the Brexit deal was postponed on Saturday after lawmakers voted (322-306) in favour of passing the Letwin amendment
  • In FX, GBP/USD briefly topped 1.3000, DXY fell further towards 97.00, risk currencies outperform
  • Looking ahead highlights include BoE’s Haldane, Fed’s Bowman, ECB...
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  • Asian equity markets began the week with a cautious tone following last Friday’s lacklustre close on Wall St and amid continued Brexit uncertainty
  • Parliament vote on the Brexit deal was postponed on Saturday after lawmakers voted (322-306) in favour of passing the Letwin amendment
  • PM Johnson stated that legislation will be tabled in the upcoming week and sent a letter to the EU requesting a Brexit extension which he did not sign
  • Looking ahead highlights include, German PPI, BoE’s Haldane, Fed’s...
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  • Major European Bourses are modestly lower, France’s CAC underperforms as Renault cut outlook
  • Chinese economic growth slowed to the weakest pace since 1992, although Q/Q and YTD GDP figures matched analysts’ forecasts, while IP surpassed estimates
  • Outside experts reportedly warned President Trump that continued escalation of US-China trade tensions could hurt economy and re-election
  • Looking ahead, highlights US Baker Hughes rig count, Fed’s...
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