• APAC equities saw a cautious session; Hong Kong lagged as gaming stocks were hit by China's renewed crackdown
  • US equity futures overnight resumed trade with mild broad-based gains
  • In FX, DXY held onto 92.00; EUR, GBP, and JPY were uneventful whilst antipodeans saw central bank updates
  • Fed Governor Waller suggested the Fed could make a taper announcement by September for an October start and should be a position to increase rates in 2022 if...
  • Risk sentiment is constructive though EU action has been minimal and focused on earnings/weekend newsflow as we await risk events; ES +0.6%
  • The DXY is sedate on the new-month with peers benefitting but only modestly so; core debt is deviating with USTs firmer
  • A vote on the USD 1tln infrastructure bill could be held “in a matter of days,” Senate Democratic leader Schumer said
  • Fed's Brainard (voter) said she would like to have the September...
  • MON: Chinese Caixin Manufacturing PMI Final (Jul); German Retail Sales (Jun); EZ, UK and US Manufacturing PMI Final (Jul); US ISM Manufacturing PMI (Jul); Canadian Civic Holiday
  • TUE: RBA Policy Decision; EZ PPI (Jun); US Durable Goods R (Jun); New Zealand HLFS Jobs Report (Q2)
  • WED: BCB Policy Decision; Australian Retail Sales (Jul); Chinese Caixin Services and Composite PMI Final (Jul); EZ, UK and US Services and Composite PMI Final (Jul); EZ Retail Sales...
  • APAC equities traded higher across the board; Japan outperformed whilst China rebounded
  • US equity futures extended on gains throughout the night, with the ES and NQ back above 4,400 and 15,000 respectively
  • FX markets were uneventful, DXY traded within a tight range just above the 92.00, EUR, GBP and JPY traded sideways
  • A vote on the USD 1tln infrastructure bill could be held “in a matter of days,” Senate Democratic leader Schumer...
  • Equities are subdued going into month-end with attention on AMZN (-6.1%) following a disappointing earnings report and guidance; ES -0.6%
  • USD has been choppy and pressured for much of the session, though has staged a modest recovery with peers mixed/flat
  • US SEC has stopped processing the IPO registrations of Chinese companies, according to sources; while China has cautioned on ride-hailing Cos
  • Looking ahead, highlights include US Personal...
  • Asia-Pac stocks mostly weakened at month-end with the region occupied by a slew of earnings and data releases
  • Amazon was seen lower by 7.4% after-hours following a disappointing earnings report and guidance
  • In FX, the DXY heads into the European open around the 92.00 mark, EUR/USD trades sub-1.19 and GBP/USD maintains 1.39 status
  • Looking ahead, highlights include German GDP, Eurozone CPI, GDP, US Personal Income, PCE, Canadian GDP, Fed's...
  • European bourses are firmer after an earnings dominated morning with US futures positively-biased but more contained; Euro Stoxx 50 +0.4%, ES +0.2%
  • DXY is subdued and sub-92.00 at worst to the benefit of G10 peers while debt dips on sentiment and ahead of US 7yr supply
  • The US Senate voted 67-32 to move forward with the bipartisan infrastructure bill after a bipartisan agreement was reached
  • Japan's PM Suga will decide on the state of...
  • FOMC stood pat on policy whilst noting that progress has been made towards goals; substantial threshold not yet met
  • FOMC is on track to make an explicit ‘taper is coming’ signal at the Jackson Hole Symposium
  • Asia-Pac stocks traded positively alongside a rebound in Chinese equities as regulators attempted to stem the rout
  • The DXY was softer post-FOMC but maintains 92.00 status; EUR/USD and GBP sit on 1.18 and 1.39 handles...
  • Equity indices are firmer but contained pre-Fed after the lacklustre APAC handover with movers dominated by earnings; Euro Stoxx 50 +0.7%, ES +0.2%
  • Large cap US earnings sees Apple lower pre-market trade, Microsoft marginally firmer and Alphabet higher; all beat on top and bottom lines
  • USD is choppy but rangebound with peers exhibiting similar performance and core debt is similar, US yield curve is modestly bear-steepening
  • Looking ahead,...
  • Asian equity markets traded mostly lower following on from the subdued mood in global counterparts
  • Large cap US earnings saw Apple lower in after-market trade, Microsoft marginally firmer and Alphabet higher; all beat on top and bottom lines
  • DXY is lacklustre around 92.50 ahead of FOMC. EUR/USD and GBP/USD trade on 1.18 and 1.38 handles respectively
  • Looking ahead, highlights include German GFK Consumer Sentiment, Canadian CPI, DoEs, FOMC...
  • Sentiment slipped around the European cash open given pressure in China's bourses, though we are currently off lows; Euro Stoxx 50 -0.4%, ES -0.3%
  • USD is firmer with activity currencies pressured on the tone and safe-haven JPY outperforming; though, attention is on rising Tokyo COVID-19 cases amid the Olympics
  • Senate Majority Leader Schumer noted that the Senate may stay in session through the weekend to finish the bill
  • Tesla earnings...
  • Asian equity markets traded mostly positive as the region found inspiration from Wall St. where all major indices extended on record highs
  • Senate Majority Leader Schumer noted that the Senate may stay in session through the weekend to finish the bill
  • The DXY consolidated after its recent retreat towards 92.50, EUR/USD and GBP/USD sit on 1.18 and 1.38 handles respectively
  • Tesla earnings exceeded expectations after reporting record deliveries;...
  • European bourses are softer but well off lows following a mixed APAC handover where China underperformed; Euro Stoxx 50 -0.4%
  • Chinese Vice Foreign Minister Xie Feng said the relationship with the US is in a stalemate and now faces difficulties
  • Modest further pressure was seen in sentiment after the downbeat Ifo release and supply-side commentary pushing core debt to session highs and US real yields (10yr TIPS) to record lows
  • USD has been...
  • MON: US-China meeting; German Ifo Survey (Jul).
  • TUE: MNB Policy Decision; South Korean GDP (Q2); US Durable Goods (Jun) and Richmond Fed (Jul).
  • WED: FOMC Policy Decision, BoJ SOO (Jul), CBRT Minutes (Jul); Australian CPI (Q2); German GfK Consumer Sentiment (Aug); Canadian CPI (Jun).
  • THU: German Unemployment Rate (Jul); EZ Sentiment Survey (Jul); German Prelim CPI (Jul); US GDP and PCE Advanced (Q2).
  • FRI:...
  • Equities are firmer this morning as a modest risk-on bias is present amid quiet newsflow; Euro Stoxx 50 +0.8%, ES +0.5%
  • The DXY is firmer but still capped by 93.00 with peers slightly softer overall and JPY lagging amid the absence of Japanese participants
  • EZ Flash PMIs beat across the board though sparked little reaction while the UK release missed expectations and core retail sales disappointed; GBP edged lower after the latter...
  • Asian stocks traded mixed with the region indecisive following on from a choppy performance stateside
  • The DXY consolidated beneath 93.00, EUR/USD and GBP/USD trade on 1.17 and 1.37 handles respectively
  • ECB's Weidmann and Wunsch opposed the Bank's new rate guidance, according to sources
  • GOP Senator Collins said the bipartisan infrastructure deal release is to be on Monday at the earliest
  • Looking ahead, highlights...
  • Equity indices remain firmer with sectors/movers in Europe dictated by earnings updates with US futures firmer though magnitudes slimmer; Euro Stoxx 50 +1.1%, ES 0.2%
  • The USD has been choppy but has recently dipped from highs though peers remain contained ex-AUD & GBP
  • GBP was briefly pressured on dovish Broadbent commentary re. inflation with Gilts seeing more pronounced, but equally short-lived upside as debt retreats across the...
  • Asia-Pac stocks traded higher following the extended rebound across global counterparts
  • In FX, the DXY remains sub-93.00, EUR/USD eyes 1.18 and GBP/USD sits on a 1.37 handle
  • The US Senate voted to block the opening of the debate on the bipartisan infrastructure plan
  • Democrat Senator Manchin stated that they made significant progress in bipartisan infrastructure negotiations and are close to an agreement
  • Looking...
  • Equities are firmer this morning with a pro-cyclical bias in play; Euro Stoxx 50 +1.4%, ES +0.4% & RTY +0.9%
  • DXY has been choppy around the 93.00 mark with peers rangebound and USD/JPY contained by OpEx
  • Core debt is pressured given the risk tone and, unlike Tuesday, the Bund outing not offering any assistance to EGBs; US yield curve is bear-steepening, 10yr ~1.25%
  • US Senator Manchin supports Senate Majority Leader Schumer's plan for a...
  • Asia-Pac stocks traded with a positive bias as the region partially took impetus from the rebound on Wall St
  • In FX, the DXY held above 93.00, EUR/USD trades on a 1.17 handle and GBP/USD holds on to 1.36 status
  • US Democrat Senator Manchin said they are getting close on the infrastructure deal
  • UK ministers are to say that Brussels has three months to sort out the Northern Ireland Protocol or Britain will go it alone, according to The...
  • European bourses began the session firmer in a mild paring of yesterday's losses but have since retraced the bulk of this; Euro Stoxx 50 +0.3%
  • Similarly, US futures pulled back but retain an underlying bid with the RTY, +0.9%, outperforming
  • The DXY is firmer but sub-93.00 with peers only modestly pressured and activity currencies lagging once more while the JPY is flat
  • Core debt received a boost from strong UK and German issuance, even given...
  • Asian equity markets traded lower after the region inherited a negative mood from global peers
  • US CDC raised UK to the highest risk level and warned Americans not to travel to Britain
  • The DXY heads into the European open firmer, but sub-93.00, EUR/USD and GBP/USD trade on 1.17 and 1.36 handles respectively
  • US Senate Majority Leader Schumer confirmed he will set a vote on the motion to proceed to debate on the bipartisan USD 1.2tln...
  • Risk-off sentiment is portrayed across markets as the downbeat APAC tone reverberates into Europe; Euro Stoxx 50 -2.1%, ES -0.9%
  • US equity futures are lower across the board with the RTY (-1.7%) underperforming whilst losses in the NQ (-0.3%) are cushioned
  • DXY eclipsed 93.00 with activity/crude currencies lagging and JPY outperforming while USTs are bid as the 10yr yields dips below 1.25%
  • OPEC+ agreed to extend supply management until end of...


  • MON: UK Lockdown Easing (TBC)
  • TUE: RBA Minutes (July); PBoC LPR (Jul); Japanese CPI (Jun)
  • WED: BoJ Minutes (June); Australian Retail Sales (Jun)
  • THU: ECB Policy Decision, SARB and Bank of Indonesia Policy Decisions, Japan Market Holiday (Marine Day)
  • FRI: EZ, UK and US Flash PMIs (Jul); UK Retail Sales (Jun); CBR Policy Decision, EU Economic/Financial Affairs Council (Budget), Japan Market...
  • Asia-Pac stocks and US equity futures began the week on the back foot; Hong Kong underperformed
  • In FX, DXY held on to Friday's mild gains, EUR/USD tested 1.1800 to the downside and USD/JPY dipped below 110.00
  • ECB reportedly disagreed on stimulus guidance drafts for the 22nd July meeting, while talks on bond buying will reportedly not happen until the September meeting, according to sources
  • Oil prices are softer after OPEC+ reached an...