• Asian equity markets traded mixed as the region observed caution despite the rebound on Wall St.
• PBoC weakened the CNY reference rate to within a whisker of the 7.0000 ‘line in the sand’ level
• NZD/USD tumbled after the RBNZ announced a deeper than expected OCR cut of 50bps with Governor Orr refusing to rule out further action
• Looking ahead, highlights include German Industrial Output, Chinese FX Reserves, Canadian Ivey PMI, RBI Rate...

• US Treasury Department designated China as a currency manipulator, Treasury Secretary Mnuchin said they will engage with the IMF to eliminate the unfair competitive advantage
• China MOFCOM confirmed purchases of US agriculture products have been suspended and does not rule out placing tariffs on US agri products imported after August 3rd
• Major European indices are firmer thus far as sentiment has made a mild turnaround or not deteriorated further from the Asia-Pac session
• Looking ahead, highlights...

• Asian equity markets resumed the global sell-off after the S&P 500 posted a 6th consecutive day of losses and the DJIA dropped over 900 points intraday
• The US labelled China a currency manipulator whilst China confirmed purchases of US agricultural products have been suspended
• Markets found some comfort after the PBoC announced they are to to sell CNY 30bln of bills in Hong Kong and set the CNY reference rate within bounds of the perceived 7.00 line in the sand
• European diplomats have been...

• European indices are firmly in negative territory [Euro Stoxx 50 -1.4%] as the US-China trade narrative ramps up and USD/CNH went through the 7.00 handle
• China has asked state run firms to halt US agriculture purchases, however the State Planner later rebuffed the US’ accusation that China has not purchased farm products
• Fixed remains firmer, though of off session highs while the DXY continues to falter below the 98.00 mark
• Looking ahead, highlights include, US Services and Composite PMI; US...

• Asian equity markets were lower across the board as the stock rout resumed from last week’s tariff announcement by US President Trump
• China has asked state-run purchasers to halt US agriculture imports, while a collapse in the CNH through the 7.00 handle also exacerbated the risk-averse tone
• DXY slightly softened and dipped below 98.00, whilst safe-haven flows pressured USD/JPY below 106.00 for the first time since the flash crash at the beginning of the year
• Looking ahead, highlights include EZ, UK...

• European indices are firmly in the red as sentiment remains under fire from US President Trump announcing further China tariffs
• Fixed income has been underpinned on the risk sentiment with the German 30yr yield dropping below 0% for the first time and the 10yr below -50bps
• Chinese Commerce Ministry responded saying if the US is intent on implementing further tariffs China will have to take countermeasures
• Looking ahead, highlights include, US Jobs Report/Trade Data/Factory Orders & Uni. Michigan...

• Global sentiment dented after US President Trump announced a 10% tariff on the remaining USD 300bln of Chinese goods to the US
• In recent talks, Chinese sources stated that China was not backing down or adding back any of the concession language in the agreement
• DXY declined following the tariff announcement and continued to pull back from its highest levels in more than a year
• UK Conservative Party lost the Brecon and Radnorshire by-election. As such, the Conservative Party’s working majority in...

• European indices are off FOMC-lows, Energy sector is pressured after Shell’s earnings and lower oil prices
• Cable remains lacklustre around 1.2100 ahead of the BoE
• Looking ahead, highlights include US Initial Jobless Claims & ISM Manufacturing PMI, BoE Rate Decision, QIR & Press Conference
• Earnings: Verizon, S&P, General Motors, Marathon Petroleum

ASIA-PAC

Asian stocks traded lacklustre as the region reacted to the FOMC meeting. ASX 200 (-0.3%)...

• Fed cut rates by 25bps as expected, but disappointed expectations for more dovish signals
• Fed Chair Powell suggested the decision was different from the beginning of a lengthy cutting cycle but later added he did not say that the cut is going to be the start of a cycle of "just one" rate cut
• Asian stocks traded lacklustre, DXY broke above YTD highs and commodities were broadly lower
• Looking ahead, highlights include EZ & UK Manufacturing PMI (Final), US Initial Jobless Claims & ISM...

• European Indices are mixed this morning after an earnings dominated start to the session, and as further US earnings and the FOMC awaits
• US-China trade talks concluded early, with no substantial progress noted though the two sides are to meet again in September
• North Korea fired multiple projectiles early on Wednesday which was said to be 2 short-range ballistic missiles and a different type of weapon than previous launches
• Looking ahead,...

• European Indices are mixed this morning after an earnings dominated start to the session, and as further US earnings and the FOMC awaits
• US-China trade talks concluded early, with no substantial progress noted though the two sides are to meet again in September
• North Korea fired multiple projectiles early on Wednesday which was said to be 2 short-range ballistic missiles and a different type of weapon than previous launches
• Looking ahead,...

• Asian equity markets followed suit to the negative performance seen across global peers amid trade concerns, looming FOMC decision, mixed Chinese data and earnings
• Apple gained around 4.5% after-hours due to a beat on both top and bottom lines, Co. missed on iPhone sales but Q4 revenue forecast surpassed Street estimates
• DXY was flat around the 98.00 level amid a non-committal tone across most major currencies ahead of today’s FOMC meeting
• Looking ahead, highlights include German Retail Sales &...

• European indices [Euro Stoxx 50 -1.0%] are firmly in negative territory, though the FTSE 100 once again outperforms as Sterling remains subdued and post BP earnings
• Both FX and Fixed markets remain little changed (ex-Cable) ahead of this week’s risk events
• China's Communist Party's Politburo reiterates that China is to maintain prudent monetary policy, neither too tight nor too loose and will implement proactive fiscal policy
• Looking ahead, highlights include, US PCE and Consumer Confidence, US...

• Asian equity indices shrugged off the lacklustre lead from global peers and traded marginally higher across the board
• BoJ maintained current monetary policy settings and disappointed outside calls for a dovish tweak to forward guidance
• GBP remains under pressure with UK PM Johnson refusing to meet with any EU leaders until they agree to remove backstop
• Looking ahead, highlights include German GFk & CPI (Prelim), US PCE and Consumer Confidence, US & China Trade Negotiators meeting in China,...

• European Indices [Euro Stoxx 50 U/C] are little changed thus far, though the FTSE 100 (+1.1%) outperforms as sterling is subdued
• Iranian Official said a meeting with parties relating the to 2015 nuclear deal was constructive, though unresolved issues remain
• US & Japan are to have ministerial level talks in Washington on August 1st-2nd
• Looking ahead, today’s calendar sees a lack of tier 1 highlights
• Earnings: Simon Property Group, Baidu, Anadarko...

NOTE: This analysis was sent to RANsquawk clients last Friday. Sign up for a free trial by following this link.  

• MON: UK Mortgage Lending and Approvals, Dallas Fed Manufacturing Index
• TUE: Japanese Unemployment and Industrial Production, Australian Building Approvals, German Import Price Index and GFK Consumer Climate, Eurozone Consumer Confidence (F),...

• Asian equity markets began the week tentative ahead of upcoming slew of key risk events (FOMC, NFP, US-China trade talks) US President Trump said China will probably want to wait on a trade deal and try to delay it until the US election
• UK Cabinet Minister Gove suggested the government will make intensive efforts to get a better agreement but added that we must operate on assumption of a no-deal Brexit
• Looking ahead, today’s calendar sees a lack of tier 1 highlights
• Earnings: Simon Property Group,...

• European stocks are largely dictated by earnings, telecoms gain on potential Vodafone unit IPO
• Post-earnings: Amazon (AMZN) -1.5%, Alphabet (GOOGL) +8.2% and Intel (INTC) +4.8% pre-market
• DXY gains after clearing some tech barriers ahead of Tier 1 data
• Looking ahead, highlights include US Q2 GDP, Baker Hughes Rig Count
• Earnings - McDonald’s, Phillips 66, AbbVie, Aon, Colgate-Palmolive,...

• Asian equity markets traded negatively as the region conformed to the downbeat global risk tone post-ECB and large-cap earnings
• Outgoing EC President Juncker told UK PM Johnson that the current Withdrawal Agreement is the best and only possible agreement
• ECB sources suggest a rate cut is coming in Sept, as well as possible bond purchases and guidance tweaks; case still needs to be made for tiering
• Looking ahead, highlights include US Q2 GDP,...

• European equities trade with no firm direction as bourses are dictated by a slew of large cap EU earnings
• DXY is flat while EUR hovers above YTD lows awaiting the ECB (full preview available in the Research Suite)
• Looking ahead, highlights include CBRT and ECB Rate Decisions, US Durable Goods and Initial Claims, Canadian Average Weekly Earnings, ECB President Draghi
• Earnings: Amazon, Alphabet, Bristol-Myers Squibb, Hershey, Southwest...

• Asian equity markets mostly traded with cautious gains after a similar performance on Wall St and ahead of upcoming key risk events
• UK PM Johnson launched a huge overhaul of his cabinet yesterday, appointing prominent Brexiteers to key roles
• In FX markets, price action was predominantly uneventful across the major pairs amid a lack of tier-1 data and as the DXY continued its range-bound path
• Looking ahead, highlights include CBRT and ECB Rate Decisions, German Ifo, US Durable Goods and Initial...

• European stocks are marginally lower, FTSE 100 lags as miners slide
• EUR pressured and Bunds spiked amid downbeat EZ flash PMIs, DXY extends gains above 97.500
• US DoJ is reportedly opening broad antitrust review on large tech firms
• Looking ahead, highlights include US Flash PMIs, DoEs and US 5yr Note Auction
• Earnings: Boeing, American Airlines, Allergan, Facebook, Ford, AT&T, Align Technology, Alexion...

• Asian equities were supported by reports that USTR Lighthizer will lead a small team of negotiators to China next Monday for trade discussions
• US Commerce Secretary Ross said he will deal with Huawei waiver applications within the next few weeks
• PM-elect Johnson will begin assembling a majority Brexiteer Cabinet today as he aims to get Britain ready to leave the EU by October 31st
• Looking ahead, highlights include EZ and US Flash PMIs, DoEs and US 5yr Note Auction
• Earnings: Boeing, American...

• European stocks are higher across the board [Eurostoxx 50 +1.0%], material and tech sectors outperform
• DXY inches closer to July highs while GBP awaits the new PM announcement
• Looking ahead, highlights include, US Existing Home Sales, US API Crude Stocks, NZ Trade Balance, Hungarian Rate Decision, BoE’s Haldane, supply from the US
• Earnings: Lockheed Martin, AMD, Biogen, Chubb, Discover Financial, Hasbro, Harley-Davidson, Kimberly Clark,...

• Asian equity markets were mostly higher as the region took its cue from gains on Wall St, where all major indices closed higher
• UK new PM announcement due between 1100-1200BST today, in which a win by hardliner Brexiteer Boris Johnson is seen as a forgone conclusion
• White House confirmed US President Trump met with CEO's of large tech firms regarding Huawei and 5G technology
• Looking ahead, highlights include, US Existing Home Sales, US API...