• WTI and Brent futures extend on gains as tensions rise in the Strait of Hormuz
• Major European indices are relatively flat [Eurostoxx 50 +0.1%], energy sector outperforms on price action in crude markets
• DXY has consolidated recovery gains above the 97.000 handle, NZD, CAD and AUD outperform
• Looking ahead, highlights include US National Activity Index, BoJ’s Kuroda

ASIA-PAC

Asian equity...

• Asian equity markets traded mostly lower with the region cautious amid dampened hopes for a more aggressive Fed rate cut and geopolitical concerns
• Fed officials reportedly could suggest potential for additional stimulus beyond July and signal a 25bp cut is likely at the July meeting
• IRGC said it seized a UK tanker which has been taken to a coastal area and turned over to the maritime authorities to carry out the necessary legal steps
• EU...

• European equities are mostly lower [Eurostoxx 50 -0.2%] as Fed fuelled momentum wanes
• New York Fed stated that the comments made by Fed's Williams were academic, based on research and not about potential policy actions at the upcoming FOMC meeting
• Italy underperforms on domestic political angst, FTSE MIB and BTPs lower
• Looking ahead, highlights include, Canadian Retail Sales, University of Michigan Sentiment (Prelim), Baker Hughes Rig Count,...

• Asian equity markets were positive across the board as the region took its cue from the late gains in US following dovish comments from Fed's Williams
• However, these were later clarified as academic comments and not about potential policy action this month
• The US shot down an Iranian drone which was said to have approached to within a threatening distance of the USS Boxer
• Looking ahead, highlights include UK PSNB, Canadian Retail Sales,...

• European stocks initially slipped as tech names succumbed to SAP’s decline, SMI buoyed by heavyweight pharma names
• In FX markets, DXY weakens towards 97.00, GBP is bolstered by retail sales and AUD feels support from labour market data, EUR declined on ECB sources
• Looking ahead, highlights include, SARB Rate Decision, Fed’s Williams & Bostic
• Earnings: Microsoft, Union Pacific, Morgan Stanley, Phillip...

• Asian equity markets traded negatively as the risk-averse tone rolled over from Wall St where all major indices declined for a 2nd consecutive day
• US-China trade talks reportedly stalled as the Trump administration determines how to address Beijing’s demands of easing restrictions on Huawei
• BoK cut the 7-Day Repo Rate by 25bps to 1.50% vs. Exp. unchanged
• UK House of Lords backed an attempt to prevent the next Prime Minister from shutting down Parliament in order to force a no-deal...

• European bourses have continued the largely lacklustre trend from the US session
• China recently appointed hawkish Zhong Shan to the negotiations team, seen as an indication that China are in no rush to wrap up US-China discussions
• US & Japan are reportedly considering a trade agreement by September; may involve auto’s and agriculture
• Data: Canadian CPI, US Building Permits & Housing Starts
• Earnings: Netflix, eBay, IBM, Abbott Laboratories, Bank of...

• Asian equity markets traded mostly lower as the region followed suit from the lacklustre performance on Wall St
• US President Trump suggested there is a long way to go regarding trade with China and that the US can put tariffs on another USD 325bln of goods if it wants
• US Secretary of State Pompeo stated that Iran has said it is prepared to negotiate about its missile program; Iran later refuted this
• UK PM candidate Boris Johnson is...

• European indices are largely flat [Euro Stoxx 50 +0.1%] as US earnings season gets underway
• China’s Foreign Ministry says it is misleading to suggest China requires a US trade deal as the economy is slowing
• Looking ahead, highlights include, US Import/Export Prices, Retail Sales, Industrial Production, Manufacturing Output & Business Inventories, EC President Voting, Fed Discount Rate Minutes
• Speakers: Fed’s Powell, Evans, Bowman, Bostic & Kaplan, BoE’s Carney
• Earnings: JP Morgan,...

• Asian equity markets were mixed with the region indecisive following modest gains on Wall St
• US Treasury Secretary Mnuchin has stated that he and USTR Lighthizer could visit China for further talks if progress is made
• EU is reportedly mulling potential concessions it could offer to avoid a no-deal Brexit
• Looking ahead, highlights include UK Jobs, German ZEW US Import/Export Prices, Retail Sales, Industrial Production, Manufacturing Output & Business Inventories, EC President Voting, Fed Discount...

ASIA-PAC

Asian equity markets traded mixed as the region digested a slew of tier-1 Chinese data and with the absence of Japanese participants adding to the initial lull. ASX 200 (-0.6%)was negative with the downside led by underperformance in tech and telecoms, while financials also weighed on the index with AMP Capital shares down around 15% after it noted the unlikelihood it will proceed with its life insurance unit sale due to opposition by the RBNZ. Conversely, Hang Seng...

• Asian equity markets traded mixed as the region digested a slew of tier-1 Chinese data and with the absence of Japanese participants adding to the initial lull
• Chinese data proved to be mostly better than forecast, although showed China’s economic growth slipped to 6.2% Y/Y as expected
• DXY was relatively stable with marginal gains seen as it briefly attempted to nurse some of last week’s losses, while price action for its major counterparts was...

• European indices [Euro Stoxx 50 +0.2%] are little changed from their opening levels, with Stoxx price action initially dictated by Daimler’s profit warning
• Dollar is still somewhat softer to the benefit of G10 counterparts and bonds continue to slump
• US decided not to impose sanctions on Iran Foreign Minister Zarif for now, according to sources.
• US President Trump has declared a state of emergency in Louisiana and the NHC believe Barry may become a hurricane tonight/Saturday morning
• Looking...

• Asian equity markets were somewhat cautious as the region awaited the latest Chinese trade data and following a mixed performance on Wall St
• Senior US administration officials agreed that China violated sanctions by importing Iranian oil last month and are now mulling secondary sanctions
• The greenback was slightly softer overnight as the momentum from the prior day’s firmer than expected US CPI petered out
• US Gulf of Mexico crude oil production has been cut by 53% (1mln BPD) due to Storm Barry...

• European Indices opened in positive territory this morning though have recently drifted into negative territory [Euro Stoxx 50 U/C]
• In FX, the USD is somewhat softer as pricing for a 50bp FOMC move has continued to rise
• ECB’s Coeure says the protracted period of low inflation has caused concerns among financial market participants that current subdued underlying price pressures will persist in the medium term
• Looking ahead, highlights include US CPI, weekly jobs, OPEC monthly report (12:10 BST), Fed...

• Asian equity markets traded positively as the region took advantage of the tailwind from the US, post-Powell
• FOMC Minutes stated that many participants saw a rate cut as warranted in the "near term" if trade and other global risks continued to weigh on the outlook
• In FX, DXY remained pressured and slipped below 97.00 with EUR/USD and GBP/USD holding above 1.1200 and 1.2500 handles respectively
• Looking ahead, highlights include, ECB minutes, US CPI, weekly jobs, OPEC monthly report, Fed Chair...

• Major European indices are tentative [Euro Stoxx 50 -0.1%] as participants await the today’s key event in the form of Fed Chair testimony & FOMC Minutes
• Core bonds reverse further following strong EZ data, better than expected GDP prints and a poor Bund auction
• NHC see a 90% chance of cyclone formation in the Gulf of Mexico within 48 hours, as such production platforms have begun stopping production and evacuating workers
• Looking ahead, highlights include BoC rate decision & press...

• Asian equity markets traded somewhat mixed following a similar lead from Wall St. as participants await fresh clues on Fed policy
• USTR Lighthizer and Treasury Secretary Mnuchin conducted a phone call yesterday with China Vice Premier Liu He which was said to have gone well and was constructive
• UK lawmakers voted in favour of a plan which might hinder government from suspending Parliament if it pursues a no deal Brexit
• Looking ahead, highlights include UK GDP, output & trade data, BoC rate...

• European Indices are subdued [Euro Stoxx 50 -0.5%] as a profit warning from BASF weighs heavily on the Dax (-1.1%)
• China’s Vice Foreign Minister Le Yucheng warned of ‘disastrous consequences’ if the US treats China as an enemy
• US is set to impose duties on fabricated structural steel imports from China and Mexico but will not impose duties on structural steel from Canada; Mexico state this should not impact the USMCA ratification
• Looking ahead, highlights include US JOLTS, EIA Short Term Energy...

• Asian equity markets were negative following the losses on Wall St where the majors suffered in a continued fallout from the tempered Fed rate cut expectations
• UK Chancellor Hammond told PM May he will fund her legacy spending plans if she allows Tory MPs free votes on efforts to stop a no-deal Brexit
• UK opposition Labour Party is set to declare it will campaign for remain in a second referendum on any deal put to parliament by a Tory PM
• US is set to impose duties on fabricated structural steel...

European Indices [Euro Stoxx 50 U/C] are little changed thus far, with Deutsche Bank’s restructuring capturing the equity markets focus

·  China is expected to use its plan to name foreign companies that are a national security risk, as a bargaining chip in trade talks with US, SCMP notes that US & China are no closer to a deal

·  Iran has reportedly surpassed the 3.67% uranium enrichment cap, discussions on exceeding 20% have been taken but no decision...

• MON: Germany IP; BOI; Aus NAB confidence; China social financing.
• TUE: EIA STEO; US JOLTs.
• WED: Powell testimony; FOMC mins; BOC MPR; China CPI; UK GDP, trade data, IP.
• THU: US CPI; OPEC MOMR, Sweden CPIF.
• FRI: China trade.

• Asian equity markets began the week with firm losses as the region reacted to the weakness last Friday on Wall St
• China is expected to use its plan to name foreign companies that are a national security risk, as a bargaining chip in trade talks with US
• A YouGov poll over the weekend showed UK PM candidate Boris Johnson with 74% of support vs. 26% for Jeremy Hunt
• TRY weakened more than 2% against USD after the Turkish Central Bank Governor was ousted and replaced by his deputy
• Iran is...

• A cautious end to the week so-far European Indices [Euro Stoxx 50 -0.2%] ahead of NFPs
• In FX, USD outperforms G10 counterparts as participants return from Independece Day holiday
• Looking ahead, highlights include US & Canadian Jobs Reports, Canadian Ivey PMI

ASIA-PAC

Asian equity markets were mixed following the non-existent lead from Wall Street where markets were shut due to Independence Day and with the region tentative heading into the key US Non-Farm...

• Asian equity markets were mixed heading into US NFP data, Samsung’s operating profit fell 56% Y/Y
• China reportedly wants Huawei clarification before making agricultural purchases from the US
• DXY was flat, EUR/USD contained, GBP/USD remained near YTD lows and USD/JPY traded sideways
• Looking ahead, highlights include German Industrial Orders, US & Canadian Jobs Reports, Canadian Ivey PMI, ECB's Coeure & de...