• Asian equity markets traded mostly higher, benefitting from the mild tailwinds from US, E-Mini S&P briefly topped the 3000 level
• White House Economic Adviser Kudlow said the next round of US-China face-to-face talks will take place soon
• In FX markets, the DXY was slightly softer, EUR/USD and GBP/USD were stuck below the 1.1300 and 1.2600 handles respectively
• Looking ahead, highlights include EZ Retail Sales, ECB's Lane & de Guindos,...

• European Indices [Euro Stoxx 50 +0.9%] are firmer this morning diverting from the mixed Asia-Pac performance
• HP (HP), Dell (DELL), Microsoft (MSFT) and Amazon (AMZN) are all reportedly looking at shifting substantial amounts of their production capacity out of China., Nikkei
• In FX, the DXY remains around its 200 DMA, the antipodeans outperform and Sterling lags
• Looking ahead, highlights include US ADP, Factory Orders & ISM Non-Manufacturing PMI BoE’s Haldane & Broadbent and ECB’s de Galhau,...

• Asian equity markets traded mostly subdued, Australia was led higher by gold miners
• DXY was steady whilst the mostly risk-averse tone spurred flows into safe haven JPY
• Looking ahead, highlights include EZ, UK and US Services PMI, US ADP, Factory Orders & ISM Non-Manufacturing PMI, Riksbank Rate Decision, Riksbank’s Ingves, Hansson, Floden & Ohlsson, BoE’s Cunliffe, Haldane & Broadbent and ECB’s de Galhau, supply from Germany, earlier US Independence Day...

• European indices are largely unchanged this morning [Euro Stoxx 50 U/C] as sentiment slips from yesterday’s G20 inspired gains
• US President Trump said a new round of trade talks with China have started and that he expects Chinese President Xi will move on some of the disputed issues
• US Trade Representative Office proposed increased tariffs on EU products due to EU aircraft subsidies, in which it proposed adding more tariffs to USD 4.0bln of EU goods
• Russia approves the OPEC+ output deal extension...

• Asian equity markets traded indecisive as the euphoria from the US-China trade truce began to wane, Hong Kong played catch-up
• US Trade Representative Office proposed increased tariffs on EU products due to EU aircraft subsidies, in which it proposed adding more tariffs to USD 4.0bln of EU goods
• RBA lowered the Cash Rate by 25bps to a record low 1.00% as expected, AUD/USD saw short-lived downside
• Looking ahead, highlights include German...

• European Indices [Euro Stoxx 50 +0.9%] as the weekend’s positive US-China updates, among other geopolitical developments, generated risk-on sentiment which rolled over from the Asia-Pac session
• US and China agreed to a temporary trade truce in which US will not levy new tariffs on China whilst also easing some Huawei restrictions
• US President Trump met with North Korean Leader Kim in the DMZ and became the first sitting US President to enter North Korean territory
• Russia & Saudi Arabia have...

• US and China agreed to a temporary trade truce in which US will not levy new tariffs on China whilst also easing some Huawei restrictions
• US President Trump had an impromptu meeting with North Korean Leader Kim Jong Un and agreed to resume stalled nuclear talks
• Russia and Saudi Arabia have agreed to extend the OPEC+ output deal by 6 to 9 months
• Asian equity markets began H2 with gains across the board as global sentiment was buoyed, gold...

• European Equities are just into positive territory [Euro Stoxx 50 +0.3%], with the Fed having approved all 18 banks capital plans in their Comprehensive Capital Analysis Review
• US President Trump says he will be meeting with Chinese President Xi tomorrow and thinks the meeting will be productive at a minimum; it will ultimately work out, though he did not promise a 6-month tariff reprieve
• FX and Fixed remain tentative and rangebound ahead of the weekend’s G20 and as month/quarter & half year end...

• Asian equity markets were subdued amid book squaring heading into the end of H1 and ahead of the upcoming Trump-Xi meeting at the G20
• FX price action was uneventful across the board with the DXY little changed on the session as its major counterparts sat rangebound
• UK PM candidate Boris Johnson is reportedly preparing an emergency budget for no-deal
• Fed approved all 18 banks capital plans in its Comprehensive Capital Analysis...

• China’s President Xi is reportedly to present Trump with  a set of terms required for a resolution to the trade dispute; including the lifting of all punitive tariffs
• European Indices are softer [Euro Stoxx 50 -0.2%], with sentiment somewhat dented on the ongoing US-China updates
• In FX, the DXY remains cautious and within a relatively narrow band ahead of the G20 summit while bonds were only marginally afflicted by negative trade rhetoric
• Looking ahead, highlights include German CPI (Prelim),...

• Asian equity markets traded higher after the region shrugged off the uninspiring lead from Wall Street ahead of the G20 Summit
• UK Remain rebels are reportedly planning to mount a new bid next week to block a no-deal Brexit
• In FX markets, most currencies remained in a holding pattern, although the DXY was slightly firmer overnight
• Looking ahead, highlights include German CPI (Prelim), EZ Economic Sentiment, US GDP (Final), Initial Jobless Claims, Banxico rate decision, ECB’s Nowotny, supply from...

• European indices [Euro Stoxx 50 +0.4%] were lifted from mildly negative territory by positive US-China comments
• US Treasury Secretary Mnuchin said the US-China deal is 90% complete, though there was some suggestion that these comments were delivered in the past tense
• In FX, the DXY has steadied above 96.0 post-Fed comments while the NZD leads G10 counterparts post-RBNZ
• Looking ahead highlights include, US Durable Goods, Fed’s Daly. Supply from the...

• Asian indices are somewhat subdued after Fed speakers tempered the prospect/magnitude of rate cuts
• US is reportedly considering suspending the next round of tariffs as US-China prepare for trade negotiations to resume
• RBNZ left rates unchanged but noted downside risks to employment & inflation; adding that a lower rate may be needed over time
• Looking ahead highlights include, German GfK, US Durable Goods, ECB’s Mersch, BoE’s Carney,...

• European Indices [Euro Stoxx 50 -0.3%] are somewhat subdued following the lacklusture Asia-Pac handover
• Iran Foreign Ministry spokesman Mousavi states that the US sanctions mean the permanent closure of the diplomatic channel
• AbbVie (ABBV) is looking to buy Allergan (AGN) for in excess of USD 60bln in a cash and stock deal
• Looking ahead, highlights include US Richmond Fed, ECB’s Coeure, Fed’s Williams, Bostic, Powell, Barkin, Bullard, supply from the US, earnings from FedEx and...

• Asian indices are subdued following on from the US’ imposition of sanctions on Iran
• DXY continued its recent downtrend and slipped below 96.00, leading USD/JPY beneath 107.00
• US placed strong sanctions on Iran, including the Supreme Leader; Iran’s Foreign Ministry Spokesman states that the sanctions mean the diplomatic channel is closed forever
• US Official states that the Trump-Xi meeting is likely the 2nd day of G20, but this is yet to be...

• A choppy start to a potentially pivotally week for global trade [Euro Stoxx 50 -0.4%], with Trump & Xi due to meet at the G20 summit
• US President Trump has stated that they will move ahead with additional sanctions on Iran; Iran’s Navy Commander said the downing of a US Spy drone was a ‘firm response’ and can be repeated
• In FX, the USD remains subdued with Antipodeans leading G10 gains; while the TRY has rebounded post Istanbul election re-run
• Looking ahead, highlights include NZ Trade, ECB’s...

• SUN: Istabul Election re-run
• MON: German Ifo Survey
• TUE: RBNZ Monetary Policy meeting, Hungarian Central Bank Monetary Policy meeting, US Consumer Confidence, New Home Sales, Meeting minutes
• WED: US Durable Goods
• THU: Banxico Monetary Policy meeting, US GDP Final, Core PCE (Final), EZ Sentiment
• FRI: G20, Japanese CPI and Unemployment, UK GDP, US Consumption and Uni. Of...

• Asian equities began the week somewhat choppy with participants tentative ahead of the Trump-Xi G20 meeting
• Conservative Party is reportedly making plans that would permit the next PM to hold off from putting their Brexit plans to Parliament until Autumn
• US President Trump said he has no pre-conditions for talks with Iran. However, the US will be moving ahead with sanctions on the nation
• Turkish opposition candidate Imamoglu beat former PM...

• European stocks gave up earlier gains on quadruple witching day, sectors are mostly in the red
• Dollar trades within a tight range above 95.50, EUR is supported by encouraging EZ PMIs
• US President Trump reportedly pulled back from launching attacks on Iran hours after approving strikes on a handful of targets
• Looking ahead, highlights include US PMIs, Canadian retail sales, Baker Hughes, Fed’s Mester, Daly, BoE’s Tenreyro and Carney,...

• Asian equity markets traded mostly lacklustre as the FOMC-fuelled momentum began to wane in the region despite the strong lead from Wall St
• Boris Johnson maintained the lead after the 5th round of the Tory leadership ballot with Jeremy Hunt making it to the final two after Michael Gove was eliminated
• US President Trump reportedly pulled back from launching attacks on Iran hours after approving strikes on a handful of targets
• Looking ahead,...

• European equities higher across the board as investors cheer the Fed
• DXY lower, NOK bolstered by hawkish Norges hike
• Looking ahead, highlights include BoE rate decision US weekly jobs, Philly Fed, BoE’s Carney

ASIA-PAC

Asian equity markets traded mostly positive as the region digested the dovish FOMC. ASX 200 (+0.6%) was led higher by gold names after the precious metal surged...

• FOMC stood pat on rates, dot plot showed median forecast is for no change in rates in 2019 although nearly half expected lower rates
• Fed stated it will closely monitor developments and removed its pledge to be “patient”.
• BoJ kept monetary policy settings unchanged as expected
• Boris Johnson maintained the lead in the third Conservative leadership vote, Rory Stewart eliminated
• Looking ahead, highlights include BoE and...

• Asian equity markets rallied across the board as the region followed suit from the heightened global risk appetite
• Former UK Foreign Minister Boris Johnson remained in the lead after the second round of the Conservative leadership vote
• DXY was steady and remained near this month’s highs after the recent Draghi-induced selling in EUR/USD
• US President Trump replied "let's see what he does" when asked whether he wants to demote Fed Chair...

• ECB President Draghi said additional stimulus will be required if inflation aim is threatened, APP still has considerable headroom
• Stocks surge as Draghi strikes a dovish tone, albeit Financials underperform amid the prolongation of negative rates
• EUR slumped to the bottom of the G10 pile amid dovish Draghi comments, DXY is firmer above 97.50
• Looking ahead, highlights include US Building Permits, Housing Starts, APIs, Tory Leadership Vote,...

• Asian equity markets mostly saw cautious gains ahead of this week’s key risk events and following the marginal gains in the US
• Boris Johnson allies reportedly plan to rig the leadership contest by ‘lending’ votes to Jeremy Hunt
• DXY continued on from the prior day’s swings and slipped back below 97.50 amid tentativeness heading into the key central bank meetings
• Looking ahead, highlights include German ZEW, EZ CPI, US Building Permits,...