• European Indices [Euro Stoxx 50 -0.6%] fail to maintain the positive lead from Asia-Pac as sentiment turns risk-off
• Bunds have breached the 167.00 level supported by the deteriorating sentiment and the ongoing political turmoil in Italy with the BTP spread blowing out further towards 300bp
• Looking ahead, highlights include US NY Fed Manufacturing, Retail Sales, Industrial Production, Manufacturing Output, Business Inventories, NAHB, Canadian CPI, Fed’s Quarles, Barking, Rosengren & George; ECB’s Coeure...

• Asian indices were firmer after positive comments from US President Trump regarding China trade; although, gains were capped by poor earnings and data
• UK PM May’s government has confirmed that the Withdrawal Agreement will be put to Parliament in the first week of June
•  Looking ahead, highlights include EZ GDP, US NY Fed Manufacturing, Retail Sales, Industrial Production, Manufacturing Output, Business Inventories, NAHB, Canadian CPI, IEA Monthly Oil Report,...

• Major European indices [Euro Stoxx 50 +0.6%] are firmer as risk sentiment begins to unwind slightly after yesterday’s sell-off
• China Global Times Editor states that China may release additional retaliatory measures; notably, China declined to comment on US Treasury holdings
• Two Saudi Aramco oil pumping stations have been attack in Riyadh; Saudi Energy Minister states that Aramco has halted pumping in the east-west pipeline
• In FX, the risk sentiments improvement has happened at the detriment of safe...

• Asian indices were subdued after China’s tariff retaliation and the USTR posting details on tariffs for an additional USD 300bln; although, sentiment was aided by optimism from US President Trump
• Cross party Brexit talks reportedly made no progress, while PM May is under pressure to abandon compromise attempts and is considering definitive votes to break the Brexit deadlock
• Looking ahead, highlights include German CPI (F), ZEW, UK Employment Change, US Import &...

• European indices are downbeat [Euro Stoxx 50 -0.5%] following on from the performance of their Asian counterparts as focus remains firmly on US-China trade uncertainty
• China Global Times Editor believes that China has not yet released countermeasures immediately as China may be drafting a plan which will have precise effects
• In FX, the safe haven’s JPY and CHF are outperforming while antipodeans are underperforming with FX largely dictated by the trade induced...

• MON: Norway GDP.
• TUE: OPEC MOMR, Swedish CPIF, Germany ZEW Survey, China IP, UK jobs data, BCB mins.
• WED: US retail sales, IEA Oil Market Report, EZ GDP (2nd reading), Germany Prelim GDP, Canadian CPI, US IP.
• THU: Banxico, Aus jobs data, Indonesian rate decision, Eurogroup meeting.
• FRI: EZ CPI (Final), US auto tariff decision.

• Asian stocks and US equity futures began the week negative as focus remained on the US-China trade tensions
• President Trump thinks China felt they were being beaten so badly on negotiations that they may as well wait around for next election, but warned that a deal will become far worse for them if it is negotiated during his second term
• UK PM May is being pressured by cabinet ministers to drop cross-party Brexit talks and launch a final attempt to reach a...

• Asian stocks and US equity futures began the week negative as focus remained on the US-China trade tensions
• President Trump thinks China felt they were being beaten so badly on negotiations that they may as well wait around for next election, but warned that a deal will become far worse for them if it is negotiated during his second term
• UK PM May is being pressured by cabinet ministers to drop cross-party Brexit talks and launch a final attempt to reach a...

• US President Trump increased tariffs from 10% to 25% on USD200bln of Chinese goods; however, he did comment that a trade deal is possible this week
• Major European Indices [Euro Stoxx 50 +0.8%] are firmer following the choppy overnight action as sentiment turned risk-on as market’s remain hopeful that a deal can be secured
• Looking ahead, highlights include US CPI, Canadian Building Permits & Jobs Report, Fed's Brainard, Bostic & Williams, ECB's...

• US President Trump has increased tariffs to 25% from 10% on USD 200bln of Chinese goods; China says they will take countermeasures
• Choppy price action in Asian equities with Chinese Vice Premier Liu He reportedly stating that it is now up to President Trump and President Xi to work this out
• Looking ahead, highlights include German Trade Balance, UK GDP, Industrial, Manufacturing & Construction Output, US CPI, Canadian Building Permits & Jobs Report, Fed's...

• Major European indices [Euro Stoxx 50 -1.0%] remain subdued in-line with the performance seen overnight on continuing US-China uncertainty
• On the geopolitical front, and adding to the risk-off sentiment, reports state that North Korea fired what is likely to be two short-range missiles
• Looking ahead, highlights include US PPI & Wholesale Inventory, Fed's Powell, Bostic & Evans, RBNZ's Orr, supply from the US

ASIA-PAC

Asian equity markets were...

• Asian indices were negative ahead of the Chinese delegation arriving in Washington for the resumption of trade talks
• In FX, the DXY was steady along with other safe havens while remaining G10 currencies are subdued/flat vs USD
• Looking ahead, highlights include US PPI & Wholesale Inventory, Norges Bank Rate Decision, ECB's Lane & Nowotny, Fed's Powell, Bostic & Evans, RBNZ's Orr, supply from the UK & US
• Earnings: UniCredit,...

• Source reports indicate that China backtracked on legal issues affecting nearly every section of the proposed US trade agreement
• Major European indices [Euro Stoxx 50 -0.3%] have given up the mornings initial gains as sentiment turns once again on US-China updates
• FX markets are broadly reflecting the tentative tone, with JPY supported as a risk haven and Cable subdued on uncertainty around PM May’s departure
• Looking ahead, highlights include, ECB's Draghi, Fed's Brainard, Riksbank's af Jochnick,...

• Asian equity markets were mostly negative as ongoing US-China trade uncertainty continued to take its toll on risk sentiment
• UK PM May will reportedly stay in office until the Conservative party conference in September after setting a new summer deadline to finalize Brexit talks
• RBNZ cut rates by 25bps and lowered its forecasts for the future OCR path
• Looking ahead, highlights include, Swiss Unemployment Rate, German Industrial Output, BoE's...

• European Indices have drifted lower as the day progressed [Euro Stoxx 50 -0.6%], in-spite of reports that China’s VP Liu He is to attend trade talks in the US providing a boost to sentiment
• In FX, AUD is outperforming after the RBA stood pat and were less Dovish than anticipated in their statement; remaining G10 currencies are little changed vs USD.
• Looking ahead, highlights include US JOLTS EIA Short Term Energy Outlook, Fed's Kaplan & Quarles, BoE's Haldane, Supply from...

• Asian equities traded mixed as sentiment remained at the whim of the ongoing US-China trade uncertainty
• US Trade Representative Lighthizer confirmed the US will increase tariffs on China on Friday if there is no deal and that China was reneging on commitments
• UK PM May is facing fresh calls from within her party to step down as she attempts to secure a deal with Labour to break the Brexit deadlock
• Looking ahead, highlights include German Industrial Orders, US JOLTS, EU Commission Economic Forecasts,...

• European indices [Euro Stoxx 50 -2.0%] have succumbed to the risk off tone as US President Trump has threatened to hike tariffs on China, with Asia afflicted overnight from this, US equity futures are likewise subdued.
• Subsequently, China’s Foreign Ministry states that they hope the US can meet China halfway and are preparing to go to the US; although, they refrained to comment in Vice Premier Liu He will attend.
• In FX, safe havens propser while the remaining G10 currencies broadly underperform the...

• Monday: UK Holiday
• Tuesday: RBA Monetary Policy Meeting, EIA Short-Term Energy Outlook, Australian Retail Sales and Trade Balance, German Industrial Orders and Output, Japan returns from Golden Week Holiday
• Wednesday: RBNZ Monetary Policy Meeting, Brazilian Central Bank Monetary Policy Meeting, JMMC Meeting, China Trade Balance
• Thursday: Norges Bank Monetary Policy Meeting, US International Trade
• Friday: UK...

• Asia-Pac indices and US equity futures began the week with heavy losses as President Trump heightens tensions in the US-China trade war

· Subsequently, China is reportedly mulling cancelling trade discussions this week following US President Trump's tariff threats

·UK PM May remains optimistic that she is nearing a deal with the opposition Labour party on Brexit; MPs in her party and across the aisle are less upbeat about the prospects for a...

• European indices on the front foot [Euro Stoxx 50 -0.3%], but bonds backpedaling pre-NFP
• USD remains firm with the DXY just below the 98.0 level ahead of NFP
• Looking ahead, highlights include US Jobs Reports, US ISM Non-Manufacturing, Fed's Evans, Clarida, Williams & Bowman
• Earnings: Berkshire Hathaway, American Tower

ASIA-PAC

Asian equity markets were mixed with the region cautious ahead of the looming US NFP data and after losses on Wall...

• Asian equity markets were mixed with the region cautious ahead of the looming US NFP data and after losses on Wall St
• A report suggested that US and China trade talks may have hit an impasse. However, comments from US Commerce Secretary Ross suggested the two nations are in the end-game of negotiations
• Latest UK local council election results show Labour Party councillors dropped by 53 to 601 and Conservative party councillors dropped by 117 to 512 in England
• Looking ahead, highlights include UK...

• European indices [Euro Stoxx 50 -0.3%] have traded indecisively this morning as the region struggles to find direction
• In FX, the USD has lost a degree of its post-FOMC momentum, with the EUR garnering support from the EZ PMIs this morning
• On the trade front, reports indicate that Chinese Foreign Minister Yi is to travel to the US on Tuesday
• Looking ahead, highlights include, US Initial Jobless Claims and Labour Costs, US Factory Orders, BoE Rate Decision, QIR and Press Conference, ECB's...

• FOMC left rates unchanged as expected and announced a ‘technical’ cut in the IOER; Chair Powell stated that he does not see the case for moving policy in either direction
• Asian indices were mixed, as most of the region returned from market holidays, somewhat diverging from the negative Wall St lead
• Sources state that a US-China trade deal may be possible by next week, with reports indicating that there has been significant progress; however, the details still need to be worked out
• Looking ahead,...

• Markets have been quiet due to the mass closures for Labour Day, while the FTSE 100 (+0.1%) is similarly uninspiring
• In FX sterling outperforms but the broadly in line PMI did little for the currency, while NZD underperforms following the weak jobs data
• Looking ahead, highlights include US ADP & Construction Spending, US ISM Manufacturing PMI, FOMC Rate Decision & Press Conference, BoC's Wilkins and Poloz
• Earnings: CVS, Qualcomm. CME Group, Automatic Data Processing,...

• A quiet tone was observed in Asia-Pacific amid market closures, US equity futures were underpinned after-hours following Apple earnings
• Eurosceptic ministers fear that PM May is preparing to give in to Labour demands on Brexit after they were told an unpalatable result would be better than a disastrous one
• Looking ahead, highlights include UK Manufacturing PMI, US ADP & Construction Spending, US ISM Manufacturing PMI, FOMC Rate Decision & Press Conference, ECB's de Guindos, BoC's Wilkins and...