• FOMC Minutes stated a couple of policymakers would have preferred a 50bps rate cut to address low inflation and that several favoured maintaining rate
• A reference to the “mid-cycle adjustment” suggests that Fed Chair Powell's use of the phrase was not an off-the-cuff remark
• German Chancellor Merkel said she would welcome a negotiated Brexit deal but is ready for all outcomes and challenged UK PM Johnson to come up with a solution to avert a no-deal...

• European indices are firmer this morning as risk sentiment recovers somewhat, to the detriment of fixed income and safe havens
• Fed’s Daly stated she does not think we are heading for a recession while Fed’s Kashkari believes Fed should use forward guidance now and will argue for cuts in September
• USD is mixed vs. G10 counterparts though is outperforming safe havens on sentiment and Sterling ahead of UK PM Johnson's meeting with German Chancellor Merkel
• Looking ahead, highlights include Canadian CPI,...

• Asian equity markets traded subdued as the region conformed to the dampened global risk tone with markets cautious ahead of looming FOMC risk
• EU sources reportedly believe UK PM Johnson is pulling British officials out of EU meetings which hints that the PM is not serious about achieving a Brexit deal
• Italian PM Conte submitted his resignation to Italian President Mattarella. Conte was then asked by President Mattarella to stay as a caretaker...

• European bourses are little changed this morning after a mixed Asia-Pac handover and little in the way of catalysts since then
• DXY has inched closer to August highs with Sterling subdued and safe havens deriving some safe haven impetus
• Italian PM Conte to address the senate at 14:00BST/09:00ET on the ongoing political crisis
• Looking ahead, highlights include Italian PM Conte addressing the Senate, Fed’s Quarles & Daly

ASIA-PAC

Asian equity markets traded mixed as the...

• Asian equity markets traded mostly higher as the region benefitted from the mild tailwind in the US
• UK PM Johnson told EU's Tusk in a letter he hopes the UK will leave the EU with a deal, but the backstop must be scrapped
• DXY held on to recent gains although price action was uneventful ahead of this week’s FOMC Minutes and Jackson Hole symposium
• Looking ahead, highlights include Norwegian GDP, APIs, Italian PM Conte addressing the Senate, Fed’s Quarles
• Earnings: Persimmon, Home Depot,...

• European indices (+0.9%) are benefiting from the improved risk sentiment thus far, to the detriment of the fixed income complex and safe havens
• PBoC announced that it will make the Loan Prime Rate the new Benchmark Reference Rate, which will be linked to the Medium-term Lending Facility rate
• US President Trump reiterated he is not ready to make a deal with China, reports stated that the Trump administration will grant Huawei an additional 90-day extension, a decision is to be made today
• Looking...

• MON: Japanese Trade Balance, EZ CPI,
• TUE: Swiss Trade Balance, German PPI, Norwegian GDP, Canadian Manufacturing Sales, RBA Minutes
• WED: Norwegian Unemployment, South African CPI, Canadian CPI, US Existing Home Sales, FOMC Minutes
• THU: EZ & US Manufacturing, Services and Composite PMIs, Swedish Unemployment, EZ Consumer Confidence, NZ Retail Sales, ECB Minutes
• FRI: Japanese National CPI, Canadian Retail Sales, US...

• European indices are higher across the board, the FTSE 100 saw a delayed start on technical issues and EU banking names saw a sudden sell-off
• US President Trump doesn’t believe China will retaliate on tariffs, and a call is scheduled with Chinese PM XI
• Iran has not given any assurances on Grace 1 not going to Syria, saying it was not heading there originally
• Looking ahead, highlights include US Building Permits & Housing Starts, University of Michigan Sentiment, OPEC Monthly Oil Market Report,...

• Asian equity markets struggled for firm direction following the mixed lead from Wall St where most major indices eventually saw some composure
• US President Trump said he doesn't think China will retaliate to an increase in tariffs and understands the September meeting between negotiators is still on
• Fed Chair Powell reportedly banned Fed staff from any public appearances and is determined not to fuel the struggle between an independent Fed and President...

• Risk-off resumed as US-China trade tensions flared up; stock futures slumped and fixed income surged
• China's Finance Ministry says China will have to take countermeasures on US moves, US actions violate the consensus reached in Osaka’s G20 meeting
• US President Trump tweeted that China is eating tariffs with currency devaluation and that the tariff delay helps China more than US, but will be reciprocated
• Looking ahead, highlights include US Retail Sales, US NY Fed, Initial Jobless Claims, Industrial...

• Asian equities conformed to the rout seen on Wall St. where all major indices fell around 3% and the DJIA slumped 800 points in its worst performance YTD
• US President Trump tweeted that China is eating tariffs with currency devaluation and that the tariff delay helps China more than US, but will be reciprocated
• British officials reportedly strongly dispute the EU's interpretation that PM Johnson's actions and demands mean he is now deliberately aiming for a No Deal outcome
• In FX, DXY was relatively...

• European equities are lower across the board as yesterday’s risk on sentiment fizzles out a Chinese data disappoints, and Germany prints a Q/Q GDP contraction
• China is to keep its plan for September trade talks in Washington with the US following the US tariff delay, according to sources
• The US 2yr/10yr yield curve has inverted for the first time since 2007 with Bunds printing fresh contract highs above the 178.0 mark
• Looking ahead, highlights include US Import/Export prices
• Earnings: Cisco...

• Asian equity markets traded higher across the board with global risk appetite spurred by a de-escalation in the US-China trade war
• Continued PBoC liquidity efforts and a firmer CNY fix added to the optimism before weaker than expected Chinese data saw stocks give back some of their gains
• Italian Senate rejected League's call for a no confidence vote in parliament on Wednesday and are to debate the no confidence motion in parliament on August 20th
• Looking ahead, highlights include German Q2 GDP...

• European indices are lower [Euro Stoxx 50 -0.5%] as sentiment remains risk off as the geopolitical situation remains tense with dismal German data not helping
• Hong Kong's airport has reportedly suspended all check-ins, following online calls for another day of public assembly
• USD is mixed between G10 counterparts with antipodeans and safe-havens outperforming and EM’s lagging
• Looking ahead, highlights include US CPI & Italian Senate meeting to decide on Confidence Vote timing...

• Asian equities followed suit from the losses on Wall St with sentiment sapped by the continued overhang from the US-China trade war and disruptions in HK
• UK PM Johnson believes EU will cave in at the last minute to save Ireland from a no-deal Brexit, according to reports citing a Downing Street source
• Italian Senate is to meet today at 1700BST to decide when to debate the League no-confidence motion in government
• Looking ahead, highlights include German CPI & ZEW, UK Employment, US CPI, UK 2049...

• European indices are now little changed, after a volatile morning dictated by risk sentiment amidst further unrest in Hong Kong
• Hong Kong’s airport authority have activated an ‘emergency center’, and all non-checking in flights cancelled for Monday; reports indicate the People’s Armed Police are heading towards Shenzhen
• China Global Times Editor tweeted that as long as US forces a deal on China through maximum pressure, there will never be a deal
• Looking ahead, highlights include Italian Senate to...

• MON: N/A
• TUE: German CPI, UK Labour Market Report, German ZEW, US CPI.
• WED: Australian Wage Price Index, Chinese Industrial Production, Retail Sales, German GDP, Swedish CPI, UK CPI, PPI and RPI, EZ GDP.
• THU: Australian Employment Report, Norges Bank, UK Retail Sales, US Philly Fed, NY Empire State Manufacturing, Retail Sales, Industrial Production.
• FRI: OPEC Monthly Report, Eurozone Trade Balance, US Building...

• Asian equity markets began the week with a cautious tone, Japan, India and Singapore were away on holiday
• In FX markets, the DXY was flat, EUR and GBP received some mild reprieve and USD/JPY revisited Friday’s lows
• China Global Times Editor tweeted that as long as US forces a deal on China through maximum pressure, there will never be a deal
• UK MPs are reportedly drawing up plans to force PM Johnson to request a Brexit extension, while...

• European indices are firmly in negative territory [Euro Stoxx 50 -1.0%], as the mixed Asia-Pac handover fizzled out
• BTPs, FTSE MIB and Italian Banks are under significant pressure as recent reports indicate League Party are to present a no-confidence motion in the Government
• UK GDP Prelim QQ Q2 -0.2% vs. Exp. 0.0%, after which Sterling touched multi-year lows at 1.2080
• Looking ahead, highlights include, include US PPI, Canadian Building Permits & Jobs...

• Asian equity markets traded mostly higher as the region got a mild tailwind from the strong performance on Wall St and continued PBoC restraint on the CNY
• US delayed the decision regarding Huawei licenses following China’s suspension of agricultural purchases
• Italian Deputy PM and League leader Salvini said there is no longer a majority to support the government and it is necessary to hold fresh elections
• AUD/USD tumultuous at the whim of central bank rhetoric including RBA Governor Lowe’s...

• European indices are firmer thus far, as risk sentiment remained positive after a upbeat Asia-Pac session following strong Chinese data and a firmer than expected CNY reference rate
• Saudi official says it plans to keep its production below 10mln BPD, committed to do what ever it takes to keep the oil market balanced
• Dollar is generally softer vs. G10 counterparts, with antipodeans outperforming on the China data though NZD has been impacted by dovish comments from RBNZ Hawkesby
• Looking ahead,...

• Asian equity markets gained as a firmer than expected PBoC reference rate setting and Chinese trade data helped the region shake off initial tentativeness
• DXY flatlined during Asian hours with price action stuck around 97.50 and with uneventful trade observed across its major counterparts
• UK PM Johnson reportedly could call for a general election on November 1st (one day after Brexit), to get a boost from Leave supporters
• Looking ahead, highlights include US Initial Jobless Claims & Wholesale...

• European indices [Euro Stoxx 50 +1.3%] are firmer this morning defying the mixed Asia-Pac handover
• RBNZ and RBI cut rates by 50bp and 35bp respectively, adding further fuel to the global growth narrative
• Fixed continues to make ground with -60bps Bund yield ahead and Gold is inching closer to the USD 1500/oz mark
• Looking ahead, highlights include, Canadian Ivey PMI, Fed’s Evans, RBA’s Bullock & supply from the US
• Earnings: CVS & Fox

ASIA-PAC

Asian equity...

• 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...