• Asian indices are mixed, following on from Wall St. finishing flat, breaking its week-long win streak
• In FX, the USD is little changed ahead of US CPI; with main G10 counterparts relatively steady as well
• US President Trump says he is the one holding up the US-China trade deal, and that he expects to meet President Xi at the G20 summit
• Looking ahead highlights include, US CPI, ECB’s Draghi, de Guindos & Coeure. Supply from Germany &...

• European indices are firmer this morning [Euro Stoxx 50 +0.9%], taking the lead from a positive Asia-Pac session.
• In FX, Sterling is outperforming G10 counterparts on the combination of both strong UK labour data and hawkish BoE speak
• Looking ahead highlights include, US PPI. Supply from the US

ASIA-PAC

Asian equity markets were higher across the board after a similar lead from US where sentiment was underpinned by the US-Mexico tariff relief which lifted the...

• Asian indices are higher as sentiment remains supported on US-Mexico tariff relief
• BoE’s Saunders says the BoE will likely need to return to a neutral stance sooner than expected and rates do not necessarily need to be on hold until Brexit uncertainty fades
• Looking ahead highlights include, UK Employment Data, US NFIB & PPI, ECB’s Nowotny & Rehn, BoE’s Vlieghe, Saunders, Broadbent & Tenreyro. Supply from the...

• European Indices  [Euro Stoxx 600 +0.2%] are firmer as risk sentiment remains positive after the US agreed to advert tariffs on Mexico
• In FX, the USD outperforms its G10 counterparts with antipodeans lagging on mixed China trade, while GBP declines with UK GDP
• Looking ahead highlights include; Canadian Housing Starts & Building Permits, US Jolts, BoE’s Saunders

ASIA-PAC

Asian equity markets began the week higher with sentiment underpinned...

• WEEKEND: G20 finmin/cbank heads meet.
• MON: US to impose tariffs on Mexico; UK Tory leadership campaign starts; Japan GDP; UK GDP, Manufacturing; Canada housing.
• TUE: EIA STEO, UK jobs report
• WED: China CPI, US CPI, CBRT.
• THU: OPEC MOMR.
• FRI: IEA oil report, CBR.

G20 FINMIN/CBANKS HEAD MEETING (WEEKEND):

Ahead of the leaders’ summit on 28-29 June, G20 finance ministers and central bank officials will meet on the weekend at Fukuoka in...

• Asian indices are firmer with sentiment bolstered by the US and Mexico reaching an agreement to avoid tariffs
• Sources indicate that ECB policymakers are said to be open to lowering rates if growth weakens
• In FX, the USD has benefited as tariffs were avoided with MXN outperforming; GBP is subdued as the Tory leadership contest begins
• Looking ahead highlights include; UK GDP, Services, Industrial & Manufacturing Output, Canadian Housing...

• European indices [Euro Stoxx 50 +1.0%] are firmer as the positive sentiment rolls over from Asia-Pac session ahead of NFP
• White House Press Secretary Sanders stated that the US is moving ahead with Mexico tariffs, President Trump reportedly plans to declare a national emergency to impose the tariffs
• Looking ahead, highlights include, US & Canadian Jobs Report, Fed's Barkin

ASIA-PAC

Asian equity markets were mostly higher following the tailwinds...

• Asian equity markets were mostly higher following the tailwinds from US where sentiment was underpinned by hopes of averting tariffs on Mexico
• However, White House Press Secretary Sanders later cast doubts on this and stated the US is still moving ahead with tariffs
• DXY consolidated around the 97.00 level after the prior day’s tumultuous session in which the USD lost ground against EUR
• Looking ahead, highlights include German Industrial Output & Trade Balance, US & Canadian Jobs Report,...

• European indices are firmer [Euro Stoxx 50 +0.8%], diverging from the mixed performance of their Asia-Pac counterparts
• US President Trump stated that tariffs on China could be raised to another USD 300bln if necessary due to trade disputes
• In FX, the USD has consolidated above 97.0 while the EUR remains within a relatively narrow band ahead of ECB and close to notable option expiries
• Looking ahead highlights include; US International Trade, Initial Jobless Claims, Labour Cost & Productivity, ECB...

• Asian indices are mixed with sentiment subdued by the lack of Mexico tariff progress and as Chinese agencies are discussing opinions on countermeasures against the US
• In FX, the DXY is flat but at prior session highs with G10 peers subdued as a result
• Looking ahead highlights include; German Industrial Production, EZ GDP (Revised), US International Trade, Initial Jobless Claims, Labour Cost & Productivity, ECB Rate Decision & Staff Projections, BoE’s Carney, ECB’s Draghi, Fed’s Kaplan &...

• European Indices [Euro Stoxx 50 +0.3%] are firmer but notably not as buoyed as the Asia-Pac session was overnight
• In FX, the USD remains weak with the DXY back below the 97.0 handle to the benefit of all (ex-JPY) G10 counterparts
• European Commission are to instigate infringement processes against the Italian Government due to their fiscal policy
• Looking ahead, highlights include US Composite and Services PMI, US ADP, ISM Non-Manufacturing PMI, Fed’s Clarida, Evans, Rosengren,...

• Asian indices were higher as the region took impetus from Wall St. posting its largest daily gain since early-January
• Italian Deputy PM’s Salvini and Di Maio have reached an agreement to work together
• In FX the DXY dropped towards the 97.0 level following Fed comments; to the benefit of most G10 counterparts
• Looking ahead, highlights include EZ & US Composite and Services PMI, UK Services PMI, US ADP, ISM Non-Manufacturing PMI, BoE’s...

• Major European indices [Euro Stoxx 50 +0.6%] are firmer after a subdued Asia-Pac lead, though the tech sector is still the underperformer
• China have reportedly issued a warning against travelling to the US, and the Foreign Ministry states that it is clear every set back in trade talks was due to the US breaking consensus
• In FX, the USD has recovered to above the 97.0 handle while the AUD has been largely resilient to the RBA rate cut and Governor Lowe’s comments
• Looking ahead, highlights include US...

• Asian indices are largely negative as tech suffered in sympathy with Wall St. and the US accused China of misrepresenting trade talks
• Fed’s Bullard (Voter) said a rate cut may be warranted soon amid trade and inflation concerns
• RBA cut rates as expected; to support employment growth and generate greater confidence around the inflation target
• Looking ahead, highlights include UK Construction PMI, EZ CPI (Flash) & Unemployment Rate, US...

• European indices remain subdued [Euro Stoxx 50 -0.1%] but have grinded higher after a downbeat Asia-Pac lead as China issued a White Paper blaming the US for the deterioration in trade talks
• In FX, the DXY remains below the 98.0 handle and relatively unchanged for the session ahead of key risk events throughout the week
• Looking ahead, highlights include US mfg PMIs, ISM mfg PMI, Fed’s Quarles, Barkin and Bullard

ASIA-PAC

Asian equity markets traded...

• MON: Swiss CPI, Turkish CPI, EZ, US/UK mfg PMI, US ISM mfg, construction spending, NZ trade
• TUE: RBA, UK cons PMI, EZ CPI & unemployment, US factory orders, Aus GDP
• WED: EZ, UK & US services PMI, EZ PPI, retail sales, US ADP, ISM non-mfg, NBP, Aus Trade
• THU: German factory orders, RBI & ECB, EZ employment & GDP (F), US trade, unit labor costs, nonfarm productivity, Canadian trade
• FRI: Swiss unemployment, German & French trade, German IP, US & Canadian labor market...

• A subdued start to the week for Asian indices as China released a White Paper blaming the US for trade talks deteriorating, and are to create an unreliable entity list
• In FX, the DXY remains below the 98.0 level as the US faces a two-front trade war; while, EUR and GBP are benefiting from the USD weakness
• Looking ahead, highlights include EZ, UK and US mfg PMIs, ISM mfg PMI, Fed’s Quarles, Barkin and...

• European Indices are firmly in negative territory [Euro Stoxx 50 -1.7%] following US Presidents Trump’s plans to place tariffs on Mexican goods at an initial level of 4%
• China’s Global Times Editor states that China will take major retaliatory measures against the US placing Huawei and other Chinese companies on an Entity List
• In FX, the Mexican Peso underperforms while safe haven JPY benefits from the risk-off tone
• Looking ahead, highlights include German CPI (Prelim), US Core PCE Price Index,...

• Asian indices are subdued with sentiment weighed on by US President Trump’s plans to place tariffs on Mexican goods at an initial level of 5%
• Chinese Manufacturing PMI moved into contractionary territory and printed below the estimate at 49.4
• China reportedly has plans to limit rare earth sales to the US if necessary, while US VP Pence says Trump and Xi will likely meet at the G20 summit
• Looking ahead, highlights include German Retail Sales...

• European Indices [Euro Stoxx 50 +0.5%] have stayed positive after opening in positive territory, diverging from the subdued Asia-Pac session
• China’s MOFCOM says tariffs will not solve trade imbalances, and they will not accept a trade deal which hurts their pride/sovereignty
• Looking ahead, highlights include US GDP (2nd Estimate), Core PCE, Advanced Goods Balance, Pending Sales Change & Initial Jobless Claims, Canadian Average Weekly Earnings, Fed's Clarida, BoC's Wilkins
• Market Holiday: Swiss,...

• Asian indices followed the negative tone on from their US counterparts as Wall St. extended on the prior day’s losses
• In FX the USD is firmer, with the DXY holding above the 98.00 level as counterparts, particularly EUR and GBP, remain subdued
• Looking ahead, highlights include US GDP (2nd Estimate), Core PCE, Advanced Goods Balance, Pending Sales Change & Initial Jobless Claims, Canadian Average Weekly Earnings, BoE's Ramsden, Fed's Clarida, BoC's Wilkins,...

• European Indices [Euro Stoxx 50 -1.6%] are firmly in negative territory, as the risk-off sentiment spills over from the Asia-Pac session
• US Treasury’s currency report stated that no major trading partner met the currency manipulation list; but 9 countries, including China, have been placed on the watchlist
• Looking ahead, highlights include, BoC Rate Decision, ECB’s Visco, supply from the US

ASIA-PAC

Asian equity markets were mostly lower following the...

• Asian indices are subdued following on from their US counterparts where the E-mini S&P dropped below the 2800 level as US-China tensions remain a key trading theme
• US Treasury released their currency report placing 9 countries, including China, on the watchlist but did not name any as manipulators
• Looking ahead, highlights include French GDP, German Unemployment, BoC Rate Decision, ECB’s Weidmann, Mersch, Rehn & Visco, supply from Germany and the...

• European Indices [Euro Stoxx 50 -0.6%] are broadly softer as the region failed to capitalise on the positive Asia-Pac momentum
• On the trade front SCMP reports that US-China talks hit a snag as the US side ‘kept adding new demands in late stages of the negotiations’
• Looking ahead, highlights include US Consumer Confidence and supply from the US

EU PARLIAMENTARY ELECTIONS SUMMARY

European elections failed to deliver any drastic upsets; right wing anti-EU parties...

• MON: UK and US Market Holiday.
• TUE: Hungary rate decision.
• WED: BOC rate decision, German Jobs Report, Richmond Fed.
• THU: Aussie Building Approvals, CAPEX; NZ Budget; US GDP, Pending Home Sales.
• FRI: Japanese jobs data, Tokyo CPI, industrial output; BOK rate decision; German retail sales, CPI; US personal spending, core PCE, Michigan; Canadian GDP