• European risk tone is hampered by mixed China data and subsequent cuts to the nations FY23 growth view by various desks
• Stateside, action is more contained with the docket relatively sparse ahead of Tuesday’s key earnings & with Fed blackout underway
• Crude benchmarks have returned to APAC lows on China & resumption of Libyan production, intersected by marked upside on a since withdrawn alert
• USD is pressured with havens outperforming...

• APAC stocks began the week subdued as participants digested mixed economic growth and activity data from China.
• Chinese GDP was firmer than expected QQ but disappointed YY, while Industrial Production topped estimates and Retail Sales missed.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.5% after the cash market closed up by 0.2% on Friday.
• DXY is contained just below the 100 mark, EUR/USD has maintained...

Week Ahead July 17-21st

• MON: PBoC MLF, South Korean Trade Balance Revised (Jun), Chinese GDP (Q2), Retail Sales, and Industrial Output (Jun)
• TUE: RBA Minutes, SARB Press Release, US Retail Sales (Jun), Canadian CPI (Jun), New Zealand CPI (Q2)
• WED: UK Inflation (Jun), EZ Final CPI (Jun),
• THU: PBoC LPR, CBRT Announcement, Japanese Trade Balance (Jun), Australian Jobs Report (Jun),
• FRI:...

• European bourses & US futures are relatively contained ahead of Fed speak and banking earnings
• Within Europe, Telecoms lag after updates from Ericsson and Nokia
• DXY struggles for direction just above 99.75 with peers mixed & JPY retreating
• Core fixed benchmarks diverge slightly as EGBs/Gilts extend while USTs slip ahead of data
• Commodities are generally contained with catalysts thin after a week of USD-driven...

• APAC stocks traded mostly higher after the positive lead from Wall St where yields continued to decline post-PPI.
• Fed's Waller (voter) said the Fed will likely need two more 25bps hikes this year and he favours raising rates at the July FOMC.
• European equity futures are indicative of a slightly lower open with the Euro Stoxx 50 -0.1% after the cash market closed up by 0.7% yesterday.
• DXY remains on a 99 handle, EUR/USD and Cable gain a...

• European bourses & US futures are firmer as the post-inflation action continues ahead of IJC
• DXY extends the post-inflation decline towards 100.00 amid a further retreat in yields
• Antipodeans outperform, EUR & GBP also bid; as above, fixed benchmarks continue to climb
• Crude inches higher with attention on Urals while spot gold is more contained but base metals extend
• Looking ahead, highlights include US IJC,...

• APAC stocks traded higher as the region reacted to the softer-than-expected US inflation data while weaker-than-expected Chinese trade data failed to dampen the spirit.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed up by 1.7% yesterday.
• DXY sits at its lowest level in over a year, EUR/USD and Cable maintain 1.11 and 1.30 status respectively, antipodeans lead.
• Fixed...

• European bourses are firmer across the board with Tech leading after favourable broker action
• US futures in the green but more contained ahead of CPI and Fed speak
• DXY continues to wane after losing 101.50, with JPY outperforming while antipodeans wane after Central Bank activity
• Core fixed income is modestly firmer as the recovery rally resumes and yields slip with the US belly heavy
• Commodities inch higher on the...

• APAC stocks traded mixed with the region cautious heading into today’s key US inflation data.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.4% after the cash market closed up by 0.7% yesterday.
• DXY slipped to a fresh two-month low as USD/JPY moved back below 140 and a firmer PBoC CNY fix, NZD is stronger post-RBNZ.
• RBNZ kept the OCR unchanged at 5.50% as expected and agreed that the OCR will need to...

• European bourses remain firmer but off best levels as sentiment slips throughout the morning
• Stateside, futures in-fitting though action has been more contained and they remain much closer to Unch.
• DXY fails to benefit from the pullback in risk appetite as CHF and JPY outperform with UST yields pulling back, EUR unreactive to weak ZEW
• Core benchmarks are bid, with Gilts in-fitting despite hawkish wage metrics
• Crude...

• APAC stocks were mostly positive following the tailwinds from the US while participants also reflected on China's support efforts.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.3% after the cash market closed up by 0.5% yesterday.
• DXY has extended further beneath 102, EUR/USD is back above 1.10, JPY leads the majors with USD/JPY below 141.
• Crude futures were marginally firmer owing to the risk tone, USTs...

• European bourses are firmer across the board but diverging with their US peers currently
• USD regains poise with Antipodeans fading and EUR noting OpEx; Scandis lead on CPI & Minutes
• Core fixed benchmarks are lower despite fleeting bounces ahead of data & several speakers
• Crude benchmarks remain softer post-Chinese CPI, base metals in-fitting while spot gold is more contained
• Yellen said the US & China...

• APAC stocks were mostly positive albeit with gains capped for many of the regional bourses.
• US equity futures lacked excitement as participants look ahead to this week's risk events including US CPI data; European equity futures are indicative of a lower open.
• The latest Chinese inflation data missed estimates with zero consumer inflation in the mainland and a deeper contraction in factory gate prices.
• US Treasury Secretary Yellen had a...

• MON: Riksbank Minutes, Bank of Israel Announcement, Chinese Inflation (Jun), Norwegian CPI (Jun), Chinese New, Yuan Loans (Jun)
• TUE: EIA STEO
• WED: BoC Announcement, RBNZ Announcement, German CPI Final (Jun), UK Jobs Data (May/Jun), German ZEW Survey (Jul), US CPI (Jun)
• THU: ECB Minutes, BoK Announcement, OPEC MOMR, IEA OMR, EU-Japan summit, UK GDP (May), US PPI final Demand (Jun)
• FRI: US University of...

• European bourse began in the red, but have since moved modestly into the green; US futures remain softer pre-NFP
• JPY continues its comeback as spreads tighten to the detriment of the USD, index tethered to 103.00
• Fixed income has resumed its downward trajectory despite initial two-way action, benchmarks currently at lows
• Crude is firmer and benefitting from the USD downside and the week’s OPEC/Saudi remarks
• Looking...

• APAC stocks were mostly lower amid spillover selling from global peers including in the US where the major indices were pressured.
• DXY remained confined to within a narrow range as price action calmed down from yesterday’s fluctuations, USD/JPY traded on both sides of the 144.00 level.
• European equity futures are indicative of a slightly higher open after the Euro Stoxx 50 cash closed down by 2.9% yesterday.
• Some key purchasers of Saudi...

• European bourses and US futures are pressured as growth concerns draw focus before key US data
• Cyclicals lag while defensives outperform, but remain red; Meta is bolstered as Threads launches
• DXY slips post-Minutes while USD/JPY reverses through 144.00 and Antipodeans lead despite risk aversion
• Gilts gap lower as BoE tightening expectations continue to lift, EGBs and USTs in-fitting with yields lifting further
• Crude...

• APAC stocks were mostly lower following the post-Independence Day hangover in the US owing to recent weak global data releases and a rising yield environment.
• The FOMC Minutes provided little to deviate from the current view of future rate increases - almost all participants judged it appropriate or acceptable to leave the target rate unchanged at the June meeting.
• Fed's Williams (voter) said he is not content with where inflation is right now, and that a June rate...

• European bourses are in the red after bleak EZ and Chinese PMI data, US futures similarly downbeat pre-FOMC Minutes
• Crude initially pressured on the above but lifted by Saudi commentary from the OPEC+ seminar
• DXY remains in close proximity to 103.00, with JPY benefitting from a broader yield pullback while EUR slips post-PMIs
• Fixed income is bid, following data and strong UK and German supply; yields lower, short-end...

• APAC stocks were mostly lower following the holiday lull stateside and as participants digested the latest Chinese Caixin Services PMI data.
• DXY eked mild gains and retained the 103.00 status with price action rangebound after the Independence Day celebrations in the US.
• Crude futures faded some of the prior day's gains amid the mostly risk-averse mood in Asia, while the focus turns to the OPEC International Seminar.
• Chinese President Xi...

• APAC stocks traded mixed with the regional bourses mostly rangebound amid the holiday-thinned conditions stateside
• DXY traded rangebound, EUR/USD and GBP/USD lacked direction, USD/JPY was choppy, AUD slipped after the RBA.
• The RBA decided to keep rates on hold, but maintained a hawkish tone and kept the door open for future rate hikes.
• Two drones were intercepted in the Moscow region and one in the Kaluga region, according to Russian...

• European bourses are firmer with sectors similarly supported while US futures are incrementally higher pre-ISM and after a constructive APAC handover
• Tesla outperforms in the pre-market after record Q2 deliveries, TSLA +6.2%
• In FX the USD recovers post-Friday’s data while CHF lags post-CPI, EUR hit on PMIs and JPY dented as yield differentials widen
• Crude benchmarks were initially contained but have seen renewed upside on the Russian and...

• APAC stocks began the new trading month on the front foot with momentum from last Friday's rally on Wall Street; European equity futures are indicative of a marginally higher open.
• DXY was contained ahead of the thinned conditions stateside where markets will close early owing to tomorrow’s Independence Day celebrations.
• Chinese Caixin Manufacturing PMI topped forecasts for its second consecutive monthly expansion.
• US confirmed that Treasury...

Week Ahead July 3-7th

• MON: BoJ Tankan Survey (Q2), Chinese Caixin Manufacturing PMI Final (Jun), Swiss CPI (Jun), EZ/UK/US Manufacturing PMI Final (Jun), US ISM Manufacturing PMI (Jun)
• TUE: RBA Announcement, NBH Announcement, South Korean CPI (Jun), German Trade Balance (May),
• WED: FOMC Minutes, Chinese Caixin Services PMI Final (Jun), EZ/UK/US Services & Composite PMI Final (Jun), US Durable Goods R...

• European bourses trade on the front-foot with the Stoxx 600 on track to close the week out with gains, with little action seen on the EZ Flash CPI metrics.
• US equity futures are around flat/tilting higher ahead of today’s key PCE data for May, before traders head out for the long Independence Day holiday weekend.
• ASML does not expect the Dutch government's chip export measures to have a material impact on its financial outlook.
• China may...