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  • Asian equity markets traded subdued with the regional bourses mostly lower after the mixed performance on Wall Street
  • In the US, tech outperformed amid a decline in yields to lift both the S&P 500 and Nasdaq to fresh all-time highs
  • In FX, the DXY was rangebound below 92.00, EUR/USD held onto 1.19 status, GBP/USD lost 1.39
  • Commodities were pressured overnight in which WTI crude futures extended on the prior day's declines to test USD...
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  • Equities are contained in relatively narrow ranges after an uneventful APAC session; Euro Stoxx 50 -0.3% and ES U/C
  • FX is rangebound and the USD has been either side of the U/C throughout the morning with GBP outperforming but peers broadly contained
  • USTs are firmer and the yield curve is bull-flattening ahead of Fed speak while EGBs are closer to the U/C mark
  • President Biden said he doesn’t plan to veto a bipartisan infrastructure bill if...
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  • MON: BoJ Summary of Opinions (Jun)
  • TUE: German CPI Prelim (Jun); EZ Sentiment Survey (Jun); Japanese Jobs Data (May); US Monthly Home Prices (Apr)
  • WED: Chinese Official PMIs (Jun); Japanese Industrial Output (May); German Unemployment (Jun); EZ Flash CPI (Jun); US ADP National Employment (May); UK GDP (Q1); Canadian Monthly GDP (May) PPI (May); US Chicago PMI (May)
  • THU: OPEC+ Meeting; Riksbank Policy Decision; Japanese...
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  • Asian equity markets were subdued following a light weekend in terms of macro drivers ahead of NFP on Friday
  • US equity futures were uneventful with the Emini S&P fading an initial extension to fresh record highs
  • In FX markets, the DXY remains sub-92.00, EUR/USD trades on a 1.19 handle and GBP/USD has lost 1.39 status
  • President Biden is said to have dropped his threat to veto a bipartisan infrastructure bill if it comes without a...
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  • European equities are mixed but contained while US futures are steady as we await infrastructure updates, ES +0.1%
  • US Senate Minority Leader McConnell has gone from optimism to pessimism on infrastructure after Biden's veto threat
  • FX is rangebound with the USD lower and NZD outperforming post-data while GBP lags but magnitudes are minimal overall
  • Nike beat on top and bottom lines and are +14% in the pre-market while US banks are bolstered...
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  • Asia-Pac equities picked up momentum throughout the session; Nikkei 225 climbed back above 29k
  • US equity futures overnight traded with a mild upside bias with the YM marginally outperforming
  • In FX, the DXY was contained, USD/JPY remained sub-111.00 and NZD outperformed
  • US Senate Minority Leader McConnell has gone from optimism to pessimism on infrastructure after Biden's veto threat
  • A US State Department official...
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  • Equities took impetus from Ifo beats after mixed/contained APAC trade, Euro Stoxx 50 +0.9%, ES +0.4%
  • The USD is modestly pressured with G10 peers firmer but rangebound while core debt has stabilised
  • A bipartisan group of US senators has reached an accord on a framework for an infrastructure bill; some remain cautious
  • China's Banking and Insurance Regulator official expects China's monthly PPI to reach 10%, adding pressure to...
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  • Asia-Pac bourses saw a mixed and contained session; US equity futures traded with a mild upside bias overnight
  • FX was quiet, DXY remained caged under 92.000, EUR/USD and GBP/USD traded sideways whilst USD/JPY printed a fresh YTD high at 111.11
  • China's Banking and Insurance Regulator official expects China's monthly PPI to reach 10%, adding pressure to consumption
  • A bipartisan group of US senators has reached an accord on a framework for an...
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  • Equities have slipped/stalled in proximity to all-time-highs, Euro Stoxx 50 -0.6% and ES U/C, amid quiet newsflow
  • The USD is subdued with peers modestly firmer ex-JPY which has dropped to fresh YTD lows surpassing 111.00
  • EZ flash PMIs were firmer than expected though the French measures missed on expectations while the UK prints were more mixed
  • US and China are discussing a possible meeting between Secretary of State Blinken and Foreign...
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  • Asia-Pac equities saw mixed trade; Hong Kong outperformed while Australia lagged
  • US equity futures held a mild upside bias overnight near the prior session's highs
  • In FX, DXY was firm, Antipodeans underperformed and the Yuan came under pressure
  • China said its military is ready to respond to all provocations after a US ship sailed through the Taiwanese Strait
  • China State Planner has sent teams to investigate commodity...
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  • Equities drifted at the European cash open but catalysts were slim and performance has been rangebound; most recently, US futures have returned to near unchanged levels
  • Crude is pressured given source reports that Russia is considering proposing an increase in OPEC+ oil production at the July 1st meeting; with subsequent reports adding to this
  • FX has been relatively contained with the DXY firmer to the detriment of peers while core debt picks up but is in recent...
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  • Asia-Pac equities staged a rebound from the prior day's sell-off; Nikkei outperformed and the Hang Seng lagged
  • US equity futures traded flat and near the prior session’s best levels; US 10yr cash yield probed 1.50% overnight
  • FX was quiet, DXY hovers around 92, EUR/USD and GBP/USD found support at 1.1900 and 1.3900; USD/JPY drifted higher towards 110.50
  • Fed Chair Powell's prepared testimony to Congress reiterated recent...
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  • US futures are firmer, ES +0.5%, after bouncing from overnight pressure as APAC players reacted to Friday's hawkish Fed remarks; Euro Stoxx 50 +0.4%
  • FX has been choppy though the DXY is ultimately subdued but still holds 92.00 to the benefit of peers across the board
  • Core debt remains firmer though nearing the U/C mark as sentiment improves with yields now only marginally lower after dipping below 1.40% and 2.00% overnight for the 10 & 30yr...
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MON: PBoC LPR Announcement

TUE: US Richmond Fed Survey (Jun); NBH Policy Decision

WED: EZ, UK and US Markit Flash PMIs (Jun); Canadian Retail Sales (Apr); CNB & Thai Policy Decisions, SNB Quarterly Bulletin (Q2)

THU: BoE Policy Decision; German Ifo Survey (Jun); US Durable Goods (May), GDP and PCE Prices Finals (Q1); New Zealand Trade Balance (May); Banxico Policy Decisions, CBRT Minutes (June), Canadian Provincial Holiday (St John...

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  • A risk-off tone was seen overnight. Nikkei 225 lost the 28k level but Mainland China bucked the trend
  • US equity futures drifted lower overnight in which the NQ and YM declined under 14k and 33k respectively
  • Yields continued to pull back; the US 10yr and 30yr cash yields dipped below 1.40% and 2.00% respectively
  • In FX, the DXY was choppy but remained firm, EUR/USD traded sub-1.1900, JPY and Antipodeans...
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  • European bourses are modestly pressured, Euro Stoxx 50 -0.3%, amid a relatively quiet session featuring banks & energy names as the laggards; ES -0.1%
  • The DXY remains elevated though failed to retain 92.00 as US yields pulledback, with FX peers pressured and energy-exposed FX lagging
  • BoJ maintained policy settings as expected and extended pandemic relief measures by six months
  • NHC issued a tropical storm watch for the Mexican Coast and...
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  • Asian equities were sluggish following the mixed lead from Wall Street where the NDX posted a fresh record high
  • White House National Security Adviser Sullivan said they are considering a call between US President Biden and Chinese President Xi
  • BoJ maintained policy settings as expected and extended pandemic relief measures by six months
  • In FX, the DXY eyes 92.00 to the upside as EUR/USD and GBP/USD lost 1.19 and 1.39 status...
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  • Equities remain subdued post-FOMC with pressure exacerbated on base-metal prices while banks are the clear outperformers; ES -0.3%, Euro Stoxx 50 -0.2%
  • The USD remains supported surpassing/testing mid-April highs sub-92.00 with peers pressured across the board; SNB and Norges Bank were largely as expected
  • US bipartisan group of around 20 Senators said they support an infrastructure investment framework without raising taxes and looks forward to developing...
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  • Fed kept rates and QE unchanged as expected but caught markets off guard with hawkish Fed dot plots
  • Fed raised IOER to 15bps (prev. 10bps) and hiked RRP rate to 5bps from 0bps
  • The DXY surged above 91.00, EUR/USD and GBP/USD lost 1.20 and 1.40 handles respectively
  • Asian equity markets traded mostly lower with risk appetite subdued in reaction to the FOMC
  • US President Biden warned Russian President Biden against...
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  • Equities are contained pre-FOMC, though we have picked up a touch as US participants arrive; ES +0.1%; Euro Stoxx 50 +0.3%
  • China said it will release national reserves of copper, aluminium and zinc and ordered state firms to curb overseas commodities exposure
  • The USD is lower given inflation-induced GBP strength while core debt has bounced slightly but conviction remains slim
  • Oracle is pressured in the pre-market post earnings where its EPS...
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  • Asian equity markets were subdued following the losses on Wall St; US equity futures traded flat overnight
  • In FX, the DXY was rangebound, EUR/USD remained above 1.2100, Cable traded under 1.4100 and USD/JPY held onto 110.00
  • The US is considering establishing a permanent naval task force in the Pacific region as a counter to China’s growing military strength, sources stated
  • China said it will release national reserves of copper, aluminium and...
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  • European equities now see more of a mixed picture whilst US equity futures move sideways, with the ES and NQ just off ATHs
  • In FX, the DXY traded on either side of 90.50, GBP/USD lost 1.4100 status whilst USD/TRY extended gains above 8.5000
  • Copper prices plumb the depths upon China's return with speculation of the release of state copper reserves
  • EU and US have reached a deal to resolve the Boeing (BA)/ Airbus (AIR FP) dispute, whilst the UK...
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  • Asia-Pac bourses were mixed as the positive bias from Wall St was offset after Chinese markets returned from the extended weekend
  • UK PM Johnson confirmed a delay to the removal of further restrictions in England for four weeks until July 19th
  • In FX, the DXY consolidated around 90.50, EUR/USD little changed on a 1.21 handle and GBP/USD tested 1.41 to the downside
  • EU and US are set to resolve the Boeing (BA) - Airbus (AIR FP) dispute over...
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  • European bourses are firmer but off highs after a holiday-thinned APAC handover; US equity futures meanwhile trade sideways
  • DXY trades around 90.50 in a tight range, with peers somewhat mixed and GBP underperforming and NZD outperforming
  • The White House said the G7 agreed to a new global infrastructure initiative named the Build Back Better World or B3W to rival China’s Belt & Road initiative
  • UK government approves a four-week delay to...
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  • MON: EZ Industrial Production (Apr); Hong Kong and China Holidays (Tuen Ng Day/Dragon Boat Festival).
  • TUE: Germany CPI Final (May); UK Jobs Report (Apr/May); US PPI (May) and Retail Sales (May); RBA Minutes (June).
  • WED: FOMC Policy Decision; Japanese Trade Balance (May); Chinese Retail Sales (May) and Industrial Production (May); UK Inflation (May); Canadian CPI (May); New Zealand GDP (Q1); BCB Policy Decision, US President Biden and Russian President Putin...
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