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  • Asian equity markets failed to fully sustain the positive handover from Wall St with regional bourses indecisive amid geopolitical tensions and COVID-19 fears
  • Japanese trade data showed a larger than expected slump in Exports Y/Y, with Japan’s US-bound exports at the fastest pace of decline since March 2009
  • The DXY held on to the prior day’s gains around the 97.00 level with EUR/USD below 1.1300 and GBP/USD briefly below 1.2550
  • White House is in deep discussions on new stimulus worth at least USD...
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  • Sentiment is firmer this morning following the positive APAC lead which was bolstered by a draft US infrastructure plan; US futures are off highs, but are still over 1% firmer on the session
  • US President Trump administration is working on a draft plan for USD 1tln infrastructure proposal to stimulate the economy
  • North Korea demolished the inter-Korean joint liaison office & separately, Indian soldiers have reportedly been killed after a clash with Chinese soldiers
  • BoJ kept policy settings...
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  • Asia-Pac bourses notched considerable gains as the region took impetus from Wall Street's recovery
  • Optimism in the US was spurred by the pace of infections slowing in key US states and the Fed’s decision to directly purchase corporate bonds
  • WHO said more than 100 cases have now been confirmed in Beijing and China warned there is a very high risk of the new Beijing coronavirus cluster spreading
  • The BoJ kept policy settings unchanged but noted the size of market operations and lending facilities to...
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  • European equities opened with substantial losses but have since recuperated much of the downside
  • Beijing reported 36 new local cases on Monday bringing the total confirmed cases to 79 – with eight out of 16 districts in Beijing reporting cases on Monday according to Global Times
  • Beijing shut a fruit and vegetable market and imposed lockdown restrictions on residential areas nearby
  • UK PM Johnson is to tell EU leaders today that Brexit talks must be concluded by autumn at the latest
  • In FX, DXY...
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  • Asian equity markets traded negative and US equity futures also began the week on the backfoot in which the E-Mini S&P gapped below 3000
  • Beijing reported 36 new local cases on Monday bringing the total confirmed cases to 79 – with eight out of 16 districts in Beijing reporting cases on Monday according to Global Times
  • Beijing shut a fruit and vegetable market and imposed lockdown restrictions on residential areas nearby
  • Several US States...
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  • Sentiment has recovered in quiet newsflow after yesterday’s pronounced sell-off
  • Chinese PLA officer was reportedly arrested and charged with visa fraud as he tried to leave the US
  • UK government reportedly will formally rule out a Brexit deadline extension today and plans temporary light-touch customs checks with EU from next year, according to sources
  • Two new COVID-19 cases confirmed in Beijing as they close part of their key meat market
  • DXY is downbeat and towards lower-end of day’s range...
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  • Asian equity markets suffered losses following a steep sell-off on Wall Street amid fears of a second wave
  • US CDC reported that COVID-19 cases rose by 20,486 vs. Prev. 17,376; NYC positive test rate 1.7% vs. Prev. 1.5%; California case rate +2.3% vs. 7-day average +2.1%
  • Chinese PLA officer was reportedly arrested and charged with visa fraud as he tried to leave the US
  • UK government reportedly will formally rule out a Brexit deadline...
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  • Sentiment remains downbeat in a quiet session thus far after a negative APAC handover
  • DXY is subdued around the 96.00 mark weighed on by safe-havens while UST yields continue to bull-flatten
  • China reportedly continues to purchase US soybeans despite toughening rhetoric, least 10 cargoes purchased by state-run & private buyers in June
  • SCMP article suggested that nuclear arms control could be the next battleground in US-China rivalry after...
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  • Asian equity markets were mostly lower as the region took its cue from the underwhelming performance on Wall St where focus was on the FOMC
  • Most major US indices finished negative with energy and financials resuming their underperformance, although tech continued to buck the trend
  • The Fed stood pat on rates as expected, set monthly UST purchases at USD 80bln and MBS at USD 40bln respectively, did not introduce YCC or forward guidance
  • The USD saw a choppy reaction to the FOMC with the initial move in...
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  • Sentiment has slipped in a relatively quiet session as focus turns to today’s FOMC
  • DXY is softer but off lows while fixed has maintained a grinding bid; UST yield curve bull-flattening as such
  • China's Global Times tweeted that China may restrict use of Qualcomm (QCOM) chips in government bodies and key sectors related to national security
  • ECB is said to be drawing up a "bad bank" scheme to warehouse unpaid EUR debt from the pandemic, sources
  • Dutch Foreign Minister, regarding the EU Recovery...
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  • Asian equity markets traded somewhat indecisively after the mostly negative lead from global peers amid cautiousness heading into the FOMC
  • China's Global Times tweeted that China may restrict use of Qualcomm (QCOM) chips in government bodies and key sectors related to national security
  • The DXY was rangebound after another failed effort yesterday to snap its recent downtrend. FX markets were largely uneventful overnight
  • WTI crude futures...
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  • Sentiment is subdued as yesterday’s rally failed to continue into EU hours, with downside exacerbated after the cash open – e-mini S&P around 1% lower
  • US yields are bull-flattening with European yields seeing similar downside, to the detriment of banking names in Europe
  • JPY is the morning’s outperformer with the DXY still stronger nonetheless and in proximity to the 97.00 mark; antipodeans lag on China developments
  • North Korea will cut off communication lines with South Korea completely from...
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  • The risk tone across the Asia-Pac region was mostly positive with the regional bourses spurred by the firm handover from Wall St
  • The DJIA led gains, the S&P 500 turned positive YTD and the Nasdaq printed a fresh record high
  • The DXY attempted to nurse some of the recent weakness although remained firmly below the 97.00 level
  • The Fed eased terms of its main street lending facility to encourage more businesses to participate
  • WTI crude futures consolidated after the prior day’s losses in...
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  • European bourses are subdued as newsflow slows, while US futures remain firmer with a quiet stateside schedule ahead
  • OPEC+ unanimously agreed to extend current cuts for one month through July and will review if a longer extension is needed this month
  • Saudi raised selling prices to Asia by between USD 5.60-7.30, while Storm Cristobal also prompted the evacuation of platforms and rigs in the Gulf of Mexico
  • Trade figures from China mostly topped estimates with a record trade surplus in USD terms and a...
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  • Sentiment remains strong after a choppy APAC handover; albeit, US futures have been drifting lower following remarks from China
  • China has vowed to take countermeasures against the US move to sanction 33 Chinese firms and institutions
  • OPEC+ ministerial meeting is now planned for June 6th after Iraq, and other non-complying countries pledge better commitment to the oil cuts
  • UK and EU officials are reportedly set to end Brexit talks this week without coming to an agreement on the terms of their future...
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  • Asian equity markets were choppy with the region cautious following a mostly negative handover from Wall St. and as participants await the looming NFP report
  • USTR Lighthizer said he feels very good about the Phase 1 US-China trade deal and that the report that China was not honouring the soybean purchases was false
  • UK and EU officials are reportedly set to end Brexit talks this week without coming to an agreement on the terms of their future relationship
  • In FX, DXY enters the EU session softer with...
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  • Sentiment has slipped in a quiet session after a positive APAC handover as the OPEC meeting is seemingly delayed and with risk events looming
  • Energy Journalist Reza Zandi says the OPEC+ meeting is unlikely to be held today amid complicated negotiations for compliance
  • President Trump stated that he does not think they will need to send the military in response to protests
  • China's Agricultural Ministry confirms they are continuing to purchase US soybeans
  • Looking ahead, highlights include ECB...
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  • Asian stocks were mostly higher as the region partially upheld the firm handover from Wall St; S&P 500 +1.36%
  • Chinese state-controlled companies reportedly cancelled some shipments from US farm exporters, according to WSJ
  • US President Trump's administration selected Moderna (MRNA), AstraZeneca (AZN), Johnson & Johnson (JNJ), Merck (MRK) and Pfizer (PFE) as COVID-19 vaccine candidate finalists
  • German Chancellor Merkel's ruling coalition reached a deal on the German stimulus package with an...
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  • Sentiment remains strong after a positive APAC handover, US futures firmer but have been drifting
  • Saudi Arabia and Russia reportedly agreed on a preliminary 1-month extension on existing OPEC+ oil cuts, according to sources; meeting conditional on countries compensating for compliance ahead
  • Crude was firmer in-line with overall sentiment; however, above remarks knocked the benchmarks into negative territory
  • US President Trump reportedly appeared to be backing away from invoking the Insurrection Act...
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  • Asian equity markets traded higher across the board as the region took impetus from the energy-led gains on Wall St.
  • Chinese Caixin Services and Composite PMIs printed their largest expansions in nearly a decade
  • DXY continued to weaken and fell below the 97.50 level, EUR/USD breached 1.1200 and GBP/USD briefly took 1.2600 to the upside
  • OPEC+ oil cut extension talks are said to be complicated by Saudi and Russia haggling
  • US President Trump reportedly appeared to be backing away from invoking...
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  • China's Foreign Ministry says there is no information relating to a soybean halt and reports indicate soybeans from the most recent crop were sold to China state-buyers
  • Sentiment strengthens after a tentative APAC lead bolstered by soybean updates, US futures higher by 0.6% as DXY deteriorates and US Treasury curve beginning to modestly steepen
  • Trump stated he is mobilizing civilian and military resources to stop the rioting and warned he will deploy the military to states if local law enforcement cannot...
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  • Asian equity markets traded with cautious gains following the positive performance on Wall St but with upside limited after US President Trump’s latest speech
  • Trump stated he is mobilizing civilian and military resources to stop the rioting and warned he will deploy the military to states if local law enforcement cannot curb protests
  • UK could signal a willingness for a compromise on fisheries and level playing field trade rules if the EU drops its maximalist approach
  • The DXY remained lacklustre...
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  • China is reportedly to halt some US Soy imports as tensions are increasing, according to sources; with Beijing reportedly waiting to see what steps Trump takes before deciding its next move
  • US futures dropped into, and remain in, negative territory on these reports which also bolstered the USD and USTs
  • China's Foreign Ministry, responding to the US ending preferential treatment for Hong Kong, will have firm countermeasures. Adding, they firmly oppose such actions and it is an interference in internal...
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  • Asian equity markets began the new month higher across the board as the region sustained the late relief seen last Friday on Wall Street
  • US President Trump’s press conference on Friday saw the US leader revoke Hong Kong’s special status but refrained from making any adjustments to the China trade deal
  • This underpinned sentiment in Asia and helped US equity futures recoup the initial losses that were triggered by nationwide violent protests and mixed Chinese PMI data over the weekend
  • Official Chinese...
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  • US President Trump is to announce actions against China today in response to the HK bill – timing currently unknown
  • POTUS is reportedly to cancel visas of some Chinese students with links to the PLA, WSJ
  • China's Foreign Ministry reiterates they are determined to take countermeasures against the US in relation to its actions over Hong Kong; prepared to take all necessary measures
  • Sentiment remains tentative, with month-end flows also playing a role, aiding EUR/GBP and fixed income most notably thus...
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