• European equities began the session on a firm footing, though have succumbed to selling pressure after the hotter-than-expected EZ CPI print; US futures lower, with RTY hampered by NYCB losses
• The EZ metric sparked a fleeting hawkish reaction in the bond complex; soon-after EGBs moved to session highs, as the cooling narrative remains in-play & a June cut is still priced
• Dollar holds around flat and the Yen underperforms after dovishly-perceived comments from...

• APAC stocks traded with positive bias amid tailwinds from the US, while participants also reflected on the latest Chinese PMI figures.
• Fed's Williams doesn't see a sense of urgency to cut rates, Mester says three cuts in 2024 still 'feels about right'.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.5% after the cash market closed down 0.1% on Thursday.
• DXY is back above 104, JPY lags post-Ueda comments,...

• Equities are mixed, with the Dax 40 continuing to trade near/at ATHs, and as attention remains on US PCE
• Dollar is modestly weaker, largely a factor of the strong JPY after hawkish leaning BoJ speak
• Bonds are pressured following the hotter-than-expected European CPI data
• Crude is pressured with a lack of fresh catalysts; XAU initially benefitted from the weaker Dollar, though now off best levels
• Looking ahead, US PCE...

• APAC stocks were choppy at month-end after the lacklustre handover from the US ahead of PCE price data.
• Fed voter Williams said three interest rate cuts in 2024 is reasonable for Fed officials to debate.
• US Congressional leaders have reached a deal to avoid a March 2nd partial government shutdown.
• European equity futures indicate a steady open with Euro Stoxx 50 future flat after the cash market closed flat on...

• European equities are mixed, whilst US futures are entirely in the red, with Nvidia weighing on the NQ
• Dollar is firmer and reclaims 104 status, focus remains on USD/JPY with YTD high in sights; Kiwi underperforms following a dovish hold at the RBNZ
• Bonds are incrementally firmer with specifics light and supply heavy, awaiting US GDP 2nd estimate
• Crude and base metals are hampered by the firmer Dollar
• Looking ahead,...

• APAC stocks traded cautiously and followed suit to the rangebound performance seen on Wall St.
• RBNZ kept the OCR unchanged and lowered its OCR projections to suggest a reduced chance of a hike.
• NZD is the standout laggard across the majors, USD/JPY remains in close proximity to the YTD peak.
• European equity futures indicate a slightly lower open with Euro Stoxx 50 future -0.1% after the cash market closed up 0.4% on...

• European bourses modestly firmer having picked up from an uneventful open with newsflow limited
• DXY fell below Monday’s trough with pressure coming via JPY strength after Japanese CPI
• Session’s focus for fixed income is supply, EGBs stuck near unchanged levels while USTs are a touch firmer
• Commodities near unchanged levels as we await fresh geopolitical developments, latest pour some cold water on Biden’s framing. Metals bid, benefitting...

• APAC stocks traded mixed after the lacklustre handover from the US as markets braced for looming risk events.
• Fed's Schmid (non-voter) said there is no need to pre-emptively adjust the stance of policy.
• Hamas officials are "disappointed" with the framework of the hostage deal that was presented in Paris last Friday.
• Japanese CPI data printed firmer-than-expected but showed a slowdown with Core CPI at the central bank's 2%...

• Equity bourses/futures under modest pressure with newsflow light after a weekend of heavy geopols & Berkshire numbers/commentary
• DXY under modest pressure but above Friday’s base, EUR benefitting from the softer USD; antipodeans lag, USD/JPY firmer
• Contained start with specifics light into ECB’s Lagarde for EGBs while USTs await US supply, Gilts modestly outperform
• Crude subdued despite significant geopolitical rhetoric, though no major...

• APAC stocks were mostly subdued with weekend macro newsflow light and dominated by geopolitical commentary.
• European equity futures indicate a lower open with Euro Stoxx 50 future -0.2% after the cash market closed up 0.4% on Friday.
• DXY is contained around the 104 mark, EUR/USD sits near its 200DMA @ 1.0826, NZD lags.
• Israeli PM Netanyahu said that they are all working on a hostage deal but he cannot say if they will have...

Week Ahead 26th February - 1st March

• MON: US New Home Sales (Jan), Dallas Fed (Feb), Japanese CPI (Jan), UK Nationwide (Feb)
• TUE: US Democratic Primary - Michigan; German GfK (Mar), US Durable Goods (Jan), Consumer Confidence (Feb), Richmond Fed (Feb)
• WED: RBNZ Policy Announcement, Australian CPI (Jan), Swedish PPI (Jan), EZ Consumer Confidence Final (Feb), US GDP 2nd/PCE Prices Prelim. (Q4), Japanese Retail Sales (Jan)
• THU:...

• European equites are around flat, whilst US futures are slightly softer following the prior day’s strength
• Dollar is flat and around 104.00, JPY is softer following continued hawkish Fed speak
• Bonds are softer but Bunds/Gilts yet to test Thursday’s lows, fleeting hawkish move on Ifo/ECB Consumer survey
• Commodities pressured with catalysts light thus far; White House announces new Russian sanctions
• Looking ahead,...

• APAC stocks mostly benefitted amid tailwinds from the tech-led surge in the US on the NVIDIA wave.
• Fed's Waller (voter) said there is no rush to begin cutting rates and it is appropriate to be patient.
• European equity futures indicate a slightly higher open with Euro Stoxx 50 future +0.1% after the cash market closed up 1.7% on Thursday.
• DXY sits just below the 104 mark, antipodeans lead, EUR/USD trades near its 200DMA @...

• European equities are firmer, taking the lead from strong Nvidia earnings, which has led to outperformance in the NQ
• Dollar is subdued and the Antipodeans outperform, benefiting from the broader risk tone
• Bonds are divergent, with EGBs choppy on the morning’s PMI data
• Crude holds firm alongside base metals which benefit from the softer Dollar and positive risk tone
• Looking ahead, US IJC, ECB Minutes, CBRT Policy...

• APAC stocks were mostly positive amid tailwinds from the tech uplift in US futures following NVIDIA earnings.
• NVIDIA surged by over 9% after-hours after beating on top and bottom lines and offering strong sales guidance.
• FOMC minutes proved to be a non-event and echoed the broader tone of Fed speak seen in the wake of the January meeting.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.8% after the cash market...

• European bourses are generally firmer, though the FTSE 100 lags after significant underperformance in Glencore & HSBC; US futures lower pre-Nvidia
• Dollar is incrementally firmer, Antipodeans bid in tandem with strong Chinese equity trade overnight
• Bonds are mixed but edging higher in recent trade post-supply; attention on US 20yr supply later today
• Crude is softer and Gold is modestly firmer with specifics...

• APAC stocks traded mixed with headwinds following the tech-led declines stateside ahead of Nvidia earnings.
• European equity futures indicate a contained open with Euro Stoxx 50 future +0.1% after the cash market closed down 0.1% on Tuesday.
• DXY lingers around the 104 mark, EUR/USD maintains 1.08 status and antipodeans outperform again.
• Bund futures remain subdued and Crude futures moved off the prior day's...

• European equities are mixed, with mild outperformance in the CAC 40, lifted by post-earning gains in Air Liquide; US equity futures are entirely in the red, RTY lags
• Dollar is modestly weaker and Antipodeans outperform, supported by the PBoC 5yr LPR cut
• Bonds are firmer with specifics-light; Bunds unreactive to the latest ECB EZ negotiated wages metrics
• Crude is softer alongside base metals, with Chinese stimulus efforts unable to lift...

• APAC stocks traded with mild losses with price action contained following the US holiday lull.
• PBoC's latest benchmark rates announcement saw the 1-year LPR surprisingly maintained at 3.45% (exp. 5bps cut), but the 5-year LPR cut by 25bps (exp. 10bps cut).
• RBA Minutes from the February 6th Meeting stated that the board considered the case to hike by 25bps or hold steady.
• DXY traded in a tight range, Antipodeans were pressured amid the...

• APAC stocks were mixed amid a lack of drivers and with US markets to remain closed on Monday.
• Mainland China gained on return from the Lunar Year Holiday where China's travel spending topped pre-COVID levels.
• European equity futures indicate a lower open with Euro Stoxx 50 future -0.3% after the cash market closed up 0.5% on Friday.
• DXY is steady vs. peers, EUR/USD remains sub-1.08 and USD/JPY hovers around the 150...

Week Ahead 19th-23rd February

• MON: Swedish CPIF (Jan), Canadian Producer Prices (Jan), Holiday: US (President’s Day) , EU Red Sea Policing Strategy
• TUE: PBoC LPR, RBA Minutes (Feb), EZ Current Account (Dec), Canadian CPI (Jan)
• WED: FOMC Minutes (Jan), UK PSNB (Jan), South African CPI (Jan), EZ Flash Consumer Confidence (Feb), New Zealand Trade (Jan), Australian Flash PMIs (Feb)
• THU: CBRT Policy Announcement,...

• European equities are entirely in the green, with semi-conductor names lifted in a read-across from Applied Materials post-earnings; US equities are mixed, NQ leads
• Dollar is around flat, JPY underperforms after dovish BoJ Ueda speak
• Bonds are subdued, largely led by the higher-than-expected UK Retail Sales print, as attention turns to US PPI/Fed speak
• Crude is softer, paring the prior day’s advances; Base metals...

• APAC stocks sustained the positive momentum from Wall St where yields softened after the US data deluge.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.5% after the cash market closed up 0.7% on Thursday.
• DXY is marginally firmer vs. peers whilst the JPY marginally lags as the BoJ continues to talk dovishly.
• BoJ's Ueda said will examine whether to maintain various easing measures when the price target comes into...

• European bourses are firmer, with outperformance in the CAC 40 after several strong results; US equity futures firmer to a slightly lesser degree, though the RTY continues to outperform
• Dollar is around flat, GBP softer and JPY firmer as the regions enter a technical recession
• Bonds are firmer after UK GDP data, numerous speakers ahead
• Crude is subdued in a continuation of price action yesterday; base metals are generally firmer amid the...

• APAC stocks mostly took impetus from the rebound on Wall St after the Fed downplayed the recent CPI report.
• Japanese Q4 GDP showed that the nation's economy entered into a technical recession.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.4% after the cash market closed up 0.4% on Wednesday.
• DXY has pulled back a touch after failing to breach 105, JPY leads G10 FX.
• Looking ahead,...