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  • APAC stocks traded without a firm direction following a similar lead from Wall Street ahead of NFP; Hong Kong had Friday trade scrapped amid a typhoon signal.
  • G10 currencies were largely flat but the JPY gradually edged higher in APAC trade while Antipodeans held a mild downward bias.
  • European equity futures are indicative of a steady cash open with the Euro Stoxx 50 future -0.1% after cash closed -0.7% on Thursday.
  • US Secretary of...
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  • European equities are mixed; US futures trade tentatively on either side of the unchanged mark
  • Dollar is slightly lower, JPY once again on a firmer footing, EUR saw modest strength on strong German Industrial Orders
  • USTs are flat ahead of today’s US data deluge, Bunds edge lower
  • Crude is firmer, XAU benefits from the softer Dollar and base metals are mixed
  • Looking ahead, US Challenger Layoffs, ADP National...
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  • APAC stocks eventually traded mixed following the earlier mild regional gains, with the overall market tone tentative ahead of a slew of US data ahead of NFP on Friday.
  • USD/JPY initially fell amid higher-than-expected Labour Cash Earnings; Yuan strengthened on the PBOC fixing; G10s were largely uneventful.
  • 10-year UST futures held an upward bias in continuation of Wednesday's Wall Street session, after the bull steepening seen following the dovish July JOLTS...
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  • Equities are entirely in the red, continuing the risk-off sentiment seen in the prior session
  • Dollar is flat ahead of US JOLTS Job Openings, haven currencies benefit from risk tone
  • Bonds are incrementally firmer, taking impetus from the subdued risk sentiment; EZ/UK PMIs had little impact on the complex
  • Crude slumped in early European trade, but has since bounced on China support measures, XAU and base metals...
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  • US stocks slumped on return from the Labor Day weekend with the Nasdaq underperforming amid a pronounced weakness in the tech sector.
  • The Tech losses were led by downside in chips, with AI-darling NVIDIA (NVDA) falling 9.5% in the first trading session of September, before shedding another 2.4% after-market on a DoJ subpoena.
  • APAC stocks traded with losses across the board following the dire session on Wall Street, which saw a tech rout led by downside in chips,...
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  • Equities are entirely in the red, continuing the subdued risk tone seen in APAC trade overnight
  • Dollar is slightly firmer, JPY bid given the risk tone & Ueda documents, Antipodeans lag
  • USTs flat ahead of key US ISM Manufacturing PMI, Bunds slightly firmer
  • Crude is significantly lower but with specifics light, XAU climbs back above USD 2.5k, base metals slip
  • Looking ahead, US PMI (F), ISM Manufacturing, BoE’s...
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  • APAC stocks eventually faltered and traded in the red across the board, albeit with losses somewhat limited amid cautious trade ahead of the US return.
  • DXY remained in a tight range, JPY outperformed and Antipodeans lagged as risk tilted lower.
  • China Commerce Ministry, in response to Canada's tariffs on Chinese products, said China to initiate an anti-dumping investigation into canola imports from Canada,
  • European equity futures are...
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  • APAC stocks traded mostly lower despite the gains seen on Wall Street on Friday, with the mood in the APAC region dampened by the continued decline in Chinese NBS Manufacturing PMI ahead of key risk events including US NFP on Friday.
  • DXY resided in a tight range, NZD lagged after last week’s strong performance, while CNH weakened post-PMIs.
  • The far-right German AfD will claim a clear victory in state parliamentary elections in the German state of...
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  • MON: US & Canada (Labor Day), EZ & UK Final Manufacturing PMIs (Aug), Chinese Caixin Manufacturing PMI Final (Aug)
  • TUE: Swiss CPI (Aug), Swiss GDP (Q2), Turkish CPI (Aug), US ISM Manufacturing PMI (Aug), Final Manufacturing PMI (Aug)
  • WED: BoC & NBP Policy Announcements; Australian GDP (Q2), Chinese Caixin Services PMI (Aug), EZ & UK Composite/Services Final PMIs (Aug), EZ Producer Prices (Jul), Canadian Trade Balance (Jul), US Durables...
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  • Equities are trading on the front foot; NVDA +1.6% pre-market
  • DXY is flat, EUR unfazed by a slight pick up in Services inflation
  • Bonds are incrementally firmer, Bunds climbed above 134.00 into the EZ-inflation metrics, but were unmoved by the release
  • Crude holds a modest upward bias, XAU around flat while base metals gain
  • Looking ahead, US PCE
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  • APAC stocks traded higher across the board despite a lack of fresh catalysts following a mixed lead from Wall Street, and ahead of US PCE and the US long weekend.
  • DXY traded within a very narrow range, EUR and GBP were uneventful, while JPY held a firmer bias after the Tokyo CPI surprisingly ticked higher.
  • Fixed income futures diverged slightly overnight, with USTs flat ahead of PCE, Bunds faded gains pre-EZ CPI, and JGBs softer after Tokyo...
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  • European bourses edge higher with Tech leading; US futures are slightly higher, NVDA -1.5% pre-market vs -4.9% after-hours
  • Dollar is firmer, Antipodeans outperform given the risk-tone whilst EUR is hampered post-German State CPIs
  • Bonds have been lifted after the cool German State CPIs vs mainland expectations
  • Crude is lower and near session lows, XAU gains whilst base metals are broadly lower
  • Looking ahead, US PCE...
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  • APAC stocks traded with modest losses across the board following the weak lead from Wall Street and in the aftermath of NVIDIA's ill-received earnings.
  • NVIDIA settled -6.9 % after-market despite solid earnings and a USD 50bln share buyback, some suggested disappointment as metrics fell short of the highest forecasts.
  • NZD was boosted after ANZ Business Outlook soared whilst JGB futures saw upticks on a well-received 2-year JGB...
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  • European bourses are generally firmer, US futures flat/firmer but NQ leads ahead of NVDA earnings after-hours
  • Dollar is firmer, AUD fares best post-CPI & EUR underperforms
  • Bonds are incrementally firmer awaiting impetus from Fed speak and US 5yr supply
  • Crude continues to slip, XAU and base metals hampered by the firmer Dollar
  • Looking ahead, DoEs, Fed's Bostic, BoE's Mann, Supply from the US, and earnings from...
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  • APAC stocks traded subdued but mostly within tight ranges following a mixed lead on Wall Street ahead of NVIDIA earnings.
  • DXY ticked higher during the back end of the APAC session, USD/JPY gradually rose, AUD/USD saw upside on hotter-than-expected Aussie CPI.
  • The Israeli army launched a large-scale operation against militants in various parts of the northern West Bank; the operation is expected to last days.
  • European equity futures are...
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  • Equities are modestly firmer across the board, despite a mostly lower APAC session overnight
  • Dollar is flat, GBP outperforms with Cable back above 1.32, JPY is lower
  • Bonds hold a bearish bias, with Bunds unreactive to the poor German GDP/GfK metrics
  • Crude is on the back foot, XAU is slightly softer and base metals gain
  • Looking ahead, US Richmond Fed, NBH Policy Announcement, Fed Discount Rate Minutes, and Supply from...
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  • APAC stocks traded mostly lower in quiet newsflow following a mixed lead from Wall Street, which saw the tech sector lag ahead of NVIDIA earnings on Wednesday.
  • DXY traded in a tight range with a mild upward bias. JPY lagged on yield differentials whilst EUR and GBP were flat and Antipodeans rebounded.
  • Microsoft (MSFT) CEO Satya Nadella sold 14,398 shares of Microsoft at an average price of USD 417.412/shr on Aug 23rd; Apple (AAPL) named Kevan Parekh as its new...
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  • Modest downside for European bourses while US futures pick up into a week headlined by NVDA & PCE
  • Weekend newsflow dominated by geopols; as it stands, we are awaiting any fresh details from Hezbollah and/or Israel on their next steps
  • Action which has underpinned crude, haven-FX and XAU. USTs largely unreactive while EGBs came under pressure on a better-than-feared Ifo
  • The event between Hezbollah and Israel was framed as one of the...
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  • APAC stocks kicked off the week mixed following the state-side gains on Wall Street after Fed Chair Powell's dovish pivot, whilst the weekend was packed with geopolitics.
  • Lebanon's Hezbollah launched hundreds of rockets and drones at Israel early on Sunday. Israel's military said it struck Lebanon with around 100 jets to thwart a larger attack; Gaza talks in Cairo ended without agreement but negotiations continue.
  • DXY is steady on a 100 handle, EUR/USD briefly...
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  • MON: UK Market Holiday (Bank Holiday), German Ifo (Aug)
  • TUE: CBRT Minutes, Chinese Industrial Profit (Jul), German GfK Consumer Sentiment (Sep)
  • WED: Australian CPI (Jul), Nvidia (NVDA) Earnings (Q2)
  • THU: Spanish Flash CPI (Aug), German State CPIs (Aug), EZ Sentiment Survey (Aug), US GDP (2nd) and PCE (Q2)
  • FRI: Japanese Tokyo CPI (Aug), French Prelim CPI (Aug), German Unemployment (Aug), EZ Flash CPI (Aug),...
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  • European bourses are modestly firmer, whilst US futures gain to a slightly higher degree
  • Dollar is flat, Antipodeans leads, JPY initially propped up by BoJ Governor Ueda, but has since pared
  • Bonds are in a holding pattern ahead of Fed Chair Powell
  • Crude is firmer and near session highs, XAU gains but is still below 2500, base metals in the green
  • Looking ahead, Canadian Retail Sales, Jackson Hole Symposium, Speeches...
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  • APAC stocks were ultimately mixed amid cautiousness as braced for a slew of global central bank rhetoric including Fed Chair Powell's speech at the Jackson Hole Symposium.
  • Fed's Collins (2025 voter) said the timing seems appropriate to begin easing monetary policy and policy is well-positioned, while she wants a gradual approach to interest rate cuts.
  • USD/JPY retreated beneath the 146.00 level and saw further downside alongside comments from BoJ Governor Ueda at a...
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  • European bourses are mostly firmer across the board; US futures gain incrementally
  • Dollar is trivially higher, GBP outperforms following stronger than expected PMI metrics
  • Bonds are lower following the generally better than expected PMI releases, particularly in France the EZ and the UK; Germany continues to print poor metrics
  • Crude is flat, XAU is slightly softer but remains above USD 2500/oz
  • Looking ahead, US PMIs,...
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  • APAC stocks traded with a mild positive bias after the gains on Wall St where a downward payrolls revision and the FOMC Minutes further supported the consensus for a September Fed rate cut.
  • FOMC Minutes from the July meeting continued to point to a September move as a vast majority of participants said it would likely be appropriate to ease policy at the next meeting if data continued to come in as expected.
  • DXY nursed some losses after retreating yesterday to...
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  • European bourses are mostly modestly firmer; US futures rangebound ahead of US Payroll Revisions and the FOMC Minutes
  • Dollar is incrementally firmer, JPY is the clear underperformer with USD/JPY around 146.00
  • Bonds are flat with traders mindful of today’s key risk events
  • Crude is flat, XAU is rangebound and holds just above USD 2500/oz, base metals entirely in the green
  • Looking ahead, Canadian Producer Prices, US...
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