• Equities mostly, but modestly firmer; TSMC beat Q1 expectations, though lower in the pre-market
  • Dollar slightly lower, G10’s generally flat/firmer with newsflow light
  • Bonds bid, continuing the upside seen following Wednesday’s auction
  • Crude is at lows, pressured by Israel/Iran reports; XAU edges higher
  • Looking ahead, US IJC, Philly Fed, Comments from ECB’s Schnabel, Fed’s Williams, Bowman & Bostic, Earnings from...
  • APAC stocks traded mostly higher after gradually shrugging off headwinds from Wall Street. US equity futures recovered some of their recent losses as the mood in Asia gradually improved, albeit with price action contained. 
  • European equity futures indicate a flat open with the Euro Stoxx 50 future unchanged after the cash market closed down 0.1% on Wednesday. 
  • DXY was lacklustre after retreating beneath the 106.00 level,  EUR/USD sat around...
  • Equities are in the green, except for the AEX, which is weighed on by poor ASML results; Luxury bellwether LVMH gains post-earnings
  • Dollar is lower though still above 106.00, Antipodeans outperform and GBP benefits post-CPI
  • USTs incrementally firmer, Gilts gapped lower following hotter-than-expected CPI though have pared to near unchanged
  • Crude is pressured as markets await geopols updates, XAU is firmer, benefiting from recent Dollar...
  • APAC stocks traded mixed as the region picked up the pieces from the prior day's heavy selling but with the recovery limited.
  • Fed Chair Powell said the Fed can maintain the current rate for as long as needed if higher inflation persists.
  • European equity futures indicate a positive open with the Euro Stoxx 50 future +0.2% after the cash market closed down 1.4% on Tuesday.
  • DXY retains a firm footing on a 106 handle, support in EUR/USD...
  • Equities are entirely in the red, continuing the negative price action seen in the prior session
  • DXY holds around 106.30, Antipodeans suffer from the broader risk tone and mixed Chinese data
  • Bonds are pressured, and Bunds more-so after German ZEW while Gilts gapped lower on wage numbers
  • Crude is off best levels as focus remains on geopols, XAU lower
  • Looking ahead, Canadian CPI, New Zealand CPI, Comments from Fed’s...
  • The S&P 500 posted its largest two-day decline in more than a year with the index down 2.6% since Friday.
  • APAC stocks were lower amid concerns related to a potential 'imminent' response by Israel against Iran, while markets also digested mixed data from China.
  • Better-than-expected Chinese GDP for Q1 was negated by disappointing Industrial Production and Retail Sales data.
  • European equity futures indicate a negative open with the Euro...
  • Equities are firmer though with the FTSE 100 lagging, hampered by broader weakness in the crude complex
  • Dollar flat, AUD benefits from metals strength and JPY lags
  • Bonds pressured in a continuation of recent price action, Bunds looking to test 132.00
  • Crude lower after the Iran attacks were mostly nullified, XAU modestly firmer
  • Looking ahead, US Retail Sales, Fed's Williams, BoE’s Breeden & ECB’s Lane & de...
  • APAC stocks mostly declined as participants reflected on the geopolitical events over the weekend and disappointing Chinese trade data.
  • Iran launched its first direct attack on Israel which was largely intercepted with very little damage caused.
  • European equity futures indicate a marginally higher open with the Euro Stoxx 50 future +0.4% after the cash market closed down 0.2% on Friday.
  • DXY is pivoting around the 106 mark, JPY remains on the...

Week Ahead 15-19th April

  • MON: PBoC MLF, Swiss PPI (Mar), EZ Industrial Production (Feb), US Retail Sales (Mar), South Korea Import/Export Price Growth (Mar)
  • TUE: Chinese GDP (Q1)/Industrial Production (Mar)/Retail Sales (Mar), UK Jobs Report (Mar/Feb), German ZEW Survey (Apr), US Building Permits (Mar), Canadian CPI (Mar), US Industrial Production (Mar), New Zealand CPI (Q1)
  • WED: Special European Council, Japanese Trade Balance (Apr),...
  • European bourses are entirely in the green, Stateside futures are contained on either side of the unchanged mark
  • Dollar is bid which has weighed on G10 peers, with EUR down to 1.0657
  • Fixed complex higher with Bunds outperforming as markets digest Thursday’s ECB announcement and Fed divergence
  • Crude is bid given the heightened geopolitical environment, XAU makes record highs
  • Looking ahead, Uni. of Michigan (Prelim.),...
  • APAC stocks traded mixed despite the gains on Wall St, with participants in the region cautious as they awaited the latest Chinese trade data. 
  • DXY was flat after mixed inflationary signals, EUR/USD remained lacklustre post-ECB, and USD/JPY took a breather and held on to the 153.00 status. 
  • ECB sources said as many as five officials needed extra convicting to hold back from rate cuts at Thursday's meeting and stronger-than-expected inflation data out of...
  • Equities are mostly lower, continuing the sell-off seen in the prior session; the RTY underperforms
  • Dollar is flat and firmly above 105, USD/JPY back on a 153 handle
  • USTs contained at post-CPI lows whilst Bunds dip lower ahead of the ECB
  • Crude is incrementally firmer, XAU rangebound and base metals little changed despite softer Chinese inflation figures
  • Looking ahead, US IJC & PPI, ECB Policy Announcement &...
  • APAC stocks were subdued after hotter-than-expected US CPI reverberated across global markets.
  • Softer-than-expected Chinese CPI and persistent producer price deflation kept the door open for future support measures.
  • European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed up 0.2% on Wednesday.
  • DXY has held onto 105 status, USD/JPY ventured above 153, EUR/USD heads into the ECB on a...
  • European bourses are firmer across the board, US futures contained into CPI
  • DXY and USTs broadly steady ahead of the main US events
  • Gilts bounced back to unchanged post-supply after initial underperformance, Bunds off best after their own auction
  • Crude benchmarks modestly firmer in thin ranges, XAU contained while base metals grind higher
  • Looking ahead, highlights include US CPI, BoC Policy Announcement, FOMC...
  • US stocks eventually eked slight gains, APAC stocks traded mixed ahead of upcoming risk events and a slew of market closures.
  • Fitch revised China's outlook to Negative and affirmed its rating at A+.
  • European equity futures indicate a higher open with the Euro Stoxx 50 future +0.6% after the cash market closed down 1.1% on Tuesday.
  • RBNZ kept the OCR unchanged as expected and noted that a restrictive monetary policy stance remains...
  • European bourses in the red with US futures flat in catalyst-thin trade
  • DXY steady for much of the morning before USD/JPY came under pressure on a BoJ-related source report
  • Fixed income benchmarks bid with EGBs outperforming, no reaction to supply but latest ECB BLS perhaps factoring
  • Commodities firmer; crude gains incremental while XAU hit a fresh ATH
  • Looking ahead, highlights include US Supply & SNB's Schlegel;...
  • APAC stocks traded mostly higher but with price action relatively rangebound with global markets lacking major catalysts.
  • European equity futures indicate a lower open with the Euro Stoxx 50 future -0.2% after the cash market closed up 0.6% on Monday.
  • FX markets are contained with DXY holding above the 104 mark, USD/JPY continues to eye the YTD peak and 152 level.
  • Israeli Prime Minister Netanyahu said that a date has been set for a Rafah...
  • European bourses have meandered higher after a contained open, US futures near unchanged
  • Geopols. and US-China talks in focus; Hamas sources report no progress in Cairo negotiations
  • DXY steady but towards the top-end of the day’s range with peers generally steady in limited newsflow
  • Core fixed benchmarks lower in an extension of Friday’s bearish action, US yields higher across the curve
  • WTI and Brent pressured as...
  • APAC stocks were mixed ahead of this week's risk events and despite last Friday's strong NFP report and US-China talks.
  • Fed's Bowman (voter) said on Friday that cutting rates too soon risks a rebound in inflation and although unlikely, it is possible the Fed may have to hike rates again to cool inflation.
  • Spot gold was initially pressured in early trade alongside weakness across commodities but later printed a fresh record high above USD...

Week Ahead 8-12th April

  • MON: Bank of Israel Announcement, Japanese Earnings (Feb), Swiss Unemployment Rate (Mar), German Trade Balance (Feb)/Industrial Output (Feb), EZ Sentix Index (Apr)
  • WED: FOMC Minutes (Mar), BoC Announcement, RBNZ Announcement, US CPI (Mar)
  • THU: ECB Announcement, OPEC MOMR, Eurogroup Meeting, Chinese Inflation (Mar), US PPI (Mar)
  • FRI: IEA OMR,...
  • European equities lower across the board in catch-up play from the late selling seen on Wall St.
  • DXY unchanged with G10s rangebound into NFP
  • Fixed income benchmarks slightly softer as they give back some of Thursday’s risk-inspired upside
  • Commodities feature modest gains for crude and XAU
  • Payrolls aside, markets attentive for any further escalation in geopolitical tensions into a potential risk-fuelled...
  • APAC stocks followed suit to the losses in the US amid geopolitical concerns and hawkish-leaning Fed rhetoric.
  • Fed's Kashkari and Goolsbee noted that it is possible the Fed will not cut this year if inflation stalls.
  • European equity futures indicate a weaker open with the Euro Stoxx 50 future -1.3% after the cash market closed flat on Thursday.
  • DXY is a touch firmer, EUR/USD eased back from two weeks highs but remains on a 1.08 handle,...
  • European bourses a touch firmer post-PMIs after a flat open, US futures tilting higher in tandem into IJC and Fed appearances
  • DXY softer and approaching 104.00, EUR inches higher post-PMIs, JPY stead, CHF lags
  • EGBs bid despite PMI pressure though off highs in somewhat limited newsflow, USTs flat
  • Base metals continue to climb with 3M LME Copper at a 52-week high, crude contained and XAU slightly softer
  • Looking ahead,...
  • APAC stocks traded higher as sentiment picked up from the choppy mood and mixed data releases stateside.
  • Fed Chair Powell said if the economy evolves as the Fed expects, most on the FOMC expect to cut rates later this year.
  • European equity futures indicate a slightly positive open with the Euro Stoxx 50 future +0.1% after the cash market closed up 0.5% on Wednesday.
  • DXY has pulled back further from 105, antipodeans outperform, EUR/USD...
  • European bourses are modestly firmer, US equity futures are in the red though with trade contained
  • Dollar is flat and G10 peers are incrementally softer
  • USTs are incrementally softer whilst Bunds are firmer after dovish-tilting speak from ultra-hawk Holzmann coupled with softer EZ-HICP metrics
  • Crude is incrementally firmer but within recent levels, XAU is off best
  • Looking ahead, US ADP, ISM Services, Australian PMI...