Newsquawk

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  • European bourses are mixed/lower, Euro Stoxx 50 -0.2%, in relatively quiet newsflow aside from mixed ZEW; ES U/C
  • The OPEC+ meeting was cancelled with no new date set. As such, current quota levels will be maintained; benchmarks are underpinned but off highs
  • DXY has picked up notably from initial pressure going into today's US data and before tomorrow's FOMC Minutes with peers now mixed
  • RBA kept rates unchanged and extended bond purchases at...
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  • Asian equity markets traded indecisively in the absence of a lead from Wall St
  • RBA kept rates unchanged and extended bond purchases at a lower rate through to mid-November
  • UK PM Johnson announced the removal of COVID-19 restrictions which will allow the reopening of all remaining businesses from July 19th
  • In FX, DXY was subdued but maintained 92.00 status, EUR/USD and GBP/USD eye 1.19 and 1.39 respectively
  • The OPEC+...
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  • MON: Chinese Caixin Services Final PMI (Jun); EZ Sentix Index (Jul); EZ, UK and US Markit Services and Composite Final PMIs (Jun); US Market Holiday (Independence Day), BoC Business Outlook Survey, Israel Policy Decision
  • TUE: RBA Policy Decision; German ZEW Survey (Jul); EZ Retail Sales (May); US ISM Services PMI (Jun)
  • WED: FOMC Minutes (Jun), EIA STEO
  • THU: ECB Minutes (Jun)
  • FRI: Chinese Inflation (Jun); UK...
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  • Asian equity markets traded tentatively ahead of this week's risk events and as participants digested a slowdown in Chinese Caixin PMI data
  • In FX, the DXY has nursed post-NFP losses, EUR/USD trades north of 1.1850 and GBP/USD remains on a 1.38 handle
  • UAE rejected a proposal to extend the deal and increase production as it seeks a review of baseline production levels
  • Saudi has rejected calls by the UAE to take an immediate decision regarding...
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  • Equities are firmer but contained in a quiet session pre NFP & OPEC+, Euro Stoxx 50 +0.2% and ES +0.1%
  • The DXY remains bid and is forging fresh highs to the modest detriment of peers ahead of significant EUR & JPY opex at today's NY cut
  • WTI and Brent are holding steady ahead of the resumption/start to the JMMC/OPEC+ events at 09:00EDT & 10:30EDT respectively
  • Core debt is bolstered going into the long-weekend and data with the US...
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  • Asian equity markets were mixed as the initial tailwinds from the mild gains on Wall St were offset by weakness in China
  • The S&P 500 eked a fresh record high and the energy sector led the gains as focus centred on OPEC deliberations
  • In FX, the DXY has held above 92.50, EUR/USD and GBP/USD remain lacklustre on 1.18 and 1.37 handles respectively
  • Yesterday's OPEC+ meeting has been postponed until today amid frictions over the proposed...
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  • European bourses/US futures have pared back essentially all of the mornings initial upside, Euro Stoxx 50 +0.1%, ES +0.1%; ahead of key US data
  • OPEC+ deal likely to include a monthly oil output increase less than 0.5mln BPD until December-2021, sources; bolstering crude futures to session highs
  • FX has been very choppy though the USD remains bid and USD/JPY surpassed 111.50 while Cable lost 1.38
  • The BoJ Tankan survey missed expectations and...
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  • Asian equity markets began H2 subdued following the mixed performance of Wall St counterparts
  • The BoJ Tankan survey missed expectations and Chinese Caixin Manufacturing PMI printed short of estimates
  • The DXY remains on a firm footing above 92.00, EUR/USD trades sub-1.1850 and GBP/USD holds on to 1.38 status
  • Looking ahead, highlights include Riksbank Policy Announcement, Final EZ, UK & US Manufacturing PMIs, OPEC+ Meeting, US IJC, ISM...
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  • European indices and US futures have come under pressure as the session progressed going into June, Q2 & H1 end; Euro Stoxx 50 -0.80%, ES -0.1%
  • DXY remains bid above 92.00 with peers contained and Sterling the lone G10 outperformer while fixed is firmer & USTs yields flatter
  • Chinese Manufacturing PMI topped estimates but showed slower growth in tandem with the softer Non-Manufacturing and Composite readings; capping APAC...
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  • Asian equity markets head into month-end mostly positive but with gains capped as participants digested the latest Chinese PMIs
  • Manufacturing PMI topped estimates but showed slower growth in tandem with the softer Non-Manufacturing and Composite readings
  • In FX, the DXY consolidated after reclaiming 92.00, EUR/USD hovers around 1.19 and GBP/USD remains on a 1.38 handle
  • The JMMC meeting was postponed to Thursday and will now be conducted in...
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  • European bourses are firmer while US futures are more contained and sub yesterday's record levels after a subdued APAC handover; Euro Stoxx 50 +0.4%, ES U/C
  • Crude remains pressured pre-OPEC with the JTC commencing from 12:00BST/07:00EDT today; though, benchmarks have recovered off lows which saw WTI test USD 72.00/bbl
  • USD is supported in-spite of some rebalancing signals to the detriment of peers particularly high beta/crude sensitive FX
  • US...
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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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