• Asian equity markets traded mostly higher as the region continued to benefit from the recent vaccine hopes
• Wall Street saw mixed performance with a negative bias for tech stocks which suffered again from the rotation out of growth and into value
• In FX markets, the greenback was slightly softer but with price action contained amid rangebound trade in its major counterparts
• RBNZ maintained the OCR at 0.25% and LSAP at NZD 100bln as expected, whilst announcing a Funding for Lending...

• Value-growth rotation remains in force with European banks outperforming as is the Russell 2000 future +1.90% while NQ -1.9%
• NIH's Fauci that the Pfizer vaccine is a big deal and there are still questions about its durability, while he added Moderna's results are expected soon
• US Senate Majority Leader McConnell said Congress should pass a limited stimulus bill before year-end, following encouraging vaccine data & Trump is 100% within his rights to look into possible election...

• Asian equity markets were mostly higher as the region took its cue from the predominantly strong performance stateside where the S&P 500 and DJIA rallied to fresh record highs
• Note, the broader US market retraced some of the gains heading into the close amid several bearish factors
• NIH's Fauci said that the Pfizer vaccine is a big deal but there are still questions about its durability
• In FX markets, the USD has pulled back from...

• AP, NBC, CNN, Fox and Edison Research have all called the election for Democrat Presidential candidate Biden
• European bourses exhibit a strong start to the week following a similar APAC handover with US futures firmer by similar magnitudes; ES +1.6%, NQ +1.9%, YM +1.5%
• Saudi Energy Minister says that with consensus they can tweak the OPEC+ agreement; could be a tweak beyond what analysts have raised
• Turkish President Erdogan removed central bank Governor Uysal and appointed former Finance Minister...

• MON: Swiss Unemployment Rate (Oct), EZ Sentix (Nov), Mexican Inflation (Oct), US Employment Trends (Oct)
• TUE: Norges Bank Financial Stability Report & EIA STEO; Chinese Inflation (Oct), Australian NAB Business Confidence (Oct), UK Unemployment (Sep), Norwegian CPI (Oct), German ZEW (Nov), US NFIB (Oct), Chinese M2 Money Supply & New Yuan Loans (Oct)
• WED: RBNZ Rate Decision, ECB...

• AP, NBC, CNN, Fox and Edison Research have all called the election for Democrat Presidential candidate Biden
• Asian bourses traded higher across the board and US equity futures were also lifted with risk appetite heightened post-election outcome
• Chinese trade balance and exports topped estimates, although imports disappointed to suggest a weak domestic consumer profile
• The DXY languished around 2-month lows on a 92.00 handle; EUR/USD approached 1.19 and GBP/USD eyed 1.32
• Turkish President...

• The electoral vote tally remains unchanged from yesterday with Biden at 264 votes, including Arizona (11 EC votes), and President Trump at 214 votes
• Georgia (16 EC votes) counts now have Biden leading by over 1k votes; with Arizona, Biden would have 280 EC votes without AZ he would hold 269
• However, desks note it may not be possible to call Georgia Presidential race for weeks given how close the race is
• Sentiment has slipped since the European cash open, ES -0.7%, though we are off lows with the...

• The electoral vote tally remains unchanged from yesterday with Biden at 264 votes (including Arizona) and President Trump at 214 votes
• The key states still to be declared include Nevada (6 votes), Georgia (16 votes), North Carolina (15 votes) and Pennsylvania (20 votes)
• FOMC left rates unchanged at 0.00%-0.25% as expected and affirmed its accommodative stance
• Asian equity markets traded mixed with the region only partially sustaining the momentum from Wall Street where the post-election rally...

• The winner of the US Presidential Election has still yet to be declared, although Democrat Candidate Biden leads in electoral votes
• In the immediacy, we are expecting updates from Nevada (6 ECV) from 12:00ET/17:00GMT today while Arizona (11 ECV) is not expected until after 21:00ET Thursday / 02:00GMT Friday
• Currently, US equity futures are firmer with ES +1.8%, NQ +2.7%, YM +1.0%; DXY has dropped below the 93.00 mark and the yield curve is bull-flattening
• BoE increased the asset purchase programme...

• The winner of the US Presidential Election has still yet to be declared, although Democrat Candidate Biden currently leads in electoral votes
• Fox News tallies President Trump at 214 vs. Biden at 264, while CNN tallies President Trump at 213 vs. Biden at 253
• The race has also been complicated by the threat of legal action with the Trump campaign reportedly considering legal action in several states
• Asian equity markets were higher across the board as the region took impetus from global peers...

US ELECTION UPDATE

As things stand, the outcome of the US election is finely poised: early doors, the ‘Biden playbook’ was seen, but as the former Vice President failed to take some of the key states he would have needed to in order to put the election to bed on the night (Southern states are still up in the air, while key state Florida is too close to be called), there was a shift in betting markets which pivoted and began pricing Trump as favorite to retain the Presidency. However, even that impulse...

• As things stand, the outcome of the US election is finely poised
• Early doors, the ‘Biden playbook’ was seen, but as the former Vice President failed to take some of the key states, there was a shift in betting markets
• However, even that impulse could not be sustained with some of the key swing states (Pennsylvania, Michigan and Wisconsin) unlikely to have their results declared any time soon
• The key takeaway, however, is that Trump has performed better than polls guided, while Biden has not made as...

• US futures are supported, but off highs with ES +1.2% as the DXY dips (-0.4%) and USTs curve bear-steepens
• FiveThirtyEight projects Biden has an 89% chance of winning the election vs. 10% chance for President Trump & a CNBC poll has Biden ahead of Trump in 6 battleground states
• The RBA cut rates by 15bps as expected and announced an AUD 100bln boost to its QE programme; Governor Lowe pushed back on neg. rates
• PayPal beat on EPS & revenue but are subdued in the pre-market as no preliminary...

• Asian equity markets were higher across the board after following suit from the gains on Wall St
• The RBA cut rates by 15bps as expected and announced an AUD 100bln boost to its QE programme
• Governor Lowe noted that the RBA has not run out of firepower but also pushed back against the prospect of negative rates
• In FX markets, the DXY slipped back below 94.00, providing some reprieve to major counterparts
• Looking ahead, highlights include Turkish CPI, US ISM New York, Factory Orders and...

• European bourses are bolstered this morning, shrugging off initial COVID-19 tentativeness
• Additionally, Chinese official manufacturing & non-manufacturing and Caixin manufacturing PMIs all exceeded expectations
• Reports noted that UK & EU Brexit negotiators were zeroing in on a solution to break the deadlock on fishing access
• UK PM Johnson announced a 1-month lockdown across England from November 5th through to December 2nd
• Monmouth poll shows Biden's lead in Pennsylvania narrows to...

• Asian equity markets traded with cautious gains and US stock index futures were choppy amid tentativeness moving into a risk-packed week
• Chinese official manufacturing & non-manufacturing and Caixin manufacturing PMIs all exceeded expectations
• Reports noted that UK & EU Brexit negotiators were zeroing in on a solution to break the deadlock on fishing access
• UK PM Johnson announced a 1-month lockdown across England from November 5th through to December 2nd
• In FX markets, the DXY...

• European bourses have pared back the US-induced downside post multiple large-cap earnings in the after market; ES -0.7%, NQ -1.2%
• Nasdaq is weighed on in-spite of Apple, Alphabet, Amazon, Facebook and Twitter all beating on top and bottom lines
• Elizabeth Warren is reportedly set to request to become Joe Biden’s Treasury Secretary in the event that the former VP wins the upcoming election, Politico
• EZ Q3 GDP beat substantially, as flagged by President Lagarde yesterday while headline flash CPI was...

• Asian equity markets weakened heading into month-end and after US stock index futures faded the recovery seen on Wall Street
• Disappointment was observed in the wake of big tech earnings despite Apple, Alphabet, Amazon, Facebook and Twitter all beating on top and bottom lines
• ECB sources stated that policymakers debated tools for the next stimulus package on Thursday in which some favoured more bond purchases under PEPP, some preferred TLTRO adjustments and others a mix of both
• In FX, they DXY...

• European cash indices have been choppy but futures have staged a modest recovery after yesterday’s COVID-19 concerns amid the busiest day of earnings season for Q3
• However, crude has continued to deteriorate throughout the morning dropping below multiple key figures
• Regeneron (REGN) COVID-19 outpatient trial prospectively demonstrates that its antibody cocktail REGN-COV2 significantly lowered virus levels
• House Speaker Pelosi has sent a letter to Treasury Secretary Mnuchin listing all the areas that...

• Asian equity markets traded mostly lower following the bloodbath on Wall St where all major indices declined by more than 3%
• BoJ maintained policy settings as expected and continued to signal a lack of urgency for immediate support
• Regeneron (REGN) COVID-19 outpatient trial prospectively demonstrates that its antibody cocktail REGN-COV2 significantly lowered virus levels
• In FX markets, the DXY held on to most of yesterday’s gains above 93.00, EUR/USD hovers around 1.1750 and GBP/USD maintains 1.30...

• European indices are posting substantial losses, Stoxx 50 -2.5%, but off lows of some -3.5% earlier in the session; stateside, ES -1.3%
• Concern around COVID-19 has intensified with France & Germany reportedly to implement lockdown restrictions imminently
• US House Speaker Pelosi said Democrats are continuing to work on regarding COVID-19 relief legislation
• Crude is pressured on general sentiment and demand-side concerns with Zeta re-intensifying to a Hurricane unable to offset this
• FX...

• Asian equity markets lacked firm direction following the mixed performance of stateside peers as earnings season and the upcoming election provided a cautious setting
• US stock index futures were further pressured after-hours on European shutdown concerns after reports stated France and Germany were mulling nationwide lockdowns
• DXY strengthened and broke back above the 93.00 level as the greenback benefitted from the cautious risk tone
• Reports state that Senate Majority Leader McConnell expressed...

• European bourses are subdued this morning, Stoxx 50 -0.5%, as selling pressure resumed post-cash open; stateside, ES +0.3%
• European Banks are bolstered after earnings from HSBC & Santander with oil & gas performing well post-BP and as Hurricane Zeta is set to re-strengthen
• FX features a mixed USD but the DXY is still firm above the 93.00 mark with JPY seemingly exerting pressure on the index as sentiment slips; other peers are relatively contained vs. USD
• Germany Economy Minister says that...

• Asian equity markets resumed the weak performance seen across global peers which culminated in Wall St’s worst day in over a month
• In FX markets, the DXY surrendered the 93.00 level overnight, providing mild support for its major counterparts
• US congressional committees have reportedly made some progress, but not enough to make a stimulus deal anywhere near imminent, according to sources
• US Senate voted 52 vs. 48 to confirm Judge Amy Coney Barrett's nomination to the Supreme Court
• Looking...

• Indices have started the week on the backfoot with substantial losses given COVID-19 concerns & heavyweight SAP posting disappointing earnings
• SAP (-19.0%) missed on revenue cut FY20 guidance and pushed out 2023 targets by two-years; Stoxx 600 tech sector -5.3%
• France and Italy reported record surges in daily infections, whilst Spain announced a state of emergency
• AstraZeneca’s (+0.8%) COVID-19 vaccine is said to have triggered protective antibodies and T-cells in the elderly
• FX features...