RANsquawk

Blog

  • European indices are largely flat [Euro Stoxx 50 +0.1%] as US earnings season gets underway
  • China’s Foreign Ministry says it is misleading to suggest China requires a US trade deal as the economy is slowing
  • Looking ahead, highlights include, US Import/Export Prices, Retail Sales, Industrial Production, Manufacturing Output & Business Inventories, EC President Voting, Fed Discount Rate Minutes
  • Speakers: Fed’s Powell, Evans, Bowman, Bostic & Kaplan, BoE’s Carney
  • Earnings: JP Morgan,...
Categories:
  • Asian equity markets were mixed with the region indecisive following modest gains on Wall St
  • US Treasury Secretary Mnuchin has stated that he and USTR Lighthizer could visit China for further talks if progress is made
  • EU is reportedly mulling potential concessions it could offer to avoid a no-deal Brexit
  • Looking ahead, highlights include UK Jobs, German ZEW US Import/Export Prices, Retail Sales, Industrial Production, Manufacturing Output & Business Inventories, EC President Voting, Fed Discount...
Categories:

ASIA-PAC

Asian equity markets traded mixed as the region digested a slew of tier-1 Chinese data and with the absence of Japanese participants adding to the initial lull. ASX 200 (-0.6%)was negative with the downside led by underperformance in tech and telecoms, while financials also weighed on the index with AMP Capital shares down around 15% after it noted the unlikelihood it will proceed with its life insurance unit sale due to opposition by the RBNZ. Conversely, Hang Seng...

Categories:
  • Asian equity markets traded mixed as the region digested a slew of tier-1 Chinese data and with the absence of Japanese participants adding to the initial lull
  • Chinese data proved to be mostly better than forecast, although showed China’s economic growth slipped to 6.2% Y/Y as expected
  • DXY was relatively stable with marginal gains seen as it briefly attempted to nurse some of last week’s losses, while price action for its major counterparts was...
Categories:
  • European indices [Euro Stoxx 50 +0.2%] are little changed from their opening levels, with Stoxx price action initially dictated by Daimler’s profit warning
  • Dollar is still somewhat softer to the benefit of G10 counterparts and bonds continue to slump
  • US decided not to impose sanctions on Iran Foreign Minister Zarif for now, according to sources.
  • US President Trump has declared a state of emergency in Louisiana and the NHC believe Barry may become a hurricane tonight/Saturday morning
  • Looking...
Categories:
  • Asian equity markets were somewhat cautious as the region awaited the latest Chinese trade data and following a mixed performance on Wall St
  • Senior US administration officials agreed that China violated sanctions by importing Iranian oil last month and are now mulling secondary sanctions
  • The greenback was slightly softer overnight as the momentum from the prior day’s firmer than expected US CPI petered out
  • US Gulf of Mexico crude oil production has been cut by 53% (1mln BPD) due to Storm Barry...
Categories:
  • European Indices opened in positive territory this morning though have recently drifted into negative territory [Euro Stoxx 50 U/C]
  • In FX, the USD is somewhat softer as pricing for a 50bp FOMC move has continued to rise
  • ECB’s Coeure says the protracted period of low inflation has caused concerns among financial market participants that current subdued underlying price pressures will persist in the medium term
  • Looking ahead, highlights include US CPI, weekly jobs, OPEC monthly report (12:10 BST), Fed...
Categories:
  • Asian equity markets traded positively as the region took advantage of the tailwind from the US, post-Powell
  • FOMC Minutes stated that many participants saw a rate cut as warranted in the "near term" if trade and other global risks continued to weigh on the outlook
  • In FX, DXY remained pressured and slipped below 97.00 with EUR/USD and GBP/USD holding above 1.1200 and 1.2500 handles respectively
  • Looking ahead, highlights include, ECB minutes, US CPI, weekly jobs, OPEC monthly report, Fed Chair...
Categories:
  • Major European indices are tentative [Euro Stoxx 50 -0.1%] as participants await the today’s key event in the form of Fed Chair testimony & FOMC Minutes
  • Core bonds reverse further following strong EZ data, better than expected GDP prints and a poor Bund auction
  • NHC see a 90% chance of cyclone formation in the Gulf of Mexico within 48 hours, as such production platforms have begun stopping production and evacuating workers
  • Looking ahead, highlights include BoC rate decision & press...
Categories:
  • Asian equity markets traded somewhat mixed following a similar lead from Wall St. as participants await fresh clues on Fed policy
  • USTR Lighthizer and Treasury Secretary Mnuchin conducted a phone call yesterday with China Vice Premier Liu He which was said to have gone well and was constructive
  • UK lawmakers voted in favour of a plan which might hinder government from suspending Parliament if it pursues a no deal Brexit
  • Looking ahead, highlights include UK GDP, output & trade data, BoC rate...
Categories:
  • European Indices are subdued [Euro Stoxx 50 -0.5%] as a profit warning from BASF weighs heavily on the Dax (-1.1%)
  • China’s Vice Foreign Minister Le Yucheng warned of ‘disastrous consequences’ if the US treats China as an enemy
  • US is set to impose duties on fabricated structural steel imports from China and Mexico but will not impose duties on structural steel from Canada; Mexico state this should not impact the USMCA ratification
  • Looking ahead, highlights include US JOLTS, EIA Short Term Energy...
Categories:
  • Asian equity markets were negative following the losses on Wall St where the majors suffered in a continued fallout from the tempered Fed rate cut expectations
  • UK Chancellor Hammond told PM May he will fund her legacy spending plans if she allows Tory MPs free votes on efforts to stop a no-deal Brexit
  • UK opposition Labour Party is set to declare it will campaign for remain in a second referendum on any deal put to parliament by a Tory PM
  • US is set to impose duties on fabricated structural steel...
Categories:

European Indices [Euro Stoxx 50 U/C] are little changed thus far, with Deutsche Bank’s restructuring capturing the equity markets focus

·  China is expected to use its plan to name foreign companies that are a national security risk, as a bargaining chip in trade talks with US, SCMP notes that US & China are no closer to a deal

·  Iran has reportedly surpassed the 3.67% uranium enrichment cap, discussions on exceeding 20% have been taken but no decision...

Categories:
  • Asian equity markets began the week with firm losses as the region reacted to the weakness last Friday on Wall St
  • China is expected to use its plan to name foreign companies that are a national security risk, as a bargaining chip in trade talks with US
  • A YouGov poll over the weekend showed UK PM candidate Boris Johnson with 74% of support vs. 26% for Jeremy Hunt
  • TRY weakened more than 2% against USD after the Turkish Central Bank Governor was ousted and replaced by his deputy
  • Iran is...
Categories:
  • A cautious end to the week so-far European Indices [Euro Stoxx 50 -0.2%] ahead of NFPs
  • In FX, USD outperforms G10 counterparts as participants return from Independece Day holiday
  • Looking ahead, highlights include US & Canadian Jobs Reports, Canadian Ivey PMI

 

ASIA-PAC

Asian equity markets were mixed following the non-existent lead from Wall Street where markets were shut due to Independence Day and with the region tentative heading into the key US Non-Farm...

Categories:
  • Asian equity markets were mixed heading into US NFP data, Samsung’s operating profit fell 56% Y/Y
  • China reportedly wants Huawei clarification before making agricultural purchases from the US
  • DXY was flat, EUR/USD contained, GBP/USD remained near YTD lows and USD/JPY traded sideways
  • Looking ahead, highlights include German Industrial Orders, US & Canadian Jobs Reports, Canadian Ivey PMI, ECB's Coeure & de...
Categories:
  • Asian equity markets traded mostly higher, benefitting from the mild tailwinds from US, E-Mini S&P briefly topped the 3000 level
  • White House Economic Adviser Kudlow said the next round of US-China face-to-face talks will take place soon
  • In FX markets, the DXY was slightly softer, EUR/USD and GBP/USD were stuck below the 1.1300 and 1.2600 handles respectively
  • Looking ahead, highlights include EZ Retail Sales, ECB's Lane & de Guindos,...
Categories:
  • European Indices [Euro Stoxx 50 +0.9%] are firmer this morning diverting from the mixed Asia-Pac performance
  • HP (HP), Dell (DELL), Microsoft (MSFT) and Amazon (AMZN) are all reportedly looking at shifting substantial amounts of their production capacity out of China., Nikkei
  • In FX, the DXY remains around its 200 DMA, the antipodeans outperform and Sterling lags
  • Looking ahead, highlights include US ADP, Factory Orders & ISM Non-Manufacturing PMI BoE’s Haldane & Broadbent and ECB’s de Galhau,...
Categories:
  • Asian equity markets traded mostly subdued, Australia was led higher by gold miners
  • DXY was steady whilst the mostly risk-averse tone spurred flows into safe haven JPY
  • Looking ahead, highlights include EZ, UK and US Services PMI, US ADP, Factory Orders & ISM Non-Manufacturing PMI, Riksbank Rate Decision, Riksbank’s Ingves, Hansson, Floden & Ohlsson, BoE’s Cunliffe, Haldane & Broadbent and ECB’s de Galhau, supply from Germany, earlier US Independence Day...
Categories:
  • European indices are largely unchanged this morning [Euro Stoxx 50 U/C] as sentiment slips from yesterday’s G20 inspired gains
  • US President Trump said a new round of trade talks with China have started and that he expects Chinese President Xi will move on some of the disputed issues
  • US Trade Representative Office proposed increased tariffs on EU products due to EU aircraft subsidies, in which it proposed adding more tariffs to USD 4.0bln of EU goods
  • Russia approves the OPEC+ output deal extension...
Categories:
  • Asian equity markets traded indecisive as the euphoria from the US-China trade truce began to wane, Hong Kong played catch-up
  • US Trade Representative Office proposed increased tariffs on EU products due to EU aircraft subsidies, in which it proposed adding more tariffs to USD 4.0bln of EU goods
  • RBA lowered the Cash Rate by 25bps to a record low 1.00% as expected, AUD/USD saw short-lived downside
  • Looking ahead, highlights include German...
Categories:
  • European Indices [Euro Stoxx 50 +0.9%] as the weekend’s positive US-China updates, among other geopolitical developments, generated risk-on sentiment which rolled over from the Asia-Pac session
  • US and China agreed to a temporary trade truce in which US will not levy new tariffs on China whilst also easing some Huawei restrictions
  • US President Trump met with North Korean Leader Kim in the DMZ and became the first sitting US President to enter North Korean territory
  • Russia & Saudi Arabia have...
Categories:
  • US and China agreed to a temporary trade truce in which US will not levy new tariffs on China whilst also easing some Huawei restrictions
  • US President Trump had an impromptu meeting with North Korean Leader Kim Jong Un and agreed to resume stalled nuclear talks
  • Russia and Saudi Arabia have agreed to extend the OPEC+ output deal by 6 to 9 months
  • Asian equity markets began H2 with gains across the board as global sentiment was buoyed, gold...
Categories:
  • European Equities are just into positive territory [Euro Stoxx 50 +0.3%], with the Fed having approved all 18 banks capital plans in their Comprehensive Capital Analysis Review
  • US President Trump says he will be meeting with Chinese President Xi tomorrow and thinks the meeting will be productive at a minimum; it will ultimately work out, though he did not promise a 6-month tariff reprieve
  • FX and Fixed remain tentative and rangebound ahead of the weekend’s G20 and as month/quarter & half year end...
Categories:
  • Asian equity markets were subdued amid book squaring heading into the end of H1 and ahead of the upcoming Trump-Xi meeting at the G20
  • FX price action was uneventful across the board with the DXY little changed on the session as its major counterparts sat rangebound
  • UK PM candidate Boris Johnson is reportedly preparing an emergency budget for no-deal
  • Fed approved all 18 banks capital plans in its Comprehensive Capital Analysis...
Categories:
Asia begins subdued amid headwinds from US where the majors pulled back from record levels as they digested the fir… https://t.co/2FoQ94zNdl