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  • Asian equity markets were lower across the board as the stock rout resumed from last week’s tariff announcement by US President Trump
  • China has asked state-run purchasers to halt US agriculture imports, while a collapse in the CNH through the 7.00 handle also exacerbated the risk-averse tone
  • DXY slightly softened and dipped below 98.00, whilst safe-haven flows pressured USD/JPY below 106.00 for the first time since the flash crash at the beginning of the year
  • Looking ahead, highlights include EZ, UK...
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  • European indices are firmly in the red as sentiment remains under fire from US President Trump announcing further China tariffs
  • Fixed income has been underpinned on the risk sentiment with the German 30yr yield dropping below 0% for the first time and the 10yr below -50bps
  • Chinese Commerce Ministry responded saying if the US is intent on implementing further tariffs China will have to take countermeasures
  • Looking ahead, highlights include, US Jobs Report/Trade Data/Factory Orders & Uni. Michigan...
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  • Global sentiment dented after US President Trump announced a 10% tariff on the remaining USD 300bln of Chinese goods to the US
  • In recent talks, Chinese sources stated that China was not backing down or adding back any of the concession language in the agreement
  • DXY declined following the tariff announcement and continued to pull back from its highest levels in more than a year
  • UK Conservative Party lost the Brecon and Radnorshire by-election. As such, the Conservative Party’s working majority in...
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  • European indices are off FOMC-lows, Energy sector is pressured after Shell’s earnings and lower oil prices
  • Cable remains lacklustre around 1.2100 ahead of the BoE
  • Looking ahead, highlights include US Initial Jobless Claims & ISM Manufacturing PMI, BoE Rate Decision, QIR & Press Conference
  • Earnings: Verizon, S&P, General Motors, Marathon Petroleum

ASIA-PAC

Asian stocks traded lacklustre as the region reacted to the FOMC meeting. ASX 200 (-0.3%)...

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  • Fed cut rates by 25bps as expected, but disappointed expectations for more dovish signals
  • Fed Chair Powell suggested the decision was different from the beginning of a lengthy cutting cycle but later added he did not say that the cut is going to be the start of a cycle of "just one" rate cut
  • Asian stocks traded lacklustre, DXY broke above YTD highs and commodities were broadly lower
  • Looking ahead, highlights include EZ & UK Manufacturing PMI (Final), US Initial Jobless Claims & ISM...
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  • European Indices are mixed this morning after an earnings dominated start to the session, and as further US earnings and the FOMC awaits
  • US-China trade talks concluded early, with no substantial progress noted though the two sides are to meet again in September
  • North Korea fired multiple projectiles early on Wednesday which was said to be 2 short-range ballistic missiles and a different type of weapon than previous launches
  • Looking ahead,...
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  • European Indices are mixed this morning after an earnings dominated start to the session, and as further US earnings and the FOMC awaits
  • US-China trade talks concluded early, with no substantial progress noted though the two sides are to meet again in September
  • North Korea fired multiple projectiles early on Wednesday which was said to be 2 short-range ballistic missiles and a different type of weapon than previous launches
  • Looking ahead,...
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  • Asian equity markets followed suit to the negative performance seen across global peers amid trade concerns, looming FOMC decision, mixed Chinese data and earnings
  • Apple gained around 4.5% after-hours due to a beat on both top and bottom lines, Co. missed on iPhone sales but Q4 revenue forecast surpassed Street estimates
  • DXY was flat around the 98.00 level amid a non-committal tone across most major currencies ahead of today’s FOMC meeting
  • Looking ahead, highlights include German Retail Sales &...
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  • European indices [Euro Stoxx 50 -1.0%] are firmly in negative territory, though the FTSE 100 once again outperforms as Sterling remains subdued and post BP earnings
  • Both FX and Fixed markets remain little changed (ex-Cable) ahead of this week’s risk events
  • China's Communist Party's Politburo reiterates that China is to maintain prudent monetary policy, neither too tight nor too loose and will implement proactive fiscal policy
  • Looking ahead, highlights include, US PCE and Consumer Confidence, US...
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  • Asian equity indices shrugged off the lacklustre lead from global peers and traded marginally higher across the board
  • BoJ maintained current monetary policy settings and disappointed outside calls for a dovish tweak to forward guidance
  • GBP remains under pressure with UK PM Johnson refusing to meet with any EU leaders until they agree to remove backstop
  • Looking ahead, highlights include German GFk & CPI (Prelim), US PCE and Consumer Confidence, US & China Trade Negotiators meeting in China,...
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  • European Indices [Euro Stoxx 50 U/C] are little changed thus far, though the FTSE 100 (+1.1%) outperforms as sterling is subdued
  • Iranian Official said a meeting with parties relating the to 2015 nuclear deal was constructive, though unresolved issues remain
  • US & Japan are to have ministerial level talks in Washington on August 1st-2nd
  • Looking ahead, today’s calendar sees a lack of tier 1 highlights
  • Earnings: Simon Property Group, Baidu, Anadarko...
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  • Asian equity markets began the week tentative ahead of upcoming slew of key risk events (FOMC, NFP, US-China trade talks) US President Trump said China will probably want to wait on a trade deal and try to delay it until the US election
  • UK Cabinet Minister Gove suggested the government will make intensive efforts to get a better agreement but added that we must operate on assumption of a no-deal Brexit
  • Looking ahead, today’s calendar sees a lack of tier 1 highlights
  • Earnings: Simon Property Group,...
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  • European stocks are largely dictated by earnings, telecoms gain on potential Vodafone unit IPO
  • Post-earnings: Amazon (AMZN) -1.5%, Alphabet (GOOGL) +8.2% and Intel (INTC) +4.8% pre-market
  • DXY gains after clearing some tech barriers ahead of Tier 1 data
  • Looking ahead, highlights include US Q2 GDP, Baker Hughes Rig Count
  • Earnings - McDonald’s, Phillips 66, AbbVie, Aon, Colgate-Palmolive,...
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  • Asian equity markets traded negatively as the region conformed to the downbeat global risk tone post-ECB and large-cap earnings
  • Outgoing EC President Juncker told UK PM Johnson that the current Withdrawal Agreement is the best and only possible agreement
  • ECB sources suggest a rate cut is coming in Sept, as well as possible bond purchases and guidance tweaks; case still needs to be made for tiering
  • Looking ahead, highlights include US Q2 GDP,...
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  • European equities trade with no firm direction as bourses are dictated by a slew of large cap EU earnings
  • DXY is flat while EUR hovers above YTD lows awaiting the ECB (full preview available in the Research Suite)
  • Looking ahead, highlights include CBRT and ECB Rate Decisions, US Durable Goods and Initial Claims, Canadian Average Weekly Earnings, ECB President Draghi
  • Earnings: Amazon, Alphabet, Bristol-Myers Squibb, Hershey, Southwest...
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  • Asian equity markets mostly traded with cautious gains after a similar performance on Wall St and ahead of upcoming key risk events
  • UK PM Johnson launched a huge overhaul of his cabinet yesterday, appointing prominent Brexiteers to key roles
  • In FX markets, price action was predominantly uneventful across the major pairs amid a lack of tier-1 data and as the DXY continued its range-bound path
  • Looking ahead, highlights include CBRT and ECB Rate Decisions, German Ifo, US Durable Goods and Initial...
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  • European stocks are marginally lower, FTSE 100 lags as miners slide
  • EUR pressured and Bunds spiked amid downbeat EZ flash PMIs, DXY extends gains above 97.500
  • US DoJ is reportedly opening broad antitrust review on large tech firms
  • Looking ahead, highlights include US Flash PMIs, DoEs and US 5yr Note Auction
  • Earnings: Boeing, American Airlines, Allergan, Facebook, Ford, AT&T, Align Technology, Alexion...
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  • Asian equities were supported by reports that USTR Lighthizer will lead a small team of negotiators to China next Monday for trade discussions
  • US Commerce Secretary Ross said he will deal with Huawei waiver applications within the next few weeks
  • PM-elect Johnson will begin assembling a majority Brexiteer Cabinet today as he aims to get Britain ready to leave the EU by October 31st
  • Looking ahead, highlights include EZ and US Flash PMIs, DoEs and US 5yr Note Auction
  • Earnings: Boeing, American...
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  • European stocks are higher across the board [Eurostoxx 50 +1.0%], material and tech sectors outperform
  • DXY inches closer to July highs while GBP awaits the new PM announcement
  • Looking ahead, highlights include, US Existing Home Sales, US API Crude Stocks, NZ Trade Balance, Hungarian Rate Decision, BoE’s Haldane, supply from the US
  • Earnings: Lockheed Martin, AMD, Biogen, Chubb, Discover Financial, Hasbro, Harley-Davidson, Kimberly Clark,...
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  • Asian equity markets were mostly higher as the region took its cue from gains on Wall St, where all major indices closed higher
  • UK new PM announcement due between 1100-1200BST today, in which a win by hardliner Brexiteer Boris Johnson is seen as a forgone conclusion
  • White House confirmed US President Trump met with CEO's of large tech firms regarding Huawei and 5G technology
  • Looking ahead, highlights include, US Existing Home Sales, US API...
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  • WTI and Brent futures extend on gains as tensions rise in the Strait of Hormuz
  • Major European indices are relatively flat [Eurostoxx 50 +0.1%], energy sector outperforms on price action in crude markets
  • DXY has consolidated recovery gains above the 97.000 handle, NZD, CAD and AUD outperform
  • Looking ahead, highlights include US National Activity Index, BoJ’s Kuroda

ASIA-PAC

Asian equity...

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  • Asian equity markets traded mostly lower with the region cautious amid dampened hopes for a more aggressive Fed rate cut and geopolitical concerns
  • Fed officials reportedly could suggest potential for additional stimulus beyond July and signal a 25bp cut is likely at the July meeting
  • IRGC said it seized a UK tanker which has been taken to a coastal area and turned over to the maritime authorities to carry out the necessary legal steps
  • EU...
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  • European equities are mostly lower [Eurostoxx 50 -0.2%] as Fed fuelled momentum wanes
  • New York Fed stated that the comments made by Fed's Williams were academic, based on research and not about potential policy actions at the upcoming FOMC meeting
  • Italy underperforms on domestic political angst, FTSE MIB and BTPs lower
  • Looking ahead, highlights include, Canadian Retail Sales, University of Michigan Sentiment (Prelim), Baker Hughes Rig Count,...
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  • Asian equity markets were positive across the board as the region took its cue from the late gains in US following dovish comments from Fed's Williams
  • However, these were later clarified as academic comments and not about potential policy action this month
  • The US shot down an Iranian drone which was said to have approached to within a threatening distance of the USS Boxer
  • Looking ahead, highlights include UK PSNB, Canadian Retail Sales,...
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  • European stocks initially slipped as tech names succumbed to SAP’s decline, SMI buoyed by heavyweight pharma names
  • In FX markets, DXY weakens towards 97.00, GBP is bolstered by retail sales and AUD feels support from labour market data, EUR declined on ECB sources
  • Looking ahead, highlights include, SARB Rate Decision, Fed’s Williams & Bostic
  • Earnings: Microsoft, Union Pacific, Morgan Stanley, Phillip...
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