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  • Asian stocks initially struggled for direction before seeing a mild uplift after EU leaders reached an agreement on migration
  • EUR/USD reclaimed the 1.1600 handle with most other majors benefitting from subsequent USD softness
  • Looking ahead, highlights include German jobs, UK GDP (Q1), EZ CPI, US PCE, Canadian GDP, Chicago PMI, EU summit

ASIA

Asian stocks initially struggled for direction and traded mixed for most the session with the ASX 200 (+0.1%) and...

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  • European equities are lower across the board (Eurostoxx 50 -0.4%) as trade tensions continue to weigh on sentiment
  • DXY remains above 95.00 in European trade after an early bout of strength (now off best-levels)
  • Looking ahead, highlights include German national CPI, US GDP (F), weekly jobs, EU summit, BoE’s Haldane, US 7yr note auction

ASIA

Asian equity markets traded somewhat indecisive following the headwinds from Wall St where all major indices...

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Arrivals scheduled at 12:30BST/06:30CDT on Thursday and 07:00BST/01:00CDT on Friday 

  •  EU Summit is to be dominated by the migration issue
  •  Brexit talks at the Summit to show little development 

MIGRATION ISSUE 
Leaders are expected to discuss the internal and external dimensions of the migrations policy. German Chancellor Merkel has been facing a domestic battle over migration with CSU coalition partners, which want ot...

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  • Asian equity markets traded somewhat indecisively after White House economic adviser Kudlow rejected the perception that Trump was softening his stance on China
  • Chinese stocks later recovered amid pre-emptive trade measures including a further devaluation of the CNY and adjustments on tariffs for some imports from other Asia-Pac nations
  • Looking ahead, highlights include regional and national German CPIs, US GDP (F), weekly jobs, EU summit, BoE’s Haldane, US 7yr...
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  • Equity bourses initially negative and around multi month lows as US trade concerns filter through to Europe
  • Positive commentary from US Defence Secretary Mattis softens the blow, as President Xi talks have been “very, very” good
  • Looking ahead, highlights include, US durables, US advanced goods trade, DoEs, RBNZ, Fed’s Quarles, Rosengren, US 5yr Note auction

ASIA

Asian equity markets were negative with the region cautious as trade...

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  • Trade concerns saw a slight moderation after US President Trump suggested he would ease off on demands for new tight restrictions regarding Chinese investments
  • Asian equity markets remained cautious. In FX, USD, EUR and GBP were quiet overnight with the greenback holding onto the prior day’s advances
  • Looking ahead, highlights include US durables, US advanced goods trade, DoEs, RBNZ, Fed’s Quarles, Rosengren, US 5yr Note auction

ASIA

Asian...

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  • Asian stocks were negative across the board amid trade-inspired spill-over selling from the US
  • US Treasury Secretary Mnuchin suggested investment restrictions were not just specific to China but to all countries trying to steal US technology
  • White House Trade Advisor Navarro provided momentary relief as he stated the US has no plans to impose investment restrictions but will defend itself against threats
  • Looking ahead, highlights include US CaseShiller, Richmond Fed, NZ trade,...
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  • Asian equity markets began the week mixed as the region digested a targeted RRR reduction by the PBoC and reports the US is planning new restrictions on China
  • US President Trump is said to be planning new restrictions on tech exports to China and Chinese investment with an announcement expected by end of the week
  • Looking ahead, highlights include German IFO

TRADE

US President Trump is said to be planning new restrictions on tech exports to China and...

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Key Events

Sunday: Turkish General Election

Monday: German IFO

Tuesday: N/A

Wednesday: BoE Governor Carney speaks, US Durable Goods, Trade Balance

Thursday: RBNZ Rate Decision, German CPI (Prelim), US GDP (Final), EU Summit

Friday: Japan Labour Market, German Labour Market, UK GDP (Final), EZ CPI, US PCE, Canadian GDP (monthly)  

  • Asian stocks mixed; DJIA closed lower for 8th consecutive trading session
  • WTI and Brent crude higher amid uncertainty ahead of today’s OPEC meeting
  • Looking ahead, highlights include Eurozone PMIs, Canadian CPI, and the OPEC meeting

ASIA

Asia stocks were somewhat mixed with the region cautious as trade concerns lingered and following a weak lead from Wall St where all major US indices closed negative and the DJIA declined for an 8th consecutive day...

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  • Asian equity markets mixed; China underperforms as trade fears linger
  • FX markets quiet with DXY holding above 95.00; NZD soft as growth slows
  • Looking ahead, highlights include rate decisions from BoE, SNB and Norges Bank

ASIA

Asia traded mixed although were initially mostly higher following a similar showing on Wall St where most major indices finished positive in which the Nasdaq Comp. and Russell 2000 rose to fresh record highs, while the DJIA lagged...

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  • SNB is expected to stand pat on policy rate at -0.75%, with little change anticipated to the policy statement
  • The central bank is likely to reiterate its commitment to FX intervention in order to offset any unwanted appreciation of the “highly valued” CHF

EXPECTATIONS

The Swiss National Bank is expected to keep rates unchanged, maintaining the Sight deposit rate at -0.75%, and the 3-month LIBOR target range between -1.25% and -0.25%. In recent...

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  • Norges Bank to publish its rate decision and new economic projections at 09:00 BST
  • Rates expected unchanged
  • Growth, inflation profiles may be revised up
  • Central bank expected to stick to its hawkish stance
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  • Asian shares mostly higher as stocks take a breather following Tuesday’s decline
  • FX price action relatively uneventful but USD/JPY reclaims 110.00
  • Looking ahead, highlights include US existing home sales and a panel discussion with Fed’s Powell, ECB’s Draghi, BoJ’s Kuroda & RBA’s Lowe

ASIA

Asia stocks traded mixed as the region attempted to compose itself from the prior day’s sell-off and after some late reprieve on...

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  • Trump targets USD 200bln in fresh China tariffs; China says to fight back firmly
  • Asia-Pac equity markets were mostly lower amid a further escalation of trade tensions
  • Looking ahead, highlights include speeches from ECB’s Draghi, Praet, Lane and Fed’s Bullard

TRADE TARIFFS

US President Trump asked the US Trade Representative to identify USD 200bln in Chinese goods for further tariffs of 10% which will be imposed if China refuses to change its...

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  • ​​​​Asian shares pressured after China retaliates to US tariffs; HK and China markets closed
  • Oil lower as Russian Energy Minister Novak proposes extension of the OPEC+ deal
  • Looking ahead, highlights include ECB President Draghi speaking at the Sintra Monetary Policy conference

ASIA

Asia stocks mostly backpedalled at the start of the week as the region digested the tit-for-tat trade spat between US and China, in which the US confirmed tariffs on USD 50bln...

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Key Events 

  • Monday: ECB Forum on Central Banking begins
  • Tuesday: RBA Minutes
  • Wednesday: BoJ Minutes, Brazil Rate Decision
  • Thursday: BoE Rate Decision, SNB Rate Decision, Norges Bank Rate Decision, Banxico Rate Decision, Eurogroup Meeting
  • Friday: Japan CPI, OPEC Meeting, EZ PMIs, Canadian CPI 

Global 

On 21 June, the JMMC will meet ahead of OPEC’s 174 the Meeting on 22 June, and then a...

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  • Asian equity markets were somewhat mixed as the region digested the fallout from the ECB and Trump’s decision to impose tariffs on China
  • UK government presented an amendment that reportedly fell short of rebel demands with the new clause giving Parliament a more limited say
  • Looking ahead, highlights include EZ CPI, Russian rate decision, US NY Fed mfg PMI, industrial production, Uni. of Michigan, Baker Hughes, quadruple witching

ASIA

Asian equity...

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  • FOMC lifted the Fed Funds Rate to 1.75%-2.00% as expected. FOMC median view sees 4 hikes in 2018. Dropped reference that it expected rates to be below neutral for ‘some time’.
  • House of Commons voted to reject House of Lords amendments to the EU Withdrawal Bill which would have required the Government to seek to negotiate a customs union as part of the framework for a future UK-EU relationship
  • Looking ahead, highlights include German CPI (F), Swedish CPI, UK retail sales, ECB rate...
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  • Asian stocks traded subdued with participants tentative ahead of the looming FOMC decision and amid a resurfacing of trade concerns
  • House of Commons rejected withdrawal bill amendments related to Brexit day, Henry VIII powers and ‘meaningful vote’
  • Looking ahead, highlights include IEA monthly oil report, UK CPI, US PPI, DoEs, FOMC rate decision and press conference, supply from Italy and Germany

ASIA

Asian stocks traded subdued with...

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  • Unanimous expectations look for the ECB to leave its three key rates unchanged
  • Will the ECB unveil their blueprint for winding down their PSPP or will they ‘kick the can down the road’ to July?
  • Questions likely to be raised on the Bank’s view surrounding the latest developments in Italian politics
  • Macro projections likely to see oil prices curtail 2018 growth...
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  • Asian equity markets mostly traded with modest gains following a similar performance on Wall St. and with focus fully centred on the historical summit between US President Trump and North Korean Leader Kim Jong Un
  • The meeting between the 2 leaders was seen as amicable in which the leaders shook hands several times and exchanged pleasantries
  • UK PM May has headed off a Conservative rebellion ahead of today’s key Brexit vote by reaching out to Remainers in her party, according to reports
  • ...
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  • US President Trump refused to endorse the G7 communique which he stated was due to false statements made by Canadian PM Trudeau
  • Asian equity markets and the USD subsequently began the week somewhat cautiously
  • Looking ahead, highlights include Norwegian CPI, UK production, Barnier & Davis meet, US 3 and 10yr supply

G7/Trade

G7 official communique which was backed by all countries apart from the US, acknowledged free, fair and mutually beneficial trade...

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Key Events

  • Monday: Nothing major of note
  • Tuesday: Brexit votes in the House of Commons, UK Labour Market, US CPI, US-North Korea Summit
  • Wednesday: UK CPI, FOMC Rate Decision
  • Thursday: Australian Labour Market, ECB Rate Decision
  • Friday:  EZ CPI (Final), BoJ Rate Decision

Politics

On Tuesday, UK Parliament is...

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  • Asian stocks traded with a subdued tone following a lacklustre performance on Wall St. DXY has languished below the 93.50 level
  • Trump launched a tweet-tirade against EU and Canada ahead of the G7, in which Trump accused EU & Canada of using massive trade tariffs and trade barriers against US
  • Looking ahead, highlights including the Canadian jobs report and the beginning of the G7 summit

 

ASIA

Asian stocks traded with a subdued tone...

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