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Increased geopolitical tensions after a war of words between US and North Korea dampened global risk sentiment

This saw the DJIA snap it’s 9-day streak of record closes, softness in Asia-Pac equities and a flight to safety in FX markets

Looking ahead, highlights include US Wholesale Sales, weekly DoE inventories and RBNZ rate decision

ASIA

Increased geopolitical tensions after a war of words between US and North Korea dampened global risk sentiment, which ensured the DJIA snapped a...
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Asian equities traded mostly lower with focus on Chinese trade data which showed exports and imports falling short of expectations

USD traded subdued to marginally benefit its major counterparts in which EUR/USD gained a footing on 1.1800

Looking ahead, highlights include US JOLTS and APIs

ASIA

Asian equity markets failed to sustain the momentum from the record closes seen in DJIA and S&P 500, as sentiment in the region soured amid relatively quiet news flow and as participants...
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Asian equities traded mostly higher in the wake of Friday’s gains seen on Wall street with outperformance in the ASX 200 due to commodity names

Most major currencies nursed some of their post-NFP losses against the greenback, in which EUR/USD attempted to reclaim 1.1800

Looking ahead, highlights include Fed’s Bullard and Kashkari

ASIA

Asian equity markets traded mostly higher following Friday’s gains on Wall Street and as the region took its first opportunity to react to the better...
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Key Events: -

Monday:            

Tuesday:        China Trade Balance (Jul)                                                                                                                                

Wednesday: RBNZ MonPol Decision        

Thursday:     UK Trade Balance (June)                                                                                                      ...
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Asian equities traded with little in the way of direction despite the Russian probe in Washington intensifying

AUD/USD took centre stage and saw choppy trade after better than expected Retail Sales was briefly offset by the RBA Statement on Monetary Policy

Looking ahead, highlights include US and Canadian jobs reports

ASIA

Asian equity markets traded mixed, with the region indecisive ahead of key risk NFP data and after a lacklustre close in US where energy underperformed and the...
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Asian bourses lower following soft Chinese Caixin Services PMI

Disappointing trade data sees AUD underperform

Looking ahead, highlights include BoE QIR

ASIA

The momentum from the DJIA’s 22,000 milestone was lost on Asia as the region traded negative across the board, with sentiment dampened amid earnings and weaker than expected Chinese Caixin Services PMI data. ASX 200 (-0.4%) was subdued by commodity names with Rio Tinto (-1.8%) shares down after the Co. missed on H1 underlying...
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Asian equities trade mostly higher following gains on Wall Street and Apple’s stellar after-market earnings

USD nursed some of its recent losses with the DXY back above 93.00. Commodity-linked currencies felt the brunt of the weakness in oil

Looking ahead, highlights include US ADP, DoEs, Fed’s Mester and Williams

ASIA

Asian stocks traded mostly higher as the region took the impetus from Wall Street’s gains where the DJIA homed in on the 22,000 level and NASDAQ futures surged...
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Asian equities traded higher across the board as upbeat Chinese data and firmer commodity prices lifted sentiment

USD remained weak following further political upheaval in Washington. RBA kept rates on hold as Exp.

Looking ahead, highlights include German jobs report, Eurozone GDP, US PCE, ISM Mfg. and APIs

ASIA

Asian equities traded higher across the board as Chinese data took focus once again after Caixin Manufacturing PMI beat expectations and printed its highest since March. ASX...
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Asian equities kicked the week off in an indecisive tone with focus on Chinese Mfg. PMI and North Korean Tensions

USD-index attempted to nurse recent losses and recover from its lowest level in 15-months, with the greenback notably regaining lost ground against CAD

Looking ahead, highlights include Eurozone CPI, Chicago PMI, Pending Home Sales

ASIA

Asia equity markets traded mixed ahead of this week’s key risk events and as participants digested Chinese Manufacturing PMI and further...
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Key Events: -

Monday:               Eurozone CPI (Jul, P), China Official PMIs (Jul)

Tuesday:              RBA MonPol Decision, Eurozone GDP (Q2, Initial)                                                                                                   

Wednesday:        

Thursday:            BoE MonPol...
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FEDERAL RESERVE

  • While rates were kept unchanged, and the FOMC hinted that balance sheet normalisation could begin ‘relatively’ soon, it was the central bank’s tweak to its views on inflation which were seen as dovish, dragging the probability of another Fed hike in 2017 to just over 50% from around 61% before the Fed’s update.
  • Previously, the Fed had...
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Asian equities trade lower in the final trading session of the week with underperformance in the ASX (-1.5%)

FX markets saw the USD-index languish near its worst levels in over a year and below 94.00

Looking ahead, highlights include regional and national German CPI, US GDP and Fed’s Kashkari

ASIA

Asia equity markets traded negative across the board following the indecisive tone on Wall St. where tech stocks underperformed as the Nasdaq Comp pulled back from record levels, while data...
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FOMC kept rates on hold as Exp., updated guidance on balance sheet normalisation and perceived to be dovish on inflation

Market reaction led to a softer USD, yields and upside in gold with sentiment bolstering Asia-Pac equities

Looking ahead, highlights include US Durables, Wholesale Inventories and Weekly Jobs

FOMC DECISION

FOMC held rates between 1.00-1.25%, as expected and said balance sheet normalisation is to take place ‘relatively soon’.

On inflation, the Fed said...
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Asian equities were mostly positive overnight as all-time highs on Wall Street bolstered sentiment

AUD/USD broke below 0.7900 amid downbeat domestic inflation data and comments from RBA’s Lowe

Looking ahead, highlights include UK GDP, US New Home Sales, DoEs and ECB’s Lautenschlaeger

ASIA

Asia equity markets were mostly higher following a record setting day on Wall St. where the S&P 500 and NASDAQ posted fresh all-time highs as earnings buoyed sentiment, with gains led by strength in...
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Asian equities traded with little direction after a mixed lead from Wall St. with newsflow and macro events once again light overnight

FX markets were mostly indecisive with the USD-index failing to hold above 94.00. Comments by ECB’s Mersch provided mild EUR support

Looking ahead, highlights include German IFO, US APIs and BoE’s Haldane

ASIA

Asia stocks maintained the mixed tone seen on Wall St. where earnings remained in focus and tech outperformed, which pushed the Nasdaq to...
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Asian equities traded with little in the way of firm direction with newsflow light overnight as participants await key risk events

FX markets saw the USD remaining subdued which pushed GBP/USD back above 1.3000 and EUR/USD closer to 1.1700

Looking ahead, highlights include Eurozone and US PMIs, US Existing Home Sales

GLOBAL

IMF affirmed 2017 global GDP growth at 3.5% and 2018 at 3.6%. (Newswires)

- Maintained 2017 and 2018 US growth forecasts at 2.1% for both years.

-...
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RBA speakers temper AUD appreciation

Asian bourses somewhat directionless to close the week

Looking ahead, highlights include Canadian CPI

ASIA

Asia equity markets traded marginally in the red, following the lacklustre close on Wall St. amid a slew of earnings releases which were ultimately mixed. ASX 200 (-0.8%) underperformed, led by the soft resources, metals and energy sectors, whilst Nikkei 225 (-0.3%) also traded in the red to conform to the tone in the region, as JPY’s...
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BoJ keeps monetary policy on hold and pushes back inflation goal as expected

AUD retraces jobs gains as the 0.8000 level holds firm.

Looking ahead, highlights include UK retail sales, ECB monetary policy decision.

Bank of Japan:

Kept rates at -0.10%, 10yr JGB yield target at 0.00% and annual pace of JGB holdings at JPY 80tln.

Increased Real GDP forecasts for FY17, 18 and 19.

Decreased Core CPI forecasts for FY17, 18 and 19

ASIA

Asia...
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  • All rates and the current pace of asset purchases are expected to be left unchanged.
  • There is a slight chance the ECB may adjust guidance on asset purchases following recent source reports.
  • Draghi may reiterate his most recent comments made at the Sintra Forum in his press conference.

 

RATE/ASSET PURCHASE EXPECTATIONS

-...
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  • Asian equities traded with marginal gains overnight in what was a fairly quiet session
  • Slight profit taking observed in EUR while USD/JPY consolidates above 112.00
  • Looking ahead, highlights include US Building Permits, Housing Starts and DoE Crude Report

ASIA

Asia traded mixed, following a similar Wall St. lead, where Goldman Sachs’ quarterly revenue weighed on...
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      • USD-index and Asian equities drop amid fading hopes of US reforms.
      • Soft NZ CPI pushes back rate hike expectations for the RBNZ
      • Looking ahead, highlights include UK CPI, German ZEW survey and API Crude...
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  • Asian equities higher following the record closes in the US with exception of China amid a 5% drop in the ChiNext.
  • USD continued to hover around 10-month lows after Friday’s soft US data.
  • Looking ahead highlights include Eurozone CPI (final readings).

ASIA

Asia equity markets somewhat recovered from the early volatility in China to approach the close mostly higher after Friday’s gains...
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Key Events: -

Monday:             China GDP (Q2), Eurozone CPI (Jun, F), New Zealand CPI (Q2)

Tuesday:            UK Inflation (Jun), RBA Meeting Minutes (Jul)                                                                                                

Wednesday:      

Thursday:           ECB, BoJ, UK Retail Sales (Jun) Australian Labour Market Report (Jun)...
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FEDERAL RESERVE (FED)

• While most of Fed Chair Janet Yellen’s dual testimonies to the House and Senate generally toed the line, her comments hinted at downside risks to the Fed’s projection of the longer-term federal funds rate (currently between 2.80% and 3.00%, and will be updated next at its September meeting).

• “The neutral level of the federal funds rate is likely to remain close to zero in real terms over the medium term. If that is the case, we would not have much more...
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  • Asian equities traded with little in the way of firm direction as markets await a slew of tier 1 US data releases later in the session
  • FX markets also traded in a tentative manner with outflows from safe-haven JPY leading to further upside in USD/JPY
  • Looking ahead, highlights include US CPI, retail sales, industrial output, Uni. Of Michigan and Fed’s...
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