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  • 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,...
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  • 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...
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  • 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...
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  • 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...
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  • 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...
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  • 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...
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  • 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...
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  • 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...
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  • China’s President Xi is reportedly to present Trump with  a set of terms required for a resolution to the trade dispute; including the lifting of all punitive tariffs
  • European Indices are softer [Euro Stoxx 50 -0.2%], with sentiment somewhat dented on the ongoing US-China updates
  • In FX, the DXY remains cautious and within a relatively narrow band ahead of the G20 summit while bonds were only marginally afflicted by negative trade rhetoric
  • Looking ahead, highlights include German CPI (Prelim),...
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  • Asian equity markets traded higher after the region shrugged off the uninspiring lead from Wall Street ahead of the G20 Summit
  • UK Remain rebels are reportedly planning to mount a new bid next week to block a no-deal Brexit
  • In FX markets, most currencies remained in a holding pattern, although the DXY was slightly firmer overnight
  • Looking ahead, highlights include German CPI (Prelim), EZ Economic Sentiment, US GDP (Final), Initial Jobless Claims, Banxico rate decision, ECB’s Nowotny, supply from...
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  • European indices [Euro Stoxx 50 +0.4%] were lifted from mildly negative territory by positive US-China comments
  • US Treasury Secretary Mnuchin said the US-China deal is 90% complete, though there was some suggestion that these comments were delivered in the past tense
  • In FX, the DXY has steadied above 96.0 post-Fed comments while the NZD leads G10 counterparts post-RBNZ
  • Looking ahead highlights include, US Durable Goods, Fed’s Daly. Supply from the...
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  • Asian indices are somewhat subdued after Fed speakers tempered the prospect/magnitude of rate cuts
  • US is reportedly considering suspending the next round of tariffs as US-China prepare for trade negotiations to resume
  • RBNZ left rates unchanged but noted downside risks to employment & inflation; adding that a lower rate may be needed over time
  • Looking ahead highlights include, German GfK, US Durable Goods, ECB’s Mersch, BoE’s Carney,...
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  • European Indices [Euro Stoxx 50 -0.3%] are somewhat subdued following the lacklusture Asia-Pac handover
  • Iran Foreign Ministry spokesman Mousavi states that the US sanctions mean the permanent closure of the diplomatic channel
  • AbbVie (ABBV) is looking to buy Allergan (AGN) for in excess of USD 60bln in a cash and stock deal
  • Looking ahead, highlights include US Richmond Fed, ECB’s Coeure, Fed’s Williams, Bostic, Powell, Barkin, Bullard, supply from the US, earnings from FedEx and...
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  • Asian indices are subdued following on from the US’ imposition of sanctions on Iran
  • DXY continued its recent downtrend and slipped below 96.00, leading USD/JPY beneath 107.00
  • US placed strong sanctions on Iran, including the Supreme Leader; Iran’s Foreign Ministry Spokesman states that the sanctions mean the diplomatic channel is closed forever
  • US Official states that the Trump-Xi meeting is likely the 2nd day of G20, but this is yet to be...
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  • A choppy start to a potentially pivotally week for global trade [Euro Stoxx 50 -0.4%], with Trump & Xi due to meet at the G20 summit
  • US President Trump has stated that they will move ahead with additional sanctions on Iran; Iran’s Navy Commander said the downing of a US Spy drone was a ‘firm response’ and can be repeated
  • In FX, the USD remains subdued with Antipodeans leading G10 gains; while the TRY has rebounded post Istanbul election re-run
  • Looking ahead, highlights include NZ Trade, ECB’s...
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  • SUN: Istabul Election re-run
  • MON: German Ifo Survey
  • TUE: RBNZ Monetary Policy meeting, Hungarian Central Bank Monetary Policy meeting, US Consumer Confidence, New Home Sales, Meeting minutes
  • WED: US Durable Goods
  • THU: Banxico Monetary Policy meeting, US GDP Final, Core PCE (Final), EZ Sentiment
  • FRI: G20, Japanese CPI and Unemployment, UK GDP, US Consumption and Uni. Of...
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  • Asian equities began the week somewhat choppy with participants tentative ahead of the Trump-Xi G20 meeting
  • Conservative Party is reportedly making plans that would permit the next PM to hold off from putting their Brexit plans to Parliament until Autumn
  • US President Trump said he has no pre-conditions for talks with Iran. However, the US will be moving ahead with sanctions on the nation
  • Turkish opposition candidate Imamoglu beat former PM...
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  • European stocks gave up earlier gains on quadruple witching day, sectors are mostly in the red
  • Dollar trades within a tight range above 95.50, EUR is supported by encouraging EZ PMIs
  • US President Trump reportedly pulled back from launching attacks on Iran hours after approving strikes on a handful of targets
  • Looking ahead, highlights include US PMIs, Canadian retail sales, Baker Hughes, Fed’s Mester, Daly, BoE’s Tenreyro and Carney,...
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  • Asian equity markets traded mostly lacklustre as the FOMC-fuelled momentum began to wane in the region despite the strong lead from Wall St
  • Boris Johnson maintained the lead after the 5th round of the Tory leadership ballot with Jeremy Hunt making it to the final two after Michael Gove was eliminated
  • US President Trump reportedly pulled back from launching attacks on Iran hours after approving strikes on a handful of targets
  • Looking ahead,...
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  • European equities higher across the board as investors cheer the Fed
  • DXY lower, NOK bolstered by hawkish Norges hike
  • Looking ahead, highlights include BoE rate decision US weekly jobs, Philly Fed, BoE’s Carney

 

ASIA-PAC

Asian equity markets traded mostly positive as the region digested the dovish FOMC. ASX 200 (+0.6%) was led higher by gold names after the precious metal surged...

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  • FOMC stood pat on rates, dot plot showed median forecast is for no change in rates in 2019 although nearly half expected lower rates
  • Fed stated it will closely monitor developments and removed its pledge to be “patient”.
  • BoJ kept monetary policy settings unchanged as expected
  • Boris Johnson maintained the lead in the third Conservative leadership vote, Rory Stewart eliminated
  • Looking ahead, highlights include BoE and...
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  • Asian equity markets rallied across the board as the region followed suit from the heightened global risk appetite
  • Former UK Foreign Minister Boris Johnson remained in the lead after the second round of the Conservative leadership vote
  • DXY was steady and remained near this month’s highs after the recent Draghi-induced selling in EUR/USD
  • US President Trump replied "let's see what he does" when asked whether he wants to demote Fed Chair...
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  • ECB President Draghi said additional stimulus will be required if inflation aim is threatened, APP still has considerable headroom
  • Stocks surge as Draghi strikes a dovish tone, albeit Financials underperform amid the prolongation of negative rates
  • EUR slumped to the bottom of the G10 pile amid dovish Draghi comments, DXY is firmer above 97.50
  • Looking ahead, highlights include US Building Permits, Housing Starts, APIs, Tory Leadership Vote,...
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  • Asian equity markets mostly saw cautious gains ahead of this week’s key risk events and following the marginal gains in the US
  • Boris Johnson allies reportedly plan to rig the leadership contest by ‘lending’ votes to Jeremy Hunt
  • DXY continued on from the prior day’s swings and slipped back below 97.50 amid tentativeness heading into the key central bank meetings
  • Looking ahead, highlights include German ZEW, EZ CPI, US Building Permits,...
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  • MON: US hearing on further China tariffs.
  • TUE: RBA Minutes, German ZEW Sentiment, EZ CPI (Final), US Housing Starts.
  • WED: FOMC Monetary Policy meeting, CBRT Summary of the MPC meeting, BCB Monetary Policy meeting, Japan Trade Balance, UK & Canada CPI.
  • THU: BOE, BOJ, Norges Bank, Bank of Indonesia, UK Retail Sales, US Philly Fed.
  • FRI: EU Summit (EU top jobs decisions to be made), Quadruple Witching, Japanese CPI,...
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