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  • US President Trump and Chinese President Xi Jinping announced a truce at the G20 in which the US agreed to delay hiking tariffs on USD 200bln of Chinese goods to 25% for 90 days
  • Russia President Putin spoke with Saudi Arabia’s Crown Prince in which they agreed to extend the OPEC+ agreement, although haven’t decided on the precise volume of production cuts
  • Italian PM Conte is reportedly preparing for a deficit of 1.9%-2.0%, while Italian Deputy...
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  • Italian QQ GDP contraction weighs on BTP’s as Bund-BTP spread retests 300bps
  • Double trouble for Deutsche bank as MS downgrades EU banking stocks and probe enters second day
  • EU equity indices largely in the red and core EU bonds in the green in skittish trade ahead of G20
  • Looking ahead, highlights include, Canadian GDP, Chicago PMI, ECB's Draghi, Mersch & Coeure, Fed's Williams...
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  • Asian stocks traded mixed amid a cautious global risk tone ahead of the US-China showdown at the G20 and as participants digested disappointing Chinese PMI data
  • FOMC Minutes stated almost all policy makers said rate hikes likely warranted "fairly soon" and it could be appropriate at future meetings to emphasise more greatly on data
  • UK PM May is turning to Eurosceptics in her cabinet to launch a last gasp effort to sell her compromise Brexit deal,...
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  • European equities (Eurostoxx 50 +0.1%) initially piggybacked on the optimism seen on Wall St and during the Asia-Pac session as perceived dovish rhetoric by Fed Chair Powell continues to guide markets.
  • Chinese President Xi is expected to offer greater market access and fewer subsidies to state firms when he meets with US President Trump at the G20
  • Looking ahead the highlights are, German National CPI, US PCE Price Index and Jobless data, FOMC Minutes,...
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  • Asian stocks traded mostly positive after risk appetite was ignited by Fed Chair Powell’s dovish comments which spurred hopes the Fed may begin to slow down on its hiking cycle
  • In FX markets, the USD was pressured post-Powell with the DXY back below 97.00 which led EUR/USD and GBP/USD to reclaim the 1.1300 and 1.2800 handles respectively
  • EU could give Italy more time before triggering the Excessive Deficit Procedure (EDP); according to La Repubblica
  • Looking ahead, highlights...
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  • European equities (Eurostoxx 50 +0.3%) have held on to opening gains seen in the wake of the upbeat US and Asia-Pac sessions, despite lingering trade concerns.
  • EU Commission will begin disciplinary action on Italy regarding its debt before Christmas; but Italy remain optimistic that a deal can be struck with the EC
  • Saudi Energy Minister Al Falih said that Saudi cannot and will not reduce output on their own.
  • Looking ahead,...
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  • Asian equity markets traded mostly positive following a similar lead from Wall St. but with the session initially mired by lingering trade uncertainty
  • White House Economic Advisor Kudlow said President Trump could hike tariffs if no constructive talks occur at G20, however, Trump remains open to a deal
  • UK PM May is said to have backed down regarding attempts to stop lawmakers from making changes to her Brexit plan
  • EU Commission...
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  • US President Trump said he still intends to go ahead with raising tariffs on China imports from 10% to 25% and that it was highly unlikely he would accept China’s request to refrain from the increase.
  • Italy's League economic advisor Siri says Italy are considering reducing the budget deficit to 2.2-2.3%
  • Senior UK lawmaker Fallon says it may be possible to delay the date the UK leaves the EU to negotiate a better deal.
  • ...
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  • Asian equity markets were mostly positive as the region took impetus from the performance on Wall St, where all majors finished with firm gains
  • US President Trump suggested an intention to proceed with raising tariffs on China imports from 10% to 25% and warned over tariffs on the remaining USD 267bln of Chinese imports if talks fail
  • US President Trump said it sounds like the Brexit deal is a good deal for the EU and that the UK may not be able to trade with...
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  • European equities started the week on the front foot (Eurostoxx 50 +1.1%) following the upbeat performance experienced over in Asia
  • The Italian government are discussing reducing the 2019 deficit target to 2.0-2.1% from 2.4%; according to a government source
  • The European Council released its statement that endorsed UK PM May’s Brexit deal, as expected
  • Looking ahead, highlights include ECB’s Coeure, BoE Governor Carney...
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  • Asian equities and US index futures began the week mostly positive as stock markets picked themselves up from the Thanksgiving holiday lull
  • The European Council released its statement that endorsed UK PM May’s Brexit deal, as expected
  • EU officials were quick to warn that there is no plan B on offer for the UK and that voters are mistaken if they think that voting ‘no’ to the deal will get them a better offer
  • ...
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  • EUR suffers post-poor flash EZ PMI’s as slowing global growth hurts European exports
  • Crude continues its collapse in thin trade and set for 7th consecutive weekly fall
  • Gibraltar remains a key issue ahead of Sunday’s Brexit summit
  • Looking ahead, highlights include Canadian CPI, ECB’s de Guindos. US markets early close

ASIA

Asian stocks traded mostly lower with...

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  • Asian stocks traded mostly lower with sentiment in the region subdued by trade concerns and holiday-thinned conditions
  • Tory Brexiteer Iain Duncan Smith stated that the Brexit deal will be killed off by him and his Brexiteer colleagues in Parliament
  • In FX markets, the major pairs traded sideways with price volatility virtually non-existent due to the holiday closures and lack of data releases
  • Looking ahead, highlights include...
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  • Asian equities were mixed as the region struggled to sustain the rebound seen on Wall St, where a recovery in the energy and tech sectors underpinned most major US indices
  • UK PM May's spokesperson said PM May and EU's Juncker failed to finalise a deal on terms of Brexit but added that very good progress has been made in talks
  • FX markets were uneventful with the USD subdued as US participants headed into the Thanksgiving holiday
  • ...
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  • European equities are higher across the board (Eurostoxx 50 +0.8%) as the region stemmed the stock rout seen in Asia and Wall Street
  • European commission has rejected the Italian budget, with the opening of EDP said to be warranted
  • Looking ahead, highlights include US Durable Goods, Weekly Jobs, Existing Home Sales, Uni. of Michigan, DoEs, Japanese CPI, BoE’s Carney, UK PM May to meet with EC’s...
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  • Asian stocks mostly weakened as the global stock rout continued into the region following the losses in US
  • US Trade Representative Lighthizer released a report regarding China intellectual property and tech transfers which stated that China has not altered its unfair practices
  • UK PM May will discuss the text in Brussels today and will push for parts of her Chequers plan to be recognisable in the document, according to the BBC
  • Looking ahead, highlights include US Durable Goods, Weekly...
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  • FAANG stocks down 1.3-2.0% premarket, while EU technology sector hits yearly lows
  • DXY and broad Dollar saved from steeper declines as jitters over Brexit alongside the Italian budget are in focus
  • Looking ahead, highlights include US building permits & housing starts, BoC’s Wilkins & Lane and weekly API crude inventory data

ASIA

Asian stock markets were lower across the board as the risk...

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  • Asian stock markets were lower across the board as the risk averse tone rolled over from Wall St, where the tech sector led the sell-off
  • Brexiteers reportedly still lack the sufficient number of signatures required to trigger a no-confidence vote against UK PM May
  • UK PM May is reportedly drawing up secret plans to drop the Irish border backstop and win support from angry Brexiteers
  • Looking ahead, highlights include US building permits & housing starts, BoE’s Carney, Haldane,...
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  • APEC summit ended without an agreement on a joint communique for the first time in its history after China refused to sign amid US-China tensions
  • Apple have reportedly cut production orders for their 3 new iPhone models and are down 1.9% pre-market
  • DXY remains capped below a key Fib level (96.590) and the Dollar overall is mixed vs major counterparts
  • Looking ahead, highlights include potential comments from Fed’s Williams....
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  • Asian equity markets began the week somewhat cautious on lingering trade concerns and after disunity at the APEC summit
  • UK PM May stated over the weekend that there has not yet been enough number of letters required to trigger a no-confidence vote
  • ERG sources are said to be confident of reaching the 48 letters required on Monday to trigger a no-confidence vote against UK PM May
  • Looking ahead, highlights include potential comments from Fed’s Williams, UK PM May to speak at the CBI...
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16th November 2018

Gove, Fox, Grayling, Mourdant and Leadsom all decide to stay as UK political resignations abate

ERG sources suggest 48 letters need for no confidence vote have all been handed in to Brady

Looking ahead, highlights include US Industrial Production, ECB’s Weidmann and Lane, Fed’s Evans

 ASIA

Asia-Pac stocks traded indecisively as the region lacked fresh catalysts and as uncertainty regarding Brexit and US-China trade played on investor’s...

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  • US-Chinese trade relations in focus again after conflicting reports suggesting the next round of Chinese tariffs are being placed on hold, which USTR Lighthizer later denied
  • UK PM May said she will see this through and fight leadership challenge. UK PM May is yet to appoint a new Brexit Minister
  • Looking ahead, highlights include EZ CPI, US Industrial Production, ECB’s Draghi, Weidmann and Lane, Fed’s Evans

TRADE

US and China are to step up efforts to strike...

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  • Sterling pounded amidst multiple cabinet resignations
  • Gilts hit contract high, ahead of possible no-confidence vote as UK PM in Dis-May
  • Looking ahead, highlights include US retail sales, US weekly jobs, NY Fed mfg, Philly Fed, DoEs, ECB’s Coeure, Praet and de Guindos, Fed’s Quarles, Powell and Bostic, earnings from Walmart

ASIA

Asian equity markets were eventually mostly higher after the region gradually shrugged off the cautious lead from the losses...

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  • Asian equity markets were eventually mostly higher after the region gradually shrugged off the cautious lead from the losses stateside
  • UK PM May confirmed she has cabinet backing for her Brexit deal and stands ready to present the deal and a statement to Parliament
  • There were reports that a PM May no confidence vote would be submitted today. However, questions remain over whether or not rebels would have enough votes to be successful
  • Looking ahead, highlights include UK and US retail...
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  • Cable wings clipped by customs concerns ahead of 14:00GMT Cabinet meeting
  • Source reports of a possible 1.4mln BPD oil supply cut by OPEC fails to stop the rot
  • Looking ahead, highlights include, UK Brexit Cabinet meeting, US CPI, Fed’s Quarles, Powell, Supply from Germany and UK cabinet to meet to discuss Brexit deal

 ASIA

Asian equities traded lacklustre following a similar performance on Wall St where the energy sector was hit by a further aggressive slide in...

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Morning all! - Asian stocks were mixed as the region struggled for firm direction following yesterday’s rally and… https://t.co/Z4rnzsUd0k