• Equities are in the green, except for the AEX, which is weighed on by poor ASML results; Luxury bellwether LVMH gains post-earnings
• Dollar is lower though still above 106.00, Antipodeans outperform and GBP benefits post-CPI
• USTs incrementally firmer, Gilts gapped lower following hotter-than-expected CPI though have pared to near unchanged
• Crude is pressured as markets await geopols updates, XAU is firmer, benefiting from recent Dollar...

• APAC stocks traded mixed as the region picked up the pieces from the prior day's heavy selling but with the recovery limited.
• Fed Chair Powell said the Fed can maintain the current rate for as long as needed if higher inflation persists.
• European equity futures indicate a positive open with the Euro Stoxx 50 future +0.2% after the cash market closed down 1.4% on Tuesday.
• DXY retains a firm footing on a 106 handle, support in EUR/USD...

• Equities are entirely in the red, continuing the negative price action seen in the prior session
• DXY holds around 106.30, Antipodeans suffer from the broader risk tone and mixed Chinese data
• Bonds are pressured, and Bunds more-so after German ZEW while Gilts gapped lower on wage numbers
• Crude is off best levels as focus remains on geopols, XAU lower
• Looking ahead, Canadian CPI, New Zealand CPI, Comments from Fed’s...

• The S&P 500 posted its largest two-day decline in more than a year with the index down 2.6% since Friday.
• APAC stocks were lower amid concerns related to a potential 'imminent' response by Israel against Iran, while markets also digested mixed data from China.
• Better-than-expected Chinese GDP for Q1 was negated by disappointing Industrial Production and Retail Sales data.
• European equity futures indicate a negative open with the Euro...

• Equities are firmer though with the FTSE 100 lagging, hampered by broader weakness in the crude complex
• Dollar flat, AUD benefits from metals strength and JPY lags
• Bonds pressured in a continuation of recent price action, Bunds looking to test 132.00
• Crude lower after the Iran attacks were mostly nullified, XAU modestly firmer
• Looking ahead, US Retail Sales, Fed's Williams, BoE’s Breeden & ECB’s Lane & de...

• APAC stocks mostly declined as participants reflected on the geopolitical events over the weekend and disappointing Chinese trade data.
• Iran launched its first direct attack on Israel which was largely intercepted with very little damage caused.
• European equity futures indicate a marginally higher open with the Euro Stoxx 50 future +0.4% after the cash market closed down 0.2% on Friday.
• DXY is pivoting around the 106 mark, JPY remains on the...

Week Ahead 15-19th April

• MON: PBoC MLF, Swiss PPI (Mar), EZ Industrial Production (Feb), US Retail Sales (Mar), South Korea Import/Export Price Growth (Mar)
• TUE: Chinese GDP (Q1)/Industrial Production (Mar)/Retail Sales (Mar), UK Jobs Report (Mar/Feb), German ZEW Survey (Apr), US Building Permits (Mar), Canadian CPI (Mar), US Industrial Production (Mar), New Zealand CPI (Q1)
• WED: Special European Council, Japanese Trade Balance (Apr),...

• European bourses are entirely in the green, Stateside futures are contained on either side of the unchanged mark
• Dollar is bid which has weighed on G10 peers, with EUR down to 1.0657
• Fixed complex higher with Bunds outperforming as markets digest Thursday’s ECB announcement and Fed divergence
• Crude is bid given the heightened geopolitical environment, XAU makes record highs
• Looking ahead, Uni. of Michigan (Prelim.),...

• APAC stocks traded mixed despite the gains on Wall St, with participants in the region cautious as they awaited the latest Chinese trade data. 
• DXY was flat after mixed inflationary signals, EUR/USD remained lacklustre post-ECB, and USD/JPY took a breather and held on to the 153.00 status. 
• ECB sources said as many as five officials needed extra convicting to hold back from rate cuts at Thursday's meeting and stronger-than-expected inflation data out of...

• Equities are mostly lower, continuing the sell-off seen in the prior session; the RTY underperforms
• Dollar is flat and firmly above 105, USD/JPY back on a 153 handle
• USTs contained at post-CPI lows whilst Bunds dip lower ahead of the ECB
• Crude is incrementally firmer, XAU rangebound and base metals little changed despite softer Chinese inflation figures
• Looking ahead, US IJC & PPI, ECB Policy Announcement &...

• APAC stocks were subdued after hotter-than-expected US CPI reverberated across global markets.
• Softer-than-expected Chinese CPI and persistent producer price deflation kept the door open for future support measures.
• European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed up 0.2% on Wednesday.
• DXY has held onto 105 status, USD/JPY ventured above 153, EUR/USD heads into the ECB on a...

• European bourses are firmer across the board, US futures contained into CPI
• DXY and USTs broadly steady ahead of the main US events
• Gilts bounced back to unchanged post-supply after initial underperformance, Bunds off best after their own auction
• Crude benchmarks modestly firmer in thin ranges, XAU contained while base metals grind higher
• Looking ahead, highlights include US CPI, BoC Policy Announcement, FOMC...

• US stocks eventually eked slight gains, APAC stocks traded mixed ahead of upcoming risk events and a slew of market closures.
• Fitch revised China's outlook to Negative and affirmed its rating at A+.
• European equity futures indicate a higher open with the Euro Stoxx 50 future +0.6% after the cash market closed down 1.1% on Tuesday.
• RBNZ kept the OCR unchanged as expected and noted that a restrictive monetary policy stance remains...

• European bourses in the red with US futures flat in catalyst-thin trade
• DXY steady for much of the morning before USD/JPY came under pressure on a BoJ-related source report
• Fixed income benchmarks bid with EGBs outperforming, no reaction to supply but latest ECB BLS perhaps factoring
• Commodities firmer; crude gains incremental while XAU hit a fresh ATH
• Looking ahead, highlights include US Supply & SNB's Schlegel;...

• APAC stocks traded mostly higher but with price action relatively rangebound with global markets lacking major catalysts.
• European equity futures indicate a lower open with the Euro Stoxx 50 future -0.2% after the cash market closed up 0.6% on Monday.
• FX markets are contained with DXY holding above the 104 mark, USD/JPY continues to eye the YTD peak and 152 level.
• Israeli Prime Minister Netanyahu said that a date has been set for a Rafah...

• European bourses have meandered higher after a contained open, US futures near unchanged
• Geopols. and US-China talks in focus; Hamas sources report no progress in Cairo negotiations
• DXY steady but towards the top-end of the day’s range with peers generally steady in limited newsflow
• Core fixed benchmarks lower in an extension of Friday’s bearish action, US yields higher across the curve
• WTI and Brent pressured as...

• APAC stocks were mixed ahead of this week's risk events and despite last Friday's strong NFP report and US-China talks.
• Fed's Bowman (voter) said on Friday that cutting rates too soon risks a rebound in inflation and although unlikely, it is possible the Fed may have to hike rates again to cool inflation.
• Spot gold was initially pressured in early trade alongside weakness across commodities but later printed a fresh record high above USD...

Week Ahead 8-12th April

• MON: Bank of Israel Announcement, Japanese Earnings (Feb), Swiss Unemployment Rate (Mar), German Trade Balance (Feb)/Industrial Output (Feb), EZ Sentix Index (Apr)
• TUE: EIA STEO
• WED: FOMC Minutes (Mar), BoC Announcement, RBNZ Announcement, US CPI (Mar)
• THU: ECB Announcement, OPEC MOMR, Eurogroup Meeting, Chinese Inflation (Mar), US PPI (Mar)
• FRI: IEA OMR,...

• European equities lower across the board in catch-up play from the late selling seen on Wall St.
• DXY unchanged with G10s rangebound into NFP
• Fixed income benchmarks slightly softer as they give back some of Thursday’s risk-inspired upside
• Commodities feature modest gains for crude and XAU
• Payrolls aside, markets attentive for any further escalation in geopolitical tensions into a potential risk-fuelled...

• APAC stocks followed suit to the losses in the US amid geopolitical concerns and hawkish-leaning Fed rhetoric.
• Fed's Kashkari and Goolsbee noted that it is possible the Fed will not cut this year if inflation stalls.
• European equity futures indicate a weaker open with the Euro Stoxx 50 future -1.3% after the cash market closed flat on Thursday.
• DXY is a touch firmer, EUR/USD eased back from two weeks highs but remains on a 1.08 handle,...

• European bourses a touch firmer post-PMIs after a flat open, US futures tilting higher in tandem into IJC and Fed appearances
• DXY softer and approaching 104.00, EUR inches higher post-PMIs, JPY stead, CHF lags
• EGBs bid despite PMI pressure though off highs in somewhat limited newsflow, USTs flat
• Base metals continue to climb with 3M LME Copper at a 52-week high, crude contained and XAU slightly softer
• Looking ahead,...

• APAC stocks traded higher as sentiment picked up from the choppy mood and mixed data releases stateside.
• Fed Chair Powell said if the economy evolves as the Fed expects, most on the FOMC expect to cut rates later this year.
• European equity futures indicate a slightly positive open with the Euro Stoxx 50 future +0.1% after the cash market closed up 0.5% on Wednesday.
• DXY has pulled back further from 105, antipodeans outperform, EUR/USD...

• European bourses are modestly firmer, US equity futures are in the red though with trade contained
• Dollar is flat and G10 peers are incrementally softer
• USTs are incrementally softer whilst Bunds are firmer after dovish-tilting speak from ultra-hawk Holzmann coupled with softer EZ-HICP metrics
• Crude is incrementally firmer but within recent levels, XAU is off best
• Looking ahead, US ADP, ISM Services, Australian PMI...

• APAC stocks followed suit to losses in the US where treasuries bear-steepened and oil prices ramped up.
• Fed's Daly said there is no urgency to adjust the rate, Mester doesn't see the case for cutting at the next meeting.
• European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed lower by 0.8% on Tuesday.
• DXY remains on a 104 handle with FX markets overall steady, USD/JPY lingers...

• Equities are mixed, with clear outperformance in the Energy/Basic Resources names amid broader strength in the underlying commodity prices
• Dollar is flat and holds around 105, AUD outperforms given the rally in metals prices
• Bonds are mixed, USTs are flat and hold near post-ISM lows, whilst Bunds play catch up; a modest dovish reaction was seen following German state CPIs
• Commodities are entirely in the green, Crude benefits from heightened...