• European bourses are subdued as the sentiment from Hong Kong unrest outweighs Singles Day, financials remain under pressure given Moody’s downgrading UK and Spanish election stalemate
• US President Trump said he thinks trade talks are moving along very nicely, while he suggested that the accord with China has to be the right deal and that reports on the level of tariffs being lifted were incorrect
• FI markets have a slight bid thus far, USD is slightly subdued on the deterioration in sentiment; NZD...

• Asian equity markets traded mostly negative with sentiment clouded by uncertainty; Hang Seng underperformed amid further unrest in Hong Kong with reports of police using live rounds
• Results from the Spanish election showed no party attained a majority as expected, Spain’s Socialists won the most seats
• In FX markets, the DXY was flat, EUR/USD and GBP/USD were uneventful, USD/JPY was slightly pressured, NZD modestly outperformed
• Looking ahead,...

• Major European bourses are cautious as the US/China trade front positivity abates slightly
• In FX, DXY is firmer above 98.000, AUD subdued by SOMP, PBoC set USD/CNY fix below 7.00
• Iranian Air Defences have reportedly shot down a drone on the edge of Persian Gulf, US defence Official said no reports of a US drone being shot down
• Looking ahead, highlights include Labour Market Report; US University of Michigan Sentiment, Baker Hughes Rig Count; Fed’s Bostic, Williams, Daly, Brainard, Moody’s on...

• Asian bourses traded mixed as the region failed to sustain the momentum from the record levels on Wall St
• US and China sources noted that both sides want to have a Phase 1 trade deal down on paper by the end of next week
• However, source reports stated the US plan to roll back China tariffs faces fierce internal opposition, no final decision has been made
• Chinese trade figures topped estimates but continued to show a contraction in both...

• European bourses are higher as risk sentiment derives support from the trade flow in early hours
• China and US have agreed to cancel existing tariffs in different phases, MOFCOM said; noting the magnitude of tariff cancellations for Phase 1 can be negotiated if a deal is reached
• Debt complex is significantly subdued on the risk-on tone, USD/CNH drops further below the 7.0 mark
• Looking ahead, highlights include, US Initial Jobless Claims and Consumer Credit, BoE Rate Decision, MPR & Press...

• Asian equity markets traded indecisively as they took their cue from the similar performance of their US peers
• US President Trump meeting with Chinese President Xi to sign a trade deal could be delayed until December as discussions over terms and venue continue
• Senior US administration official said that the US is mulling a Trump-Xi meeting to sign an interim trade deal after the NATO summit in London in early December (3rd-4th)
• Looking ahead, highlights include German Industrial Output, Chinese FX...

• Major European bourses are little changed thus far, in a relatively quiet EU session
• Chinese President Xi's visit to Brazil next week may be too soon to sign a Phase One trade deal with the US., SCMP
• Iranian President Rouhani says nuclear site Fordow will "soon be back to full production"; follows reports that they have begun injecting gas into the facility
• FX complex is uninspiring with the USD marginally softer overall,...

• Asian equities traded lacklustre following a flat finish on Wall St where the major indices remained near record highs
• Participants await the next developments in the trade saga and whether the US succumbs to China’s demands to roll-back tariffs
• Brexit Party leader Farage is reportedly in discussions with certain Eurosceptic Conservatives over withdrawing rival Brexit Party candidates at the upcoming general election
• DXY slightly eased back from the 98.00 level but held on to the majority of the...

• European bourses are firmer in risk-on trade this morning following the positive US-China rhetoric
• US reportedly considers dropping some tariffs on China with the White House said to mull whether to roll back levies on USD 112bln of Chinese imports which were introduced at 15% on September 1st
• US National Security Adviser O’Brien stated that US President Trump invited Chinese President Xi to the US if the two sides are ready to sign the phase one agreement; is...

• Asian equity markets were higher as the region sustained the momentum from Wall St where all major US indices posted record highs on the continued US-China trade optimism
• FT reports that the US is mulling rolling back the 15% tariffs on USD 112bln of Chinese imports that took effect from September 1st
• However, doubts remain over whether or not US President Trump would be willing to support such a move
• Looking ahead, highlights include UK Markit Services PMI, EZ PPI, US International Trade, Markit...

• Asian equity markets kick-started the week on the front-foot following a strong performance from Wall St., Japan was away on holiday
• SCMP opinion piece noted that China might make further compromises, but the Phase 1 deal does not provide any incentive for a more comprehensive agreement
• US Commerce Secretary Ross suggested the US may not need to impose auto tariffs later this month
• In FX, DXY is firmer, GBP, EUR, CAD, JPY and CHF are softer,...

• Asian equity markets kick-started the week on the front-foot following a strong performance from Wall St., Japan was away on holiday
• US Commerce Secretary Ross said they are very far along in Phase 1 of the US-China trade deal, whilst USTR Lighthizer and WH Trade Adviser Navarro highlighted constructive talks with China
• SCMP opinion piece noted that China might make further compromises, but the Phase 1 deal does not provide any incentive for a more comprehensive...

• European Cash indices are a touch firmer but little changed as markets await the US Jobs report
• Chinese Caixin Manufacturing PMI beat Exp.; foreign ministry says reports of a US/China leaders meeting in Macau is speculation
• US Secretary of State Pompeo said US is to impose new sanctions and nuclear curbs on Iran
• FX complex is little changed overall vs. a slightly softer USD
• Looking ahead highlights include US Labour Market Report, Construction Spending and ISM; Fed’s Clarida, Williams,...

• Asian equity markets mostly staged a turnaround from the weak Wall St. lead, China outperformed whilst Nikkei 225 lagged
• In FX, USD held onto recent losses, JPY was marginally firmer, antipodeans welcomed above-forecast China Caixin Manufacturing PMI
• US Secretary of State Pompeo said US is to impose new sanctions and nuclear curbs on Iran
• Looking ahead, highlights include Swiss CPI, UK Manufacturing PMI, US Labour Market Report, Construction...

RANsquawk Daily US Opening News - 31st October 2019

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• Fed cut rates by 25bps as expected and stated “it will continue to monitor incoming information as it assesses the appropriate path"
• Asian equities traded mostly positive after mild post-FOMC tailwinds, a slew of blue-chip earnings and disappointing Chinese PMI data
• China Global Times Editor tweeted that based on what he knows, Chile cancelling APEC summit will not affect arrangements of the China-US trade talks
• BoJ kept policy settings unchanged but adjusted its forward guidance to reflect chance...

• European equities are earnings/M&A driven this morning whilst markets remain tentative ahead of today’s risk events
• FX and Fixed Income markets are largely on standby ahead of FOMC
• US President Trump’s insistence that China commits to large purchases of US agricultural products has reportedly become a negotiating sticking point
• Looking ahead highlights include US, ADP, GDP (Advanced), FOMC and BoC Rate Decisions & Press Conferences, ECB's Lautenschlager
• Earnings: Apple,...

• Asian equity markets traded mostly negative after the cautious tone rolled over from Wall St
• A Chinese Foreign Ministry spokesperson said team members will make continuous and stepped-up efforts on the trade consultation
• US President Trump’s insistence that China commits to large purchases of US agricultural products has reportedly become a negotiating sticking point
• UK lawmakers approved the early election bill with 438 votes and 20 against for an election on December 12th
• Looking ahead,...

• European bourses are softer after a relatively flat open, as newsflow remains light ahead of the weeks risk events
• UK Opposition Labour Party are to back a December election, irrespective of the date
• US House Speaker Pelosi announced in a letter to Democrats that the House will vote to formalize the procedures related to impeachment inquiry of President Trump
• Looking ahead highlights include, US Consumer Confidence & Pending Home Sales,...

• Asian equity markets trade mostly higher as the region just about took impetus from Wall St where the S&P 500 and NASDAQ 100 notched record highs
• USTR office is to consider extensions of certain tariff exclusions on USD 34bln of Chinese goods from November 1st
• UK lawmakers rejected PM Johnson's request for an early election with 299 MP's voting in favour, short of the two-thirds (434) majority needed
• UK PM Johnson will now give notice of a short bill (requires a simple majority but can be...

• European bourses are little changed this morning on a lack of newsflow
• European Council President Tusk announces that "The EU27 has agreed that it will accept the UK's request for a Brexit "flextension" until 31 January 2020
• China’s MOFCOM stated the technical consultations of some of the text agreement for the deal with US were basically completed and that the sides agreed to properly handle their core concerns
• Looking ahead, highlights...

• Asian equity markets began the week with a positive tone amid trade hopes after China signalled that a partial agreement may be within reach
• EU is reportedly preparing to allow a 3-month Brexit extension to January 31st 2020 with an option to leave earlier
• UK’s Liberal Democratic party have drawn up a bill which would fix an election for December 9th, SNP are said to back the bill
• In FX, DXY traded relatively stable, GBP/USD was subdued,...

• European bourses are mixed but overall slightly subdued in what has been a quiet session thus far
• Chinese Foreign Ministry state they are extremely indignant about, and oppose, the speech by VP Pence
• FX complex is little changed overall with the USD slightly mixed and GBP softer as election talk increases
• Looking ahead, highlights include US Baker Hughes
• Earnings: Verizon Communications, Phillips 66, Charter Communications, Royal Caribbean, Aon,...

• Asian equities traded mixed with a lack of conviction amid the absence of any firm macro drivers and as earnings releases remained centre stage
• US Vice President Pence suggested the US will continue to seek better relations with China
• UK PM Johnson is calling for an election on December 12th under the Fixed Term Parliament Act
• UK opposition party Labour is to reject PM Johnson’s offer until a no-deal Brexit is taken off the table
• Looking ahead, highlights include German Consumer Sentiment...

• European equities are firmer this morning after a choppy session following Flash PMIs
• Riksbank and Norges Bank left rates unchanged as expected; Riksbank maintained December hiking bias – as such Scandi’s are firmer
• UK PM Johnson reportedly faces increasing revolt from within his party over the threat of holding an election before delivering the Brexit
• Looking ahead highlights include, US Durables, Initial Jobless Claims and Markit PMIs, ECB, and CBRT policy decisions, ECB’s Draghi, US 7yr...