• European bourses & US futures are under pressure, though the latter comparably more contained pre-data/Fed speak
• DXY dips but retains an underlying bid while JPY outperforms after jawboning, CAD soft pre-BoC as crude pullsback
• A session of consolidation for crude after Tuesday’s pronounced upside, metals feature spot gold near unchanged while base peers have lifted from lows in-line with China
• EGBs pressured by hawk-Knot after fleeting...

• APAC stocks traded mostly in the red following the subdued handover from Wall Street where sentiment was clouded by the higher yield environment.
• European equity futures are indicative of a lower open with Euro Stoxx 50 future -0.4% after the cash market closed down 0.3% yesterday.
• DXY has held on to a bulk of yesterday's gains, USD/JPY remains on a 147 handle, EUR/USD languishes firmly below 1.08.
• Japanese top currency diplomat Kanda...

• European bourses/US futures are subdued as soft Chinese data weighs on sentiment, though equities are off lows as the US returns
• DXY continues to climb with risk-aversion and accompanying yield upside fuelling the strength, Antipodeans lag given the China data while the RBA was as-expected
• Core fixed benchmarks are in the red with action occurring around the EZ/regional and UK PMIs but for the most part this has been shortlived; US yields bid across the...

• APAC stocks were mostly subdued after the holiday lull stateside and as the region digested disappointing data including weaker-than-expected Chinese Caixin Services PMI.
• European equity futures are indicative of a slightly lower open with Euro Stoxx 50 future -0.1% after the cash market closed down 0.1% yesterday.
• DXY is contained above the 104.00 level, EUR/USD lingers below 1.08 and AUD lags.
• RBA kept the Cash Rate Target unchanged at...

• APAC stocks traded mostly higher led by strength in China’s property sector amid gains in Country Garden Holdings.
• Country Garden Holdings surging by a double-digit percentage after it made a payment on a ringgit-denominated bond and won approval to extend its onshore private bond maturity by three years.
• European equity futures are indicative of a higher open with Euro Stoxx 50 futures +0.3% after the cash market closed down 0.3% on...

Week Ahead 4th-8th September

• MON: US & Canadian Labour Day; German Trade (Jul), Swiss GDP (Q2), EZ Sentix (Sep)
• TUE: RBA Policy Announcement; Final Composite & Services PMIs (Aug), EZ Producer Prices (Jul), US Factory Orders (Jul)
• WED: BoC Policy Announcement; German Industrial Orders (Jul), EZ & UK Construction PMIs (Aug), US ISM Services PMI (Aug), Canadian Trade Balance (Jul
• THU: Chinese Trade...

• Equity bourses/futures are incrementally firmer but the overall tone remains tentative ahead of key US data
• USD bounces from overnight lows but remains softer overall with peers generally contained; Yuan underpinned by PBoC action and data
• Energy benchmarks are firmer owing to the USD and Chevron/LNG updates, base metals glean support from Chinese stimulus
• Fixed benchmarks consolidate after month-end action and await data...

• APAC stocks traded mixed following a similar lead from Wall Street, whilst Hong Kong markets were closed due to Typhoon Saola.
• PBoC is to cut FX RRR by 2ppts to 4% (prev. 6%) from September 15th, according to the central bank; Several major Chinese banks lowered their deposit rates.
• DXY traded choppily within a tight range but was knocked to session lows after the PBoC headlines induced Yuan strength, which later pared back.
• Softbank's (9984...

• European bourses are mostly firmer after a packed morning ahead of an equally busy US agenda, ES +0.1%
• EUR & EZ yields slump after Flash HICP and balanced commentary from Schnabel on a hike/skip for upcoming meetings
• Pricing for a 25bp hike by the ECB in September down to a 30% chance from over 60% in recent sessions
• DXY bid as a result and pressuring peers, Cable dented further by Pill backing a steady for longer strategy vs...

• APAC stocks eventually traded mostly negatively following a marginally positive handover from Wall Street, which saw an equity bid underpinned by dovish US economic data.
• DXY was caged in a tight range after being dealt another blow by US data yesterday, JPY and AUD narrowly outperformed.
• European equity futures are indicative of a flat open after Euro Stoxx 50 cash closed -0.3% yesterday.
• Chinese PMIs were mixed, manufacturing topped...

• European bourses are in the red as expectations for the ECB September meeting turns more hawkish
• Stateside, futures are in the red with the NQ lagging slightly as yields lift
• German regional & Spanish Flash CPIs spurred ECB pricing to a circa. 60% chance of 25bp in Sep., vs 50/50 recently
• Broad debt retracement after Tuesday’s US-data inspired highs with EGBs leading post-data
• Crude benchmarks at highs as Idalia...

• APAC stocks traded positively following the JOLTS-induced gains seen on Wall Street, although Mainland China waned throughout the session.
• DXY was steady after the prior day’s slump, with the index finding overnight support near 103.50 while AUD was dented by softer-than-expected CPI.
• BoJ Board Member Tamara said it is appropriate to keep easy policy now and he doesn’t expect the 10yr JGB yield to hit 1.0%.
• European equity futures are...

• Equities are in the green despite fading just after the European open, further upside seen on Chinese sources
• Multiple reports via State Media and BBG that China is considering rate-related action to bolster growth
• Crude benchmarks print fresh highs on the above and as Idalia intensifies into a hurricane, gas deflates slightly after marked Monday upside
• DXY continues to rotate around 104.00 with Antipodeans outperforming while the EUR fades...

• APAC stocks traded with an upward bias following the positive lead from Wall Street, with little in terms of fresh catalysts to dictate price action heading into month-end.
• DXY was subdued after retreating back under the 104.00 mark in early APAC hours, while debt futures tilted firmer.
• Chinese State media reports PBoC may cut banks' RRR earlier than expected to maintain reasonable ample liquidity.
• Australian union said workers at Chevron's...

• Equities are in the green with fresh drivers limited and markets deriving impetus from APAC upside
• DXY has dipped below 104.00 with peers generally contained, JPY near lows as Ueda underlines reasons to remain ultra-accommodative
• Energy benchmarks firmer amid numerous NHC and Offshore Alliance updates
• Bunds test Friday’s trough in a return to the bearish path of least resistance
• Looking ahead, highlights include US...

• APAC stocks kicked off the week in the green, following a similar lead from Wall Street, whilst the focus overnight was on Chinese markets after Friday's stock support measures.
• DXY was caged to a tight range above 104.00 after Friday’s choppy session, AUD outperformed whilst the JPY stood as the G10 laggard.
• ECB President Lagarde on Friday said the ECB needs to set rates at sufficiently restrictive levels for as long as necessary to achieve a timely return of...

Week Ahead August 28th - September 1st

• MON: Australian Retail Sales (Jul)
• TUE: NBH Announcement, German GfK Consumer Sentiment (Sep), US CaseShiller (Jun) and JOLTS (Jul)
• WED: Australian CPI (Jul), Spanish Flash CPI (Aug), EZ Sentiment Survey (Aug), US GDP 2nd Estimate (Q2), US ADP National Employment (Aug)
• THU: ECB Minutes, Japanese Retail Sales (Jul), Chinese Official PMI (Aug), German Retail Sales (Jul)/...

• European bourses and US futures are modestly firmer but the overall tone is tentative pre-Jackson Hole
• USD is bid but rangebound pre-Powell while EUR lags after dovish-leaning ECB sources, AUD outperforms as base metals lift
• Core benchmarks continue to pullback with Bunds entirely paring knee-jerk upside to sources
• ECB sources report momentum is growing for a pause as recession fears increase, via Reuters
• Crude...

• APAC stocks traded lower following the weak handover from global counterparts after the Nvidia-related euphoria wore off.
• European equity futures are indicative of a lower open with the Eurostoxx 50 future -0.3% after the cash market closed down 0.8% yesterday.
• DXY has extended upside above 104 and is firmer vs. peers, EUR/USD sits on a 1.07 handle whilst USD/JPY has reclaimed 146 status. 
• ECB's Nagel stated it is much too early to...

• Tech/NQ lead the equity space after NVDA earnings, +7.7% pre-market, as attention turns to Jackson Hole
• USD has bounced from post-PMI lows, Antipodeans lag after recent outperformance & JPY unwinds recovery gains
• EGBs/Gilts tested post-PMI bounds before running out of steam, USTs under modest pressure
• Crude has turned positive and nat gas benchmarks are off lows after Chevron’s vote update; TTF remains markedly pressured...

• Nvidia rose 6.6% after-hours post-earnings after reporting solid Q2 profits and announcing an additional USD 25bln in buybacks
• APAC stocks traded higher as the region took impetus from the gains on Wall St. and the Nvidia-induced rise in futures; ES +0.8%, NQ +1.3%
• European equity futures are indicative of a higher open with the Eurostoxx 50 future +0.7% after the cash market closed up by 0.2% yesterday
• DXY is contained on a 103...

• European bourses & US futures are firmer and back towards best as lower yields take precedence over European growth concerns
• Germany’s PMI saw a marked contraction for services and a bleak accompanying GDP nowcast, input costs increased in the EZ for the first time in 11 months
• USD benefits as EUR & GBP decline following dire PMIs while JPY outperforms as yields tumble
• Mentioned data has trimmed the probability of ECB/BoE tightening,...

• APAC stocks traded mixed amid a slew of earnings releases alongside the latest PMI data from the region but with price action relatively rangebound.
• Fed's Barkin (2024 voter) said the US economy could reaccelerate before inflation cools and he won't prejudge the outcome of the Fed's September meeting.
• DXY gave back some of the prior day’s gains, albeit with price action contained ahead of flash PMIs and the Fed’s Jackson Hole...

• European bourses and US futures are firmer as the US tech-led rally reverberated into Europe
• APAC trade was more mixed, though a late-doors revival occurred in Chinese-stocks despite limited catalysts
• DXY continues to slip and nears 103.00 with Antipodeans benefitting from the risk tone pre-data while JPY gets respite from a stabilisation in yields
• Fixed benchmarks have bounced firmly after Monday’s marked yield...

• APAC stocks traded mixed following a similar performance stateside where tech rallied.
• WSJ's Timiraos tweeted that he believes Fed Chair Powell is unlikely to speak about higher neutral rates at the Jackson Hole Symposium.
• European equity futures are indicative of a higher open with the Eurostoxx 50 future +0.5% after the cash market closed up by 0.3% yesterday.
• DXY is a touch softer but still on a 103 handle, EUR/USD is back above 1.09,...