• APAC stocks took impetus from the fresh record levels on Wall Street amid dovish tailwinds, Nikkei gained despite the recent JPY strength.
• DXY languished beneath 103.00, EUR/USD lingered around 1.0950, USD/JPY tested yesterday's lows, and Antipodeans remained afloat.
• Fed Chair Powell suggested they are not far from being confident to cut rates and he could see the case for shortening the maturity of Fed holdings, while he would prefer not to hold...

• Equities are mixed, with sentiment improving across the indices throughout the European morning
• Dollar is lower weighed on by a strong JPY after further BoJ speak & Rengo wage demands; USD/JPY back below 148.00
• Treasuries are modestly firmer with EGBs boosted by a strong French auction and awaiting the ECB
• Crude is softer, XAU remains at highs and base metals are entirely in the green
• Looking ahead, US Challenger...

• APAC stocks were mixed as participants second-guessed central bank policies and digested Chinese trade data.
• Fed's Kashkari (non-voter) said he currently thinks there will be two rate cuts for 2024 which could potentially just be one.
• European equity futures indicate a contained open with the Euro Stoxx 50 future -0.1% after the cash market closed up 0.5% on Wednesday.
• In FX, DXY was contained after yesterday's selling, JPY strength has...

• Equities are firmer as sentiment improves from the prior session; Chair Powell ahead
• Dollar lower, JPY bid after BoJ sources, Antipodeans benefit from risk tone
• At the March BoJ policy meeting some attendees are reportedly likely to say that lifting negative interest rates is reasonable, via JiJi
• Bonds softer with Gilts pressured ahead of the UK Budget
• Crude benefits from a bullish-leaning private inventory...

• APAC stocks were mostly choppy with early pressure following the tech-led declines stateside.
• Super Tuesday projections point to a rematch between US President Biden and former President Trump.
• European equity futures indicate a slightly positive open with Euro Stoxx 50 future +0.1% after the cash market closed down 0.4% on Tuesday.
• DXY is uneventful on a 103 handle, USD/JPY traded on both sides of 150.00, antipodeans...

• Equities are entirely in the red; the NQ lags, dragged down by Apple and Tesla
• Dollar is flat, with G10’s mostly lower though the Yen holds firm post-CPI
• Bonds are firmer, though revised EZ PMIs spurred a gradual hawkish move for EGBs
• Crude lacks direction, XAU continues to trade higher and base metals are mixed
• APAC focus on hot Tokyo CPI and China’s 2024 GDP target being set around 5%, as...

• APAC stocks traded mixed as the region digested China's Work Report and Caixin Services PMI data.
• China unveiled the government work report with the 2024 GDP growth target set at around 5%, as expected.
• European equity futures indicate a slightly softer open with Euro Stoxx 50 future -0.3% after the cash market closed up 0.4% on Monday.
• DXY remains sub-104, USD/JPY lingers around the 150.50 mark, EUR/USD uneventful around 1.0850, antipodeans...

• European and US equities are mixed and trading on either side of the unchanged mark; slight RTY outperformance
• DXY is flat, JPY underperforms and is comfortably above 150.00
• Bonds are mixed but rangebound, Treasuries underperform slightly
• Crude is softer and unable to benefit from the OPEC+ cut extension; Geopols and ceasefire talks remain in focus
• Looking ahead, Australian PMI, Tokyo CPI, Comments from Fed’s Harker...

• APAC stocks traded mixed amid a tentative mood ahead of an event-packed week.
• European equity futures indicate a slightly higher open with Euro Stoxx 50 future +0.2% after the cash market closed up 0.4% on Friday.
• DXY is sub-104, JPY marginally lags across the majors with price action otherwise contained in the FX space.
• OPEC+ members agreed to extend voluntary cuts to Q2 whereby Saudi Arabia is to extend its voluntary oil cut of 1mln...

Week Ahead 4th - 8th March

• MON: Swiss CPI (Feb), South Korean GDP (Q4), Japanese Tokyo CPI (Feb),
• TUE: US Primary Super Tuesday, Chinese Caixin Services PMI Final (Feb), EZ/UK/US Services and Composite PMI Final (Feb), EZ PPI (Jan), US ISM Services PMI (Feb), South Korean CPI (Feb)
• WED: BoC Announcement, Australian GDP (Q4), German Trade Balance (Jan)
• THU: ECB Announcement, Japanese Wage Data, Chinese Trade...

• European equities began the session on a firm footing, though have succumbed to selling pressure after the hotter-than-expected EZ CPI print; US futures lower, with RTY hampered by NYCB losses
• The EZ metric sparked a fleeting hawkish reaction in the bond complex; soon-after EGBs moved to session highs, as the cooling narrative remains in-play & a June cut is still priced
• Dollar holds around flat and the Yen underperforms after dovishly-perceived comments from...

• APAC stocks traded with positive bias amid tailwinds from the US, while participants also reflected on the latest Chinese PMI figures.
• Fed's Williams doesn't see a sense of urgency to cut rates, Mester says three cuts in 2024 still 'feels about right'.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.5% after the cash market closed down 0.1% on Thursday.
• DXY is back above 104, JPY lags post-Ueda comments,...

• Equities are mixed, with the Dax 40 continuing to trade near/at ATHs, and as attention remains on US PCE
• Dollar is modestly weaker, largely a factor of the strong JPY after hawkish leaning BoJ speak
• Bonds are pressured following the hotter-than-expected European CPI data
• Crude is pressured with a lack of fresh catalysts; XAU initially benefitted from the weaker Dollar, though now off best levels
• Looking ahead, US PCE...

• APAC stocks were choppy at month-end after the lacklustre handover from the US ahead of PCE price data.
• Fed voter Williams said three interest rate cuts in 2024 is reasonable for Fed officials to debate.
• US Congressional leaders have reached a deal to avoid a March 2nd partial government shutdown.
• European equity futures indicate a steady open with Euro Stoxx 50 future flat after the cash market closed flat on...

• European equities are mixed, whilst US futures are entirely in the red, with Nvidia weighing on the NQ
• Dollar is firmer and reclaims 104 status, focus remains on USD/JPY with YTD high in sights; Kiwi underperforms following a dovish hold at the RBNZ
• Bonds are incrementally firmer with specifics light and supply heavy, awaiting US GDP 2nd estimate
• Crude and base metals are hampered by the firmer Dollar
• Looking ahead,...

• APAC stocks traded cautiously and followed suit to the rangebound performance seen on Wall St.
• RBNZ kept the OCR unchanged and lowered its OCR projections to suggest a reduced chance of a hike.
• NZD is the standout laggard across the majors, USD/JPY remains in close proximity to the YTD peak.
• European equity futures indicate a slightly lower open with Euro Stoxx 50 future -0.1% after the cash market closed up 0.4% on...

• European bourses modestly firmer having picked up from an uneventful open with newsflow limited
• DXY fell below Monday’s trough with pressure coming via JPY strength after Japanese CPI
• Session’s focus for fixed income is supply, EGBs stuck near unchanged levels while USTs are a touch firmer
• Commodities near unchanged levels as we await fresh geopolitical developments, latest pour some cold water on Biden’s framing. Metals bid, benefitting...

• APAC stocks traded mixed after the lacklustre handover from the US as markets braced for looming risk events.
• Fed's Schmid (non-voter) said there is no need to pre-emptively adjust the stance of policy.
• Hamas officials are "disappointed" with the framework of the hostage deal that was presented in Paris last Friday.
• Japanese CPI data printed firmer-than-expected but showed a slowdown with Core CPI at the central bank's 2%...

• Equity bourses/futures under modest pressure with newsflow light after a weekend of heavy geopols & Berkshire numbers/commentary
• DXY under modest pressure but above Friday’s base, EUR benefitting from the softer USD; antipodeans lag, USD/JPY firmer
• Contained start with specifics light into ECB’s Lagarde for EGBs while USTs await US supply, Gilts modestly outperform
• Crude subdued despite significant geopolitical rhetoric, though no major...

• APAC stocks were mostly subdued with weekend macro newsflow light and dominated by geopolitical commentary.
• European equity futures indicate a lower open with Euro Stoxx 50 future -0.2% after the cash market closed up 0.4% on Friday.
• DXY is contained around the 104 mark, EUR/USD sits near its 200DMA @ 1.0826, NZD lags.
• Israeli PM Netanyahu said that they are all working on a hostage deal but he cannot say if they will have...

Week Ahead 26th February - 1st March

• MON: US New Home Sales (Jan), Dallas Fed (Feb), Japanese CPI (Jan), UK Nationwide (Feb)
• TUE: US Democratic Primary - Michigan; German GfK (Mar), US Durable Goods (Jan), Consumer Confidence (Feb), Richmond Fed (Feb)
• WED: RBNZ Policy Announcement, Australian CPI (Jan), Swedish PPI (Jan), EZ Consumer Confidence Final (Feb), US GDP 2nd/PCE Prices Prelim. (Q4), Japanese Retail Sales (Jan)
• THU:...

• European equites are around flat, whilst US futures are slightly softer following the prior day’s strength
• Dollar is flat and around 104.00, JPY is softer following continued hawkish Fed speak
• Bonds are softer but Bunds/Gilts yet to test Thursday’s lows, fleeting hawkish move on Ifo/ECB Consumer survey
• Commodities pressured with catalysts light thus far; White House announces new Russian sanctions
• Looking ahead,...

• APAC stocks mostly benefitted amid tailwinds from the tech-led surge in the US on the NVIDIA wave.
• Fed's Waller (voter) said there is no rush to begin cutting rates and it is appropriate to be patient.
• European equity futures indicate a slightly higher open with Euro Stoxx 50 future +0.1% after the cash market closed up 1.7% on Thursday.
• DXY sits just below the 104 mark, antipodeans lead, EUR/USD trades near its 200DMA @...

• European equities are firmer, taking the lead from strong Nvidia earnings, which has led to outperformance in the NQ
• Dollar is subdued and the Antipodeans outperform, benefiting from the broader risk tone
• Bonds are divergent, with EGBs choppy on the morning’s PMI data
• Crude holds firm alongside base metals which benefit from the softer Dollar and positive risk tone
• Looking ahead, US IJC, ECB Minutes, CBRT Policy...

• APAC stocks were mostly positive amid tailwinds from the tech uplift in US futures following NVIDIA earnings.
• NVIDIA surged by over 9% after-hours after beating on top and bottom lines and offering strong sales guidance.
• FOMC minutes proved to be a non-event and echoed the broader tone of Fed speak seen in the wake of the January meeting.
• European equity futures indicate a higher open with Euro Stoxx 50 future +0.8% after the cash market...