ECB
US economic data play to soft landing narrative. Oil prices continue to rise. US Treasury yields push higher. EUR and GBP weaker after ECB's dovish hike
15th Sep 23, 7:56am
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US economic data play to soft landing narrative. Oil prices continue to rise. US Treasury yields push higher. EUR and GBP weaker after ECB's dovish hike
Response across financial markets to higher US CPI was largely subdued. Eurozone Industrial production fell. The UK economy contracted more than expected
14th Sep 23, 7:52am
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Response across financial markets to higher US CPI was largely subdued. Eurozone Industrial production fell. The UK economy contracted more than expected
Oil prices up to a 10-month high on signs of a tightening market. Global rates well contained ahead of key US CPI data tonight, with higher petrol prices likely to push inflation higher
13th Sep 23, 7:46am
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Oil prices up to a 10-month high on signs of a tightening market. Global rates well contained ahead of key US CPI data tonight, with higher petrol prices likely to push inflation higher
Bank of Japan comments drive stronger yen and 10-year JGB yield to highest level since 2014. Not coincidentally, PBoC sets a much stronger CNY fix. Positive spillover effects for NZD and AUD
12th Sep 23, 7:40am
Bank of Japan comments drive stronger yen and 10-year JGB yield to highest level since 2014. Not coincidentally, PBoC sets a much stronger CNY fix. Positive spillover effects for NZD and AUD
US treasury yields moved higher supporting the US Dollar which rose for the eighth straight week, its longest run since 2005. China consumer prices increased 0.1% y/y in August. Although China edged out of deflation, soft pricing pressures point to weak d
11th Sep 23, 7:24am
US treasury yields moved higher supporting the US Dollar which rose for the eighth straight week, its longest run since 2005. China consumer prices increased 0.1% y/y in August. Although China edged out of deflation, soft pricing pressures point to weak d
Global rates lower across the board, lower than expected US jobless claims data. The yuan weakens to a 16-year low; no spillover for NZD and AUD which hold up against robust USD. EUR and GBP fall to three-month lows; JPY supported by lower rates backdrop
8th Sep 23, 7:50am
Global rates lower across the board, lower than expected US jobless claims data. The yuan weakens to a 16-year low; no spillover for NZD and AUD which hold up against robust USD. EUR and GBP fall to three-month lows; JPY supported by lower rates backdrop
The ISM US services sector survey was stronger than expected. US treasuries extended the recent move higher. The Bank of Canada held rates steady. Asian policy makers have been pushing back against currency weakness
7th Sep 23, 8:06am
The ISM US services sector survey was stronger than expected. US treasuries extended the recent move higher. The Bank of Canada held rates steady. Asian policy makers have been pushing back against currency weakness
Weak China Caixin services PMI triggers fall in Asia-Pacific currencies and broad USD strength. Oil prices up to fresh high for the year on extended production/export cuts. GDT dairy auction shows a rare lift in pricing
6th Sep 23, 7:55am
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Weak China Caixin services PMI triggers fall in Asia-Pacific currencies and broad USD strength. Oil prices up to fresh high for the year on extended production/export cuts. GDT dairy auction shows a rare lift in pricing
Early signs of recovery in Beijing and Shanghai property markets after policy easing. US equity futures down a touch; US Treasury futures point to small lift in rates
5th Sep 23, 7:46am
Early signs of recovery in Beijing and Shanghai property markets after policy easing. US equity futures down a touch; US Treasury futures point to small lift in rates
The US labour market report provided further evidence their economy is on track for ‘soft landing’. US treasury yields moved higher lending support to the US Dollar. Crude oil prices now at highest level since November as supplies tighten
4th Sep 23, 7:30am
The US labour market report provided further evidence their economy is on track for ‘soft landing’. US treasury yields moved higher lending support to the US Dollar. Crude oil prices now at highest level since November as supplies tighten
Global rates push lower, led by European yields as some tightening priced in is pared back. New policies announced to help revive China's property market. CNY and JPY stronger, EUR and GBP weaker; NZD and AUD range-trade
1st Sep 23, 7:59am
Global rates push lower, led by European yields as some tightening priced in is pared back. New policies announced to help revive China's property market. CNY and JPY stronger, EUR and GBP weaker; NZD and AUD range-trade
Softer than expected US economic data increased expectations of the Fed remaining on hold in September which underpinned equities and contributed to lower treasury yields
31st Aug 23, 7:58am
Softer than expected US economic data increased expectations of the Fed remaining on hold in September which underpinned equities and contributed to lower treasury yields
US data much weaker than expected, showing much easier labour market conditions and lower consumer confidence. Markets cheer the data, reducing pricing for further rate hikes; US Treasury yields fall significantly
30th Aug 23, 7:45am
US data much weaker than expected, showing much easier labour market conditions and lower consumer confidence. Markets cheer the data, reducing pricing for further rate hikes; US Treasury yields fall significantly
Global risk sentiment supported by China's measures to "invigorate capital markets and boost investor activity". Global equities push higher; UST yields well contained, modestly lower
29th Aug 23, 7:34am
Global risk sentiment supported by China's measures to "invigorate capital markets and boost investor activity". Global equities push higher; UST yields well contained, modestly lower
Powell commits to restrictive policy until inflation beaten. Little market reaction. Lagarde says ECB will also stay restrictive
28th Aug 23, 7:20am
Powell commits to restrictive policy until inflation beaten. Little market reaction. Lagarde says ECB will also stay restrictive
US initial jobless claims data in sign of lingering labour market reslience. US Treasury yields higher, US equities lower and broad-based recovery in the USD
25th Aug 23, 8:03am
US initial jobless claims data in sign of lingering labour market reslience. US Treasury yields higher, US equities lower and broad-based recovery in the USD
US and EU PMI surveys point to a greater than expected slowdown in economic activity. This weak data contributed to a large move lower in global bond yields. Initial weakness in European currencies reverse as US data also disappoints
24th Aug 23, 7:52am
US and EU PMI surveys point to a greater than expected slowdown in economic activity. This weak data contributed to a large move lower in global bond yields. Initial weakness in European currencies reverse as US data also disappoints
US 10-year rate touches a fresh 16-year high before consolidating. Currency markets well contained. NZ-global rate spreads higher; NZGBs out of favour, seeing bond-swap spread head deeper into negative territory, a rare event
23rd Aug 23, 7:50am
US 10-year rate touches a fresh 16-year high before consolidating. Currency markets well contained. NZ-global rate spreads higher; NZGBs out of favour, seeing bond-swap spread head deeper into negative territory, a rare event
US Treasuries record new milestones, with the real 10-year rate up through 2% and the nominal 10-year rate as high as 4.35%. NZGBs underperform, not helped by expectations of more bond supply adding to the current tsunami of supply
22nd Aug 23, 7:40am
US Treasuries record new milestones, with the real 10-year rate up through 2% and the nominal 10-year rate as high as 4.35%. NZGBs underperform, not helped by expectations of more bond supply adding to the current tsunami of supply
US treasury yields marginally lower but remain close to cycle highs. US Dollar stable. But the MSCI World Index declined 2.5% during last week which is the largest fall since the US banking crisis in March
21st Aug 23, 7:33am
US treasury yields marginally lower but remain close to cycle highs. US Dollar stable. But the MSCI World Index declined 2.5% during last week which is the largest fall since the US banking crisis in March
Global rates continue to rise, led by the long end; US 10-year rate trades high; NZ 10-year rate closes at 5.05%, highest level since 2011. Weaker yuan drags down NZD and AUD to fresh lows before Chinese state intervention provides some relief
18th Aug 23, 7:40am
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Global rates continue to rise, led by the long end; US 10-year rate trades high; NZ 10-year rate closes at 5.05%, highest level since 2011. Weaker yuan drags down NZD and AUD to fresh lows before Chinese state intervention provides some relief
Stocks fell in Asia reflecting ongoing concerns about the Chinese economy and the growing debt crisis in the property sector. The FOMC minutes revealed most see significant upside risks to inflation which could require further tightening
17th Aug 23, 8:09am
Stocks fell in Asia reflecting ongoing concerns about the Chinese economy and the growing debt crisis in the property sector. The FOMC minutes revealed most see significant upside risks to inflation which could require further tightening
Strong US retail sales; strong UK wage inflation; poor China activity data and surprise PBoC rate cut; strong Japan GDP, and another poor GDT dairy auction. NZD resilient under the circumstances
16th Aug 23, 7:56am
Strong US retail sales; strong UK wage inflation; poor China activity data and surprise PBoC rate cut; strong Japan GDP, and another poor GDT dairy auction. NZD resilient under the circumstances
Sentiment on China remains pessimistic. Large shadow bank under the spotlight after missed bond payments. UST 10yr rate hits fresh high for the year. NZGB 10-year yield closed at its highest level since 2011
15th Aug 23, 7:41am
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Sentiment on China remains pessimistic. Large shadow bank under the spotlight after missed bond payments. UST 10yr rate hits fresh high for the year. NZGB 10-year yield closed at its highest level since 2011
Above consensus US PPI data raised concerns the downshift in core prices has stalled. UST yields higher with 10-year back towards the highs for 2023. University of Michigan inflation expectations fell
14th Aug 23, 7:25am
Above consensus US PPI data raised concerns the downshift in core prices has stalled. UST yields higher with 10-year back towards the highs for 2023. University of Michigan inflation expectations fell