Jason Wong

Market focus on Middle East. Brent crude up 6%. Gas prices surge. Equity markets mostly weaker, but US equities recover from initial hit. Initial safe haven bid for bonds quickly fades as inflation concerns dominate. USD broadly stronger

Market focus on Middle East. Brent crude up 6%. Gas prices surge. Equity markets mostly weaker, but US equities recover from initial hit. Initial safe haven bid for bonds quickly fades as inflation concerns dominate. USD broadly stronger

Negative risk vibe overnight. Weaker tech stocks drag down US equities despite strong Nvidia result. US Treasuries supported. Oil prices higher on war risk

Negative risk vibe overnight. Weaker tech stocks drag down US equities despite strong Nvidia result. US Treasuries supported. Oil prices higher on war risk

US 10% global tariff comes into effect; no sign yet of the threatened higher 15% rate. US equities have recovered some of yesterday’s losses. Global rates have shown only minor movements

US 10% global tariff comes into effect; no sign yet of the threatened higher 15% rate. US equities have recovered some of yesterday’s losses. Global rates have shown only minor movements

Risk sentiment weaker as markets digest the implications of the latest saga on Trump’s tariff policy. US equities down over 1%, with rotation towards defensive sector; US Treasury yields down 4-8bps Safe haven CHF and JPY currencies have outperformed

Risk sentiment weaker as markets digest the implications of the latest saga on Trump’s tariff policy. US equities down over 1%, with rotation towards defensive sector; US Treasury yields down 4-8bps Safe haven CHF and JPY currencies have outperformed

Oil prices up nearly +4% on US-Iran "agreement" doubts. US equities respond positively to stronger second-tier US economic data. US Treasury yields and USD nudge higher

Oil prices up nearly +4% on US-Iran "agreement" doubts. US equities respond positively to stronger second-tier US economic data. US Treasury yields and USD nudge higher

Choppy market conditions overnight but net movements modest. Oil prices are lower. US Treasury yields push higher after earlier falls as risk of war in the Middle East fades. Domestic focus on RBNZ MPS

Choppy market conditions overnight but net movements modest. Oil prices are lower. US Treasury yields push higher after earlier falls as risk of war in the Middle East fades. Domestic focus on RBNZ MPS

US equity futures flat, US Treasury futures slightly higher, implying further modest downward pressure on yields. BofA fund manager survey shows record short positioning for the USD

US equity futures flat, US Treasury futures slightly higher, implying further modest downward pressure on yields. BofA fund manager survey shows record short positioning for the USD

US equities fall by more than 1%, US Treasury yields lower on risk-off vibe. Yen and ultra-long JGBs continue to rally after Takaichi's big election win

US equities fall by more than 1%, US Treasury yields lower on risk-off vibe. Yen and ultra-long JGBs continue to rally after Takaichi's big election win

Stronger than expected US labour market figures all round - payrolls up 130k, unemployment rate drops to 4.3%. Market pares expected rate cuts this year, US Treasuries curve flattens

Stronger than expected US labour market figures all round - payrolls up 130k, unemployment rate drops to 4.3%. Market pares expected rate cuts this year, US Treasuries curve flattens

Broadly weaker USD overnight. Strong rise in Japanese equities after PM Takaichi wins a strong mandate to govern. JPY recovers after early weakness

Broadly weaker USD overnight. Strong rise in Japanese equities after PM Takaichi wins a strong mandate to govern. JPY recovers after early weakness

Lower tech stocks drive down US equities while investors rotate to value. Gold and silver prices recover strongly. RBA hikes as expected, supporting higher Australian rates and the AUD, with positive spillover into the NZD

Lower tech stocks drive down US equities while investors rotate to value. Gold and silver prices recover strongly. RBA hikes as expected, supporting higher Australian rates and the AUD, with positive spillover into the NZD

The US ISM manufacturing index makes a strong recovery. Markets settle after volatile open to the week; US Treasury yields push higher. Oil prices plunge nearly 5%

The US ISM manufacturing index makes a strong recovery. Markets settle after volatile open to the week; US Treasury yields push higher. Oil prices plunge nearly 5%

Follow-through in currency markets after Friday's "price checks" on yen. Coordinated action between Japan and NY Fed raised speculation that a weaker USD is part of the plan alongside reducing speculative selling in the yen

Follow-through in currency markets after Friday's "price checks" on yen. Coordinated action between Japan and NY Fed raised speculation that a weaker USD is part of the plan alongside reducing speculative selling in the yen

US Dollar debasement trade supports gold and silver; Oil jumps over 3% on weaker USD and fears of future US military action in Iran. NZ annual CPI inflation of 3.1% at top of market estimates

US Dollar debasement trade supports gold and silver; Oil jumps over 3% on weaker USD and fears of future US military action in Iran. NZ annual CPI inflation of 3.1% at top of market estimates

Global equity markets extend gains after Trump's Greenland TACO even though details of the "deal" remain sketchy. UST 2-year rate up to top of its range; 10-year rate remains range-bound

Global equity markets extend gains after Trump's Greenland TACO even though details of the "deal" remain sketchy. UST 2-year rate up to top of its range; 10-year rate remains range-bound

US and European equities recover after Trump dials down aggression at Davos, ruling out military force to acquire Greenland. US Treasury yields range-bound; some order restored to Japan’s bond market after the recent meltdown

US and European equities recover after Trump dials down aggression at Davos, ruling out military force to acquire Greenland. US Treasury yields range-bound; some order restored to Japan’s bond market after the recent meltdown

Weaker risk sentiment on US-EU political tensions; global equities extend losses; US equities down sharply. No safe-haven bid for bonds; Meltdown in Japan's JGB market spills over into other markets. UST yields push higher

Weaker risk sentiment on US-EU political tensions; global equities extend losses; US equities down sharply. No safe-haven bid for bonds; Meltdown in Japan's JGB market spills over into other markets. UST yields push higher

Market reaction modest, so far, to Trump's weekend threats. USD broadly weaker although JPY also weak as new election in Japan confirmed. Equities retreat

Market reaction modest, so far, to Trump's weekend threats. USD broadly weaker although JPY also weak as new election in Japan confirmed. Equities retreat

US equities are notably weaker, dragged down by the tech sector. Softer UK CPI data locks in BoE rate cut tonight. NZ Q3 GDP data today expected to show bounce back after Q2 contraction

US equities are notably weaker, dragged down by the tech sector. Softer UK CPI data locks in BoE rate cut tonight. NZ Q3 GDP data today expected to show bounce back after Q2 contraction

Mixed US economic data; unemployment rate rises to a four year high of 4.6%; solid core retail sales; weaker PMI but stronger pricing indicators. Little market reaction. Oil prices fall further, down to a four-year low

Mixed US economic data; unemployment rate rises to a four year high of 4.6%; solid core retail sales; weaker PMI but stronger pricing indicators. Little market reaction. Oil prices fall further, down to a four-year low

NZ rates market selloff continued yesterday, with the 5-year swap rate rising to its highest level since March

NZ rates market selloff continued yesterday, with the 5-year swap rate rising to its highest level since March

Australian rates and the AUD higher after the RBA opened the door to tightening policy from early next year. US job openings much higher than expected, but other metrics in the JOLTS report were less positive

Australian rates and the AUD higher after the RBA opened the door to tightening policy from early next year. US job openings much higher than expected, but other metrics in the JOLTS report were less positive

European rates higher across the curve after hike signal, spilling over into higher US Treasury yields. China's record trade surplus showcases ongoing economic imbalance

European rates higher across the curve after hike signal, spilling over into higher US Treasury yields. China's record trade surplus showcases ongoing economic imbalance

US initial jobless claims fall brings modest upside pressure on global rates. Currency movements modest; signs of the PBoC pushing against yuan strength. Stronger Australian data boosts odds the RBA might need to raise rates

US initial jobless claims fall brings modest upside pressure on global rates. Currency movements modest; signs of the PBoC pushing against yuan strength. Stronger Australian data boosts odds the RBA might need to raise rates

US ADP private payrolls fell 32k in November, solidifying market expectations for a Fed rate cut next week. US Treasury yields down a touch; US equities up slightly. USD DXY index down for an eighth successive day

US ADP private payrolls fell 32k in November, solidifying market expectations for a Fed rate cut next week. US Treasury yields down a touch; US equities up slightly. USD DXY index down for an eighth successive day