Jason Wong
In a heavy US data release day, activity and pricing indicators were weak, driving down US rates and supported US equities. The NZD and AUD underperform again
16th May 25, 7:53am
In a heavy US data release day, activity and pricing indicators were weak, driving down US rates and supported US equities. The NZD and AUD underperform again
US Treasury yields push higher as focus turns to the US fiscal outlook. US equities 'consolidate'. Despite talk, currency markets little-changed
15th May 25, 7:37am
US Treasury yields push higher as focus turns to the US fiscal outlook. US equities 'consolidate'. Despite talk, currency markets little-changed
US CPI report softer than expected, but rates market largely ignores it, with a focus on tariffs lifting future inflation; US Treasury yields push higher, with 10-year rate hitting 4.5%
14th May 25, 7:49am
US CPI report softer than expected, but rates market largely ignores it, with a focus on tariffs lifting future inflation; US Treasury yields push higher, with 10-year rate hitting 4.5%
Significant de-escalation of the US-China trade war a better outcome than expected. Equity markets have soared. Global rates are much higher, USD rises strongly
13th May 25, 7:40am
Significant de-escalation of the US-China trade war a better outcome than expected. Equity markets have soared. Global rates are much higher, USD rises strongly
Risk sentiment is higher on trade war de-escalation with a US and UK trade “framework”. US equities are up over 1% and Treasury yields are up 10-13bps. Hopes for trade deals have supported the USD across the board
9th May 25, 7:45am
Risk sentiment is higher on trade war de-escalation with a US and UK trade “framework”. US equities are up over 1% and Treasury yields are up 10-13bps. Hopes for trade deals have supported the USD across the board
US equities are lower, US Treasury yields are lower, and the USD is broadly weaker, with the market remaining fixated on tariffs and the impact for the US economy. Strong GDT dairy auction and oil prices rebound 3%
7th May 25, 7:49am
US equities are lower, US Treasury yields are lower, and the USD is broadly weaker, with the market remaining fixated on tariffs and the impact for the US economy. Strong GDT dairy auction and oil prices rebound 3%
Taiwan dollar surges again, driven by speculation on trade deals. US-Japan trade negotiations not looking good for Japan so far. Stronger than expected ISM survey assuages fear of US economic recession
6th May 25, 7:40am
Taiwan dollar surges again, driven by speculation on trade deals. US-Japan trade negotiations not looking good for Japan so far. Stronger than expected ISM survey assuages fear of US economic recession
US equities higher after strong earnings reports from Microsoft and Meta; ISM PMI didn’t fall as much as expected, even if there are clear signs of cracks opening in the US economy. Chatter that the US is trying to initiate trade talks with China
2nd May 25, 7:43am
US equities higher after strong earnings reports from Microsoft and Meta; ISM PMI didn’t fall as much as expected, even if there are clear signs of cracks opening in the US economy. Chatter that the US is trying to initiate trade talks with China
US economic data awful - exploding trade deficit adds to Q1 GDP downside risk; weaker consumer confidence and drop in job openings. Some backdown on auto tariffs but China won't "kneel down" on trade war
30th Apr 25, 7:43am
US economic data awful - exploding trade deficit adds to Q1 GDP downside risk; weaker consumer confidence and drop in job openings. Some backdown on auto tariffs but China won't "kneel down" on trade war
China's foreign ministry confirms China and the US are NOT engaged in trade talks. Another poor Fed regional survey; plenty of media commentary on reduced China-US trade and prospect of empty US shelves ahead
29th Apr 25, 7:37am
China's foreign ministry confirms China and the US are NOT engaged in trade talks. Another poor Fed regional survey; plenty of media commentary on reduced China-US trade and prospect of empty US shelves ahead
Claim then denials on US tariff policy shifts. Softer European and US PMI data; US beige book shows early economic impact of tariffs. Equities rise, then fade. USD broadly stronger
24th Apr 25, 7:59am
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Claim then denials on US tariff policy shifts. Softer European and US PMI data; US beige book shows early economic impact of tariffs. Equities rise, then fade. USD broadly stronger
More positive mood music around trade and tariffs, with "significant progress" on a US-India trade deal and Bessent expecting de-escalating US-China trade tension. IMF slashes growth forecasts on the trade war
23rd Apr 25, 7:44am
More positive mood music around trade and tariffs, with "significant progress" on a US-India trade deal and Bessent expecting de-escalating US-China trade tension. IMF slashes growth forecasts on the trade war
Trump renews attack on Fed Chair Powell, reinvigorating the "Sell America" trade. US-Japan trade negotiations not going well. US assets trading more like a Banana republic. US longer-term rates increase and USD falls to fresh multi-year lows
22nd Apr 25, 7:28am
Trump renews attack on Fed Chair Powell, reinvigorating the "Sell America" trade. US-Japan trade negotiations not going well. US assets trading more like a Banana republic. US longer-term rates increase and USD falls to fresh multi-year lows
US equities under pressure again. US pressuring trading partners to limit their dealings with China; China open to trade talks under certain conditions. Bank of Canada on hold and ditches forecasts and guidance
17th Apr 25, 7:49am
US equities under pressure again. US pressuring trading partners to limit their dealings with China; China open to trade talks under certain conditions. Bank of Canada on hold and ditches forecasts and guidance
China stops ordering new Boeing aircraft and halt purchases of aircraft and parts from US companies. No progress on EU-US trade negotiations. But financial markets calmer
16th Apr 25, 7:56am
China stops ordering new Boeing aircraft and halt purchases of aircraft and parts from US companies. No progress on EU-US trade negotiations. But financial markets calmer