Euro
Stronger than expected US GDP data supported the soft-landing narrative, and US equities have consolidated after yesterday's tumble. Currency markets have remained erratic
26th Jul 24, 7:54am
Stronger than expected US GDP data supported the soft-landing narrative, and US equities have consolidated after yesterday's tumble. Currency markets have remained erratic
US stocks tumble, led by the mega cap and IT stocks. However, it doesn’t seem like a classic risk-off event, with the UST 10yr rate up and the curve steepened significantly. The Bank of Canada cuts again, by 25bps. The yen continues to outperform
25th Jul 24, 7:43am
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US stocks tumble, led by the mega cap and IT stocks. However, it doesn’t seem like a classic risk-off event, with the UST 10yr rate up and the curve steepened significantly. The Bank of Canada cuts again, by 25bps. The yen continues to outperform
US equities are flat and US Treasury yields are slightly lower. Of note is that lower commodity prices continue to drag down the NZD and AUD, while the yen remains flavour of the week
24th Jul 24, 7:43am
US equities are flat and US Treasury yields are slightly lower. Of note is that lower commodity prices continue to drag down the NZD and AUD, while the yen remains flavour of the week
US equities have rebounded, recovering from last week’s hiccup, driven by the tech sector. Market reaction to Biden’s withdrawal from the Presidential race has been muted, with only small changes in the USD and Treasury yields
23rd Jul 24, 7:40am
US equities have rebounded, recovering from last week’s hiccup, driven by the tech sector. Market reaction to Biden’s withdrawal from the Presidential race has been muted, with only small changes in the USD and Treasury yields
Financial markets ended last week on a soft note, with weaker global equity markets, higher global rates and lower commodity prices. Volumes were light as trading activity was restricted by the global IT outage
22nd Jul 24, 7:33am
Financial markets ended last week on a soft note, with weaker global equity markets, higher global rates and lower commodity prices. Volumes were light as trading activity was restricted by the global IT outage
Global equity markets declined for the second consecutive session. Equities are beginning to price in more political risk. The US dollar gained against G10 currencies
19th Jul 24, 7:46am
Global equity markets declined for the second consecutive session. Equities are beginning to price in more political risk. The US dollar gained against G10 currencies
Key Fed officials suggest greater confidence in the disinflationary trend. Technology stocks led declines in global equities amid concerns about tighter restrictions from the US government on exports to China
18th Jul 24, 7:33am
Key Fed officials suggest greater confidence in the disinflationary trend. Technology stocks led declines in global equities amid concerns about tighter restrictions from the US government on exports to China
The US Treasury yield curve flattened and currency markets are little changed. Gold hit a record high of US$2465 an ounce. US equities advanced following unexpectedly strong retail sales data
17th Jul 24, 7:51am
The US Treasury yield curve flattened and currency markets are little changed. Gold hit a record high of US$2465 an ounce. US equities advanced following unexpectedly strong retail sales data
Powell looks to rate cuts, but without saying when. The US treasury curve has continued to steepen. 30-year yields are above 2-year yields for the first time since November. China’s Q2 GDP data was weaker than expected
16th Jul 24, 8:07am
Powell looks to rate cuts, but without saying when. The US treasury curve has continued to steepen. 30-year yields are above 2-year yields for the first time since November. China’s Q2 GDP data was weaker than expected
Markets looked past strong US PPI data. UST 10-yr yields dipped below 4.2% a level which has contained the downside in recent months. The yield curve continued to steepen. The US dollar remained under pressure particularly against the yen
15th Jul 24, 7:31am
Markets looked past strong US PPI data. UST 10-yr yields dipped below 4.2% a level which has contained the downside in recent months. The yield curve continued to steepen. The US dollar remained under pressure particularly against the yen
Another benign US CPI result drove a sharp rally in US Treasury yields. USD weakness wasn’t sustained however, except for a plunge in USD/JPY with official intervention suspected
12th Jul 24, 7:53am
Another benign US CPI result drove a sharp rally in US Treasury yields. USD weakness wasn’t sustained however, except for a plunge in USD/JPY with official intervention suspected
Global equity markets made solid gains with the S&P trading above 5,600. Markets were largely subdued lacking catalysts. Investors are looking ahead to key US CPI data this evening
11th Jul 24, 7:43am
Global equity markets made solid gains with the S&P trading above 5,600. Markets were largely subdued lacking catalysts. Investors are looking ahead to key US CPI data this evening
Powell’s testimony largely repeated previous messages, didn’t move the needle in financial markets. There has been more action in Europe, with the Euro Stoxx 600 index down 0.9%, led by France, and French-German bond spreads widened
10th Jul 24, 7:49am
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Powell’s testimony largely repeated previous messages, didn’t move the needle in financial markets. There has been more action in Europe, with the Euro Stoxx 600 index down 0.9%, led by France, and French-German bond spreads widened
Market movements well-contained, with little impact from the shock French election result. Key equity markets show small changes, the US 10-year rate is down slightly, the NZD has underperformed and is modestly weaker
9th Jul 24, 7:39am
Market movements well-contained, with little impact from the shock French election result. Key equity markets show small changes, the US 10-year rate is down slightly, the NZD has underperformed and is modestly weaker
Weaker than expected US labour market data saw investors bring forward expectations for rate cuts by the US Fed. Early projections suggest the left wing coalition has unexpectedly won the French election raising concerns about the fiscal backdrop
8th Jul 24, 7:26am
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Weaker than expected US labour market data saw investors bring forward expectations for rate cuts by the US Fed. Early projections suggest the left wing coalition has unexpectedly won the French election raising concerns about the fiscal backdrop
Global markets subdued in shadow of US holiday. Polling that projects Marine Le Pen’s failure supported sentiment towards European assets. Market focus turns to upcoming key US labour market data
5th Jul 24, 7:37am
Global markets subdued in shadow of US holiday. Polling that projects Marine Le Pen’s failure supported sentiment towards European assets. Market focus turns to upcoming key US labour market data
A series of weaker than expected economic prints, headlined by services ISM which slumped to a 4-year low, strengthened the case for Fed rate cuts this year. US treasury yields fell and the S&P closed at a fresh record high
4th Jul 24, 7:44am
A series of weaker than expected economic prints, headlined by services ISM which slumped to a 4-year low, strengthened the case for Fed rate cuts this year. US treasury yields fell and the S&P closed at a fresh record high
Fed Chair Powell sees recent fall in the PCE ‘really good progress’ but still needs to see more progress. US job openings unexpectedly rise. European CPI slowed
3rd Jul 24, 7:39am
Fed Chair Powell sees recent fall in the PCE ‘really good progress’ but still needs to see more progress. US job openings unexpectedly rise. European CPI slowed
US dollar generally firmer amid higher UST yields. China 10-year bond yields fell to a record low. Risk premia on European assets have reduced on lower chance of far-right victory in France
2nd Jul 24, 7:41am
US dollar generally firmer amid higher UST yields. China 10-year bond yields fell to a record low. Risk premia on European assets have reduced on lower chance of far-right victory in France
Investors cautious ahead of France’s elections. The spread between French and German 10-year bonds widened to the highest level since 2012. The US Fed's preferred gauge of inflation decelerated in May. UST yields ended higher
1st Jul 24, 7:22am
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Investors cautious ahead of France’s elections. The spread between French and German 10-year bonds widened to the highest level since 2012. The US Fed's preferred gauge of inflation decelerated in May. UST yields ended higher
USD/JPY marched up through 160 to a fresh 38-year high, raising the chance of yen intervention. The PBoC continues to allow a softer yuan, while the AUD outperformed after a strong monthly CPI that caught the market off guard
27th Jun 24, 7:45am
USD/JPY marched up through 160 to a fresh 38-year high, raising the chance of yen intervention. The PBoC continues to allow a softer yuan, while the AUD outperformed after a strong monthly CPI that caught the market off guard
Market movements well contained. US equities up modestly, US Treasuries yields up slightly and the USD index is slightly stronger. Canadian inflation positively surprised, but this had more impact on rates than the CAD
26th Jun 24, 7:43am
Market movements well contained. US equities up modestly, US Treasuries yields up slightly and the USD index is slightly stronger. Canadian inflation positively surprised, but this had more impact on rates than the CAD
The S&P500 is down slightly, US Treasury yields show little net change and the USD is broadly weaker. Oil prices continue to push higher
25th Jun 24, 7:33am
The S&P500 is down slightly, US Treasury yields show little net change and the USD is broadly weaker. Oil prices continue to push higher
Softer than expected PMI data across Europe contributed to a fall in German bund yields. In contrast, US PMI data was relatively robust with the composite index remaining near two-year highs. The US dollar was broadly stronger
24th Jun 24, 7:25am
Softer than expected PMI data across Europe contributed to a fall in German bund yields. In contrast, US PMI data was relatively robust with the composite index remaining near two-year highs. The US dollar was broadly stronger
There has been plenty of news to digest but market movements have been well-contained. The BoE opened the door for a first rate cut this cycle in August while the Swiss National Bank cut rates again
21st Jun 24, 7:38am
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There has been plenty of news to digest but market movements have been well-contained. The BoE opened the door for a first rate cut this cycle in August while the Swiss National Bank cut rates again