Jason Wong

Global equity markets probing fresh record highs. US Treasury yields slightly higher. High risk sentiment supports commodity currencies

Global equity markets probing fresh record highs. US Treasury yields slightly higher. High risk sentiment supports commodity currencies

More tariff letters but for US trading partners well down the pecking order; more to come. Optimism around a US-EU trade deal in coming days. Global equities higher. US Treasuries well supported

More tariff letters but for US trading partners well down the pecking order; more to come. Optimism around a US-EU trade deal in coming days. Global equities higher. US Treasuries well supported

US equities trading flat, complacent about threat of higher tariffs; US Treasury yields higher and curve steeper. Net currency movements have been modest, with the AUD a clear outperformer after the RBA shock

US equities trading flat, complacent about threat of higher tariffs; US Treasury yields higher and curve steeper. Net currency movements have been modest, with the AUD a clear outperformer after the RBA shock

Trump starts notifying countries of new import tariff rates, effective 1-August. These currently range between 25-40%, notably Japan and South Korea at 25%. More letters coming today and coming days. Markets not happy

Trump starts notifying countries of new import tariff rates, effective 1-August. These currently range between 25-40%, notably Japan and South Korea at 25%. More letters coming today and coming days. Markets not happy

A whiff of negative risk sentiment ahead of the July 9 end-of-pause day regarding reciprocal tariffs. US equity futures fall. Commodity currencies edge lower

A whiff of negative risk sentiment ahead of the July 9 end-of-pause day regarding reciprocal tariffs. US equity futures fall. Commodity currencies edge lower

US nonfarm payrolls up in June, unemployment rate fall. Stronger headline figures send US rates higher across the curve. US equities close at another fresh record high. US Budget bill passes after the early market close

US nonfarm payrolls up in June, unemployment rate fall. Stronger headline figures send US rates higher across the curve. US equities close at another fresh record high. US Budget bill passes after the early market close

US rates lower, with the possible appointment of a "low-rates" guy to the US Fed just another reason to sell the USD. USD indices fall to fresh multi-year lows. But equity markets probe record highs

US rates lower, with the possible appointment of a "low-rates" guy to the US Fed just another reason to sell the USD. USD indices fall to fresh multi-year lows. But equity markets probe record highs

Calm market conditions overnight. EUR and GBP push up to fresh 2025 highs; NZD solidifies recovery above 60 USc. A full 25bps rate cut now priced for the US Fed by September

Calm market conditions overnight. EUR and GBP push up to fresh 2025 highs; NZD solidifies recovery above 60 USc. A full 25bps rate cut now priced for the US Fed by September

Iran orchestrates a missile strike on a US base in Qatar; but well-telegraphed and seen more as symbolic than an escalation in the conflict. Market relieved that oil infrastructure not targeted. Risk assets recover strongly

Iran orchestrates a missile strike on a US base in Qatar; but well-telegraphed and seen more as symbolic than an escalation in the conflict. Market relieved that oil infrastructure not targeted. Risk assets recover strongly

Investors adopt a cautious stance as the US becomes more involved in the Iran-Israel conflict. US data weaker than expected. Global equities weaker, US Treasuries lower and USD broadly stronger

Investors adopt a cautious stance as the US becomes more involved in the Iran-Israel conflict. US data weaker than expected. Global equities weaker, US Treasuries lower and USD broadly stronger

Risk assets recover as Israel dominates battle against Iran; no sign of conflict spreading to elsewhere in the Middle East and Iran seeks end to hostilities. Global equities stronger, US Treasury yields higher and oil prices lower

Risk assets recover as Israel dominates battle against Iran; no sign of conflict spreading to elsewhere in the Middle East and Iran seeks end to hostilities. Global equities stronger, US Treasury yields higher and oil prices lower

Weaker US inflation data drive down US rates. USD also weaker, but NZD and AUD see no net benefit after US-China trade talks end with parties just agreeing to keep the previous agreement, with no further progress

Weaker US inflation data drive down US rates. USD also weaker, but NZD and AUD see no net benefit after US-China trade talks end with parties just agreeing to keep the previous agreement, with no further progress

US-China trade talks continue for a second day in London. US treasuries range trade and only small moves in currencies

US-China trade talks continue for a second day in London. US treasuries range trade and only small moves in currencies

Lower US inflation expectations support US Treasuries and rates nudge down. USD broadly weaker; NZD pushes up. Markets await China/US trade negotiation news

Lower US inflation expectations support US Treasuries and rates nudge down. USD broadly weaker; NZD pushes up. Markets await China/US trade negotiation news

Trump and Xi speak. Trump says the call "a very positive conclusion"; China readout not as positive. ECB cuts as expected but signals being close to the end of the easing cycle. US initial jobless claims rise to highest level since October

Trump and Xi speak. Trump says the call "a very positive conclusion"; China readout not as positive. ECB cuts as expected but signals being close to the end of the easing cycle. US initial jobless claims rise to highest level since October

US equities are stronger, supported by the JOLTs report, which showed resilience in the labour market. US treasuries reversed course after the report, pushing up yields across the curve, and the 10-year rate is up slightly

US equities are stronger, supported by the JOLTs report, which showed resilience in the labour market. US treasuries reversed course after the report, pushing up yields across the curve, and the 10-year rate is up slightly

Global rates higher with spillover from a poor ultra-long bond auction in Japan, but the UST 10-yr rate hasn’t pushed much higher. The NZD sustained the modest gain seen after the RBNZ’s new neutral bias, following its rate cut

Global rates higher with spillover from a poor ultra-long bond auction in Japan, but the UST 10-yr rate hasn’t pushed much higher. The NZD sustained the modest gain seen after the RBNZ’s new neutral bias, following its rate cut

US equities surge, encouraged by de-escalation of US-EU trade tensions while US consumer confidence rebounds sharply. Japan's move to address issues with its ultra-long bond market supports global rates market, with rates falling around the globe

US equities surge, encouraged by de-escalation of US-EU trade tensions while US consumer confidence rebounds sharply. Japan's move to address issues with its ultra-long bond market supports global rates market, with rates falling around the globe

Trump backtracks on Friday's threat to impose 50% tariff on EU. Euro Stoxx 600 index up 1%, S&P500 futures up 1.3%; US 10-year Treasury future unchanged, reversing move in NZ session

Trump backtracks on Friday's threat to impose 50% tariff on EU. Euro Stoxx 600 index up 1%, S&P500 futures up 1.3%; US 10-year Treasury future unchanged, reversing move in NZ session

US consumer sentiment falls to historical lows, inflation expectations shoot higher. Trump's tax bill fails early in the process, a rare event. Moody's downgrades US credit rating. NZ inflation expectations rise; domestic rates market underperforms

US consumer sentiment falls to historical lows, inflation expectations shoot higher. Trump's tax bill fails early in the process, a rare event. Moody's downgrades US credit rating. NZ inflation expectations rise; domestic rates market underperforms

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

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

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%

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

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

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