Jason Wong

Oil prices down significantly for a third consecutive day. Lower oil prices support global bond markets. US treasury yields show further modest fall. Semiconductor stocks continue to weigh on global equities

Oil prices down significantly for a third consecutive day. Lower oil prices support global bond markets. US treasury yields show further modest fall. Semiconductor stocks continue to weigh on global equities

Positive weekend developments with US and Iran military action paused. NZD recovers some lost ground and is modestly higher on the key crosses. Higher Australian rates drive up NZ rates, with 2-year swap closing at a fresh cycle high

Positive weekend developments with US and Iran military action paused. NZD recovers some lost ground and is modestly higher on the key crosses. Higher Australian rates drive up NZ rates, with 2-year swap closing at a fresh cycle high

Middle East tension increase. Brent crude steadily rises up through USD101/bbl. This drives up global rates to levels not seen since early 2025. US equities much lower, accentuated by falls in the Mag7 on capex concerns

Middle East tension increase. Brent crude steadily rises up through USD101/bbl. This drives up global rates to levels not seen since early 2025. US equities much lower, accentuated by falls in the Mag7 on capex concerns

Oil prices up again as the US and Iran exchange missiles and threats. Higher oil prices driving US rates up. Currency moves modest; NZD weakens as recent strength fades; JPY still weak despite threat to intervene

Oil prices up again as the US and Iran exchange missiles and threats. Higher oil prices driving US rates up. Currency moves modest; NZD weakens as recent strength fades; JPY still weak despite threat to intervene

Oil prices higher overnight with Brent crude peaking just below USD92 on new Trump threats. Treasury yields push higher, but US equity market unperturbed as investors return. NZD and rates higher after strong NZ CPI report, but the move faded

Oil prices higher overnight with Brent crude peaking just below USD92 on new Trump threats. Treasury yields push higher, but US equity market unperturbed as investors return. NZD and rates higher after strong NZ CPI report, but the move faded

Mixed news on Middle East tensions; ideas from mediators conveyed to Iran; Houthis propose maritime blockade for the Red Sea route used by Saudi Arabia; Brent crude currently just under US$90/bbl. US Treasury yields higher

Mixed news on Middle East tensions; ideas from mediators conveyed to Iran; Houthis propose maritime blockade for the Red Sea route used by Saudi Arabia; Brent crude currently just under US$90/bbl. US Treasury yields higher

US and Iran tit-for-tat military attacks increased. Crude rises through Friday night session, up 4½%; expect to see another lurch higher on the Asian open today, Rates and currencies well contained despite the lift in oil prices

US and Iran tit-for-tat military attacks increased. Crude rises through Friday night session, up 4½%; expect to see another lurch higher on the Asian open today, Rates and currencies well contained despite the lift in oil prices

Market movements well contained with no fresh catalysts to drive price action. US retail sales up modestly, in June as expected. US Treasuries and USD reverse course. Rates slightly higher and USD broadly stronger

Market movements well contained with no fresh catalysts to drive price action. US retail sales up modestly, in June as expected. US Treasuries and USD reverse course. Rates slightly higher and USD broadly stronger

Oil prices flat despite ongoing military strikes near the Strait of Hormuz and warnings of a supply crunch. US PPI data weaker than expected, driving down US rates and the USD; pricing for Fed hikes continues to fade

Oil prices flat despite ongoing military strikes near the Strait of Hormuz and warnings of a supply crunch. US PPI data weaker than expected, driving down US rates and the USD; pricing for Fed hikes continues to fade

Surprise, surprise, Trump backs down on his plan for a 20% Hormuz toll; oil prices pare earlier gains. US CPI for June much softer than expected. NZD well supported after run of data and more hawkish RBNZ stance

Surprise, surprise, Trump backs down on his plan for a 20% Hormuz toll; oil prices pare earlier gains. US CPI for June much softer than expected. NZD well supported after run of data and more hawkish RBNZ stance

US reinstates blockade on Iran shipping and impose a 20% levy on cargo shipped through the Strait. Waller signals possible rate hike. Oil prices surge. Global central bank tightening back in play and bond yields increase

US reinstates blockade on Iran shipping and impose a 20% levy on cargo shipped through the Strait. Waller signals possible rate hike. Oil prices surge. Global central bank tightening back in play and bond yields increase

US-Iran conflict escalates, but market reaction to hostilities muted, prior to further step up in military action over the weekend. Japanese bonds and yen supported after local investors encouraged to re-allocate towards Japanese assets

US-Iran conflict escalates, but market reaction to hostilities muted, prior to further step up in military action over the weekend. Japanese bonds and yen supported after local investors encouraged to re-allocate towards Japanese assets

Iranian Navy fires at ship crossing Strait Of Hormuz, following warnings. Oil prices rise. US core PCE rises, but not as high as some feared; UST 10-year rate falls

Iranian Navy fires at ship crossing Strait Of Hormuz, following warnings. Oil prices rise. US core PCE rises, but not as high as some feared; UST 10-year rate falls

Oil prices continue to fall. Lower oil prices pull down global rates. USD continues to strengthen, building on the gains since the Fed's hawkish hold last week. Other major currencies probe fresh lows

Oil prices continue to fall. Lower oil prices pull down global rates. USD continues to strengthen, building on the gains since the Fed's hawkish hold last week. Other major currencies probe fresh lows

Risk appetite weaker, linked to selling pressure across semi-conductor and AI-related stocks. Global equity markets fall. Move supports lower global rates, overpowering concern about prospect of tighter US monetary policy

Risk appetite weaker, linked to selling pressure across semi-conductor and AI-related stocks. Global equity markets fall. Move supports lower global rates, overpowering concern about prospect of tighter US monetary policy

US-Iran MOU signing has led to an earlier end to the conflict and a re-opening of Hormuz; oil and gas is flowing freely; Brent crude probing fresh 3-mth lows. US equities rebound. USD strength returns, sending DXY index to highest in over a year

US-Iran MOU signing has led to an earlier end to the conflict and a re-opening of Hormuz; oil and gas is flowing freely; Brent crude probing fresh 3-mth lows. US equities rebound. USD strength returns, sending DXY index to highest in over a year

Oil prices continue to tumble, ahead of the official signing of a US-Iran peace deal, seeing Brent crude trade down to USD79 per barrel; Iranian oil on the move already. BoJ rate hike and steady RBA policy both as expected

Oil prices continue to tumble, ahead of the official signing of a US-Iran peace deal, seeing Brent crude trade down to USD79 per barrel; Iranian oil on the move already. BoJ rate hike and steady RBA policy both as expected

US-Iran MOU signed electronically, paving the way for the Strait of Hormuz to gradually reopen. Brent crude falls to US$83/bbl; solid gains in many equity markets. Muted reaction for bonds and currencies

US-Iran MOU signed electronically, paving the way for the Strait of Hormuz to gradually reopen. Brent crude falls to US$83/bbl; solid gains in many equity markets. Muted reaction for bonds and currencies

Oil prices are lower on increased supply through Hormuz; reports of a downed US military helicopter had only a modest impact. The tech-related sell-off in US equities has resumed. US Treasury yields drifted lower

Oil prices are lower on increased supply through Hormuz; reports of a downed US military helicopter had only a modest impact. The tech-related sell-off in US equities has resumed. US Treasury yields drifted lower

New week opens with Iran and Israel firing missiles at each other; risk appetite improves a little overnight after they agree to end the strikes. US 10-year rate falls back. Bounce-back in IT stocks drives US equities higher

New week opens with Iran and Israel firing missiles at each other; risk appetite improves a little overnight after they agree to end the strikes. US 10-year rate falls back. Bounce-back in IT stocks drives US equities higher

Risk sentiment weaker after military action in the Middle East. This with stronger US data drives up US Treasury yields

Risk sentiment weaker after military action in the Middle East. This with stronger US data drives up US Treasury yields

Middle East backdrop remains tense and uncertain; oil prices trade a wide range on headlines; Brent crude back to US$95 after stretching towards US$98. Another strong US ISM manufacturing report. US and Australian rates higher

Middle East backdrop remains tense and uncertain; oil prices trade a wide range on headlines; Brent crude back to US$95 after stretching towards US$98. Another strong US ISM manufacturing report. US and Australian rates higher

Risk sentiment improves after reports there's a peace deal. Brent crude down. Mixed US economic data, softer on balance. US Treasury yields and USD lower; US equities lift to a fresh record high

Risk sentiment improves after reports there's a peace deal. Brent crude down. Mixed US economic data, softer on balance. US Treasury yields and USD lower; US equities lift to a fresh record high

Mixed messages from Middle East, with Trump dampening expectations for an imminent deal; Brent crude falls regardless. NZD and AUD the only notable FX movers after RBNZ's hawkish hold and softer Australian CPI data

Mixed messages from Middle East, with Trump dampening expectations for an imminent deal; Brent crude falls regardless. NZD and AUD the only notable FX movers after RBNZ's hawkish hold and softer Australian CPI data

Risk sentiment is softer as the market awaits progress on a US-Iran peace deal and after military clashes. NZD in steady fall in the lead-up to today's RBNZ MPS, matching lower domestic rates heading into the meeting

Risk sentiment is softer as the market awaits progress on a US-Iran peace deal and after military clashes. NZD in steady fall in the lead-up to today's RBNZ MPS, matching lower domestic rates heading into the meeting