Jason Wong

Big week ahead, with RBNZ MPS and key global data, including the US CPI. US equity markets recovered on Friday with a modest gain while the US Treasuries curve flattened

Big week ahead, with RBNZ MPS and key global data, including the US CPI. US equity markets recovered on Friday with a modest gain while the US Treasuries curve flattened

A larger than expected fall in US initial jobless claims allayed fears of a pending US recession, sending US equities much higher and US Treasury yields higher, with the 10-year rate returning to a 4% handle

A larger than expected fall in US initial jobless claims allayed fears of a pending US recession, sending US equities much higher and US Treasury yields higher, with the 10-year rate returning to a 4% handle

Risk appetite recover further, although risks remain and US equities gains have morphed into losses. US Treasury yields have pushed higher and the NZD has outperformed

Risk appetite recover further, although risks remain and US equities gains have morphed into losses. US Treasury yields have pushed higher and the NZD has outperformed

Risk appetite returned, with global equities rebounding, UST yields higher, the yen falling and commodity currencies outperforming. A more hawkish than expected update by the RBA. Key NZ labour market data out today to show further deterioration

Risk appetite returned, with global equities rebounding, UST yields higher, the yen falling and commodity currencies outperforming. A more hawkish than expected update by the RBA. Key NZ labour market data out today to show further deterioration

Risk appetite fell after weaker than expected US economic data on the labour market and manufacturing sector. US equities have fallen significantly, and the US 10-year Treasury yield has fallen below 4%

Risk appetite fell after weaker than expected US economic data on the labour market and manufacturing sector. US equities have fallen significantly, and the US 10-year Treasury yield has fallen below 4%

Lower tech stocks have driven US equities down while UST yields are lower, ignoring slightly stronger than expected US JOLTs data and consumer confidence. JPY strengthened after report that the BoJ will consider a hike at today’s meeting

Lower tech stocks have driven US equities down while UST yields are lower, ignoring slightly stronger than expected US JOLTs data and consumer confidence. JPY strengthened after report that the BoJ will consider a hike at today’s meeting

US equities are flat, global rates are down slightly and the USD is slightly stronger. Oil prices continue to trend lower, with Brent crude down 2% to slip to a 7-week low below USD80

US equities are flat, global rates are down slightly and the USD is slightly stronger. Oil prices continue to trend lower, with Brent crude down 2% to slip to a 7-week low below USD80

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A weaker than expected US retail sales report supported US Treasuries, dragging the 10-year rate down to as low as 4.20% and pushed down the USD, reversing earlier strength. The AUD has outperformed after a more hawkish than expected RBA update

A weaker than expected US retail sales report supported US Treasuries, dragging the 10-year rate down to as low as 4.20% and pushed down the USD, reversing earlier strength. The AUD has outperformed after a more hawkish than expected RBA update

US equities have continued their record-breaking run while, after last week’s strong rally, US Treasury yields are modestly higher. European markets have settled after last week’s selloff, with French assets recovering

US equities have continued their record-breaking run while, after last week’s strong rally, US Treasury yields are modestly higher. European markets have settled after last week’s selloff, with French assets recovering

Much softer than expected US PPI data and a further increase in jobless claims supported US Treasuries, taking yields down 7-8bps across the curve. Concerns around France remain the focus. Some flight-to-safety evident

Much softer than expected US PPI data and a further increase in jobless claims supported US Treasuries, taking yields down 7-8bps across the curve. Concerns around France remain the focus. Some flight-to-safety evident

There has been more fallout from French President Macron’s decision to call early parliamentary elections, with a flight to quality within European assets. US rates have pushed lower ahead of the key US CPI report

There has been more fallout from French President Macron’s decision to call early parliamentary elections, with a flight to quality within European assets. US rates have pushed lower ahead of the key US CPI report

The outcome of European Parliament elections has been the key driver of markets. Elsewhere, markets holding until US CPI data and the Fed’s policy updates later in the week

The outcome of European Parliament elections has been the key driver of markets. Elsewhere, markets holding until US CPI data and the Fed’s policy updates later in the week

Net market movements have been mostly small, with signs of consolidation across equities, bonds and currencies. European rates are slightly higher after the ECB’s “hawkish cut” and US Treasury yields are little changed

Net market movements have been mostly small, with signs of consolidation across equities, bonds and currencies. European rates are slightly higher after the ECB’s “hawkish cut” and US Treasury yields are little changed