Jason Wong

Turndown in risk appetite drives US equity futures lower, USD higher and NZD plunges 3% peak to trough - hero to zero in 12 hours. Some positioning adjustments ahead of tonight's key US employment report

Turndown in risk appetite drives US equity futures lower, USD higher and NZD plunges 3% peak to trough - hero to zero in 12 hours. Some positioning adjustments ahead of tonight's key US employment report

Bank of England intervenes in the UK Gilts market to restore market order. This triggers a significant massive reaction and risk appetite recovers

Bank of England intervenes in the UK Gilts market to restore market order. This triggers a significant massive reaction and risk appetite recovers

Market focus remains on UK. BoE Chief Economist signals a "significant monetary policy response" to new UK Government's fiscal package. Positive US data surprises; US 10-year rate rises to just shy of 4%

Market focus remains on UK. BoE Chief Economist signals a "significant monetary policy response" to new UK Government's fiscal package. Positive US data surprises; US 10-year rate rises to just shy of 4%

Fed's hawkish update reverberates - global rates trade at fresh cycle highs. Overnight rate hikes from BoE, SNB, Norges Bank. Remarkably, BoJ maintains ultra-easy stance and easing bias; MoF intervenes in FX market to reverse tumbling yen

Fed's hawkish update reverberates - global rates trade at fresh cycle highs. Overnight rate hikes from BoE, SNB, Norges Bank. Remarkably, BoJ maintains ultra-easy stance and easing bias; MoF intervenes in FX market to reverse tumbling yen

Fed hikes cash rate by 75bps, as widely expected. Updated 'dot plot' show +125bps of hikes over remaining two meetings this year. USD stronger on the day, although off its intraday highs as risk appetite rebounds

Fed hikes cash rate by 75bps, as widely expected. Updated 'dot plot' show +125bps of hikes over remaining two meetings this year. USD stronger on the day, although off its intraday highs as risk appetite rebounds

Annexation moves of Russian-held territories in Ukraine looks likely, which would escalate the war. Ongoing market nerves ahead of FOMC meeting tomorrow. These forces result in weaker risk sentiment and fresh highs for global rates

Annexation moves of Russian-held territories in Ukraine looks likely, which would escalate the war. Ongoing market nerves ahead of FOMC meeting tomorrow. These forces result in weaker risk sentiment and fresh highs for global rates

US Treasury yields push up to fresh highs on expectations for a hawkish Fed policy update. NZD trades down to fresh low of 59.3 USc. NZD/AUD down to fresh 5-year low

US Treasury yields push up to fresh highs on expectations for a hawkish Fed policy update. NZD trades down to fresh low of 59.3 USc. NZD/AUD down to fresh 5-year low

Another US CPI shocker - to the upside, following last month's downside surprise. Market ramps up Fed tightening expectations. Risk appetite sours

Another US CPI shocker - to the upside, following last month's downside surprise. Market ramps up Fed tightening expectations. Risk appetite sours

Global equities higher, although US 10-year rate also higher; USD broadly weaker. Lower European gas prices. Hopes that US CPI tonight is another soft print

Global equities higher, although US 10-year rate also higher; USD broadly weaker. Lower European gas prices. Hopes that US CPI tonight is another soft print

USD flat Friday night after a notable lurch down during Asian trading. Risk appetite improves. Hawkish Fed-speak all but seals 75bps hike at next FOMC meeting, drives 2-year rate to fresh 15-year high

USD flat Friday night after a notable lurch down during Asian trading. Risk appetite improves. Hawkish Fed-speak all but seals 75bps hike at next FOMC meeting, drives 2-year rate to fresh 15-year high

ECB hikes 75bps, indicates further hikes "over the next several meetings". Fed Chair Powell says we need to act as "strongly as we have been doing". Another 75bps hike later this month looks a done deal. Global rates continue to rise

ECB hikes 75bps, indicates further hikes "over the next several meetings". Fed Chair Powell says we need to act as "strongly as we have been doing". Another 75bps hike later this month looks a done deal. Global rates continue to rise

USD strength yesterday sees many new FX milestones but a reversal overnight on higher risk appetite also notable. Oil down over 5% to 7-month low

USD strength yesterday sees many new FX milestones but a reversal overnight on higher risk appetite also notable. Oil down over 5% to 7-month low

No fireworks at month-end, just more of the same. Equity markets push lower, global rates push higher, ending horror month for bond investors

No fireworks at month-end, just more of the same. Equity markets push lower, global rates push higher, ending horror month for bond investors

Good news on US labour market and consumer confidence means bad news for US Treasuries and equities. EUR supported by hawkish ECB rhetoric and another decent fall in gas prices. PBoC tries to stem depreciation of the yuan

Good news on US labour market and consumer confidence means bad news for US Treasuries and equities. EUR supported by hawkish ECB rhetoric and another decent fall in gas prices. PBoC tries to stem depreciation of the yuan

A nervous start to the week, but risk sentiment improves overnight. EU looking to regulate gas market; prices plunge nearly 20%

A nervous start to the week, but risk sentiment improves overnight. EU looking to regulate gas market; prices plunge nearly 20%

Global rates continue to push higher. European gas prices continue to surge. Higher inflation backdrop sees market pricing in more aggressive rate hikes from ECB, BoE

Global rates continue to push higher. European gas prices continue to surge. Higher inflation backdrop sees market pricing in more aggressive rate hikes from ECB, BoE

Another round of weaker US data - services PMI shows another steep drop; new home sales plunge further. Brent crude hits USD100 per barrel in further upside on fear of Saudi Arabia production cut

Another round of weaker US data - services PMI shows another steep drop; new home sales plunge further. Brent crude hits USD100 per barrel in further upside on fear of Saudi Arabia production cut

Week begins with a hit to risk appetite. But no safety from bonds as global rates rise. UK inflation projected by Citigroup to hit 18.6% on surging energy costs

Week begins with a hit to risk appetite. But no safety from bonds as global rates rise. UK inflation projected by Citigroup to hit 18.6% on surging energy costs

Mixed US economic data. Fed speakers out in force running the same lines on policy rates and inflation. Oil prices recover some lost ground; EU gas prices up to fresh record high

Mixed US economic data. Fed speakers out in force running the same lines on policy rates and inflation. Oil prices recover some lost ground; EU gas prices up to fresh record high

Walmart and Home Depot earnings reports help support risk sentiment. But mixed US data, with a plunge in housing starts and stronger industrial production. Global rates higher, reversing previous day's fall

Walmart and Home Depot earnings reports help support risk sentiment. But mixed US data, with a plunge in housing starts and stronger industrial production. Global rates higher, reversing previous day's fall

Weaker Chinese economic data and surprise PBoC rate cut drive a weaker yuan. NZD and AUD are collateral damage. Much weaker US second-tier data. Global rates fall; oil prices down

Weaker Chinese economic data and surprise PBoC rate cut drive a weaker yuan. NZD and AUD are collateral damage. Much weaker US second-tier data. Global rates fall; oil prices down

US CPI for July much lower than expected; headline inflation past the peak. Modest net reaction in rates market, after earlier plunge in yields, but equities and currencies sustain strong reactions

US CPI for July much lower than expected; headline inflation past the peak. Modest net reaction in rates market, after earlier plunge in yields, but equities and currencies sustain strong reactions

Higher US Treasury rates and further curve flattening, driving the 2s10s spread deeper into negative territory. Market nerves ahead of key US CPI data tonight

Higher US Treasury rates and further curve flattening, driving the 2s10s spread deeper into negative territory. Market nerves ahead of key US CPI data tonight

Some reversal of Friday's price action, with US Treasury yields lower and USD lower. Further inversion of US 2s10s curve signaling recession ahead, but US equities unfazed

Some reversal of Friday's price action, with US Treasury yields lower and USD lower. Further inversion of US 2s10s curve signaling recession ahead, but US equities unfazed

Risk appetite higher - Pelosi leaves Taiwan, good US earnings reports and US ISM services index shows a surprising lift. US Treasuries curve inverts further, supported by more hawkish Fed-speak

Risk appetite higher - Pelosi leaves Taiwan, good US earnings reports and US ISM services index shows a surprising lift. US Treasuries curve inverts further, supported by more hawkish Fed-speak