Jason Wong

USD shows meaningful broad-based weakness; NZD and AUD outperform. Oil prices rise despite OPEC+ agreeing to ramp up production schedule; Copper up over 5%. Soft US ADP payrolls; Fed's Brainard hawkish, hoses down talk of a September pause

USD shows meaningful broad-based weakness; NZD and AUD outperform. Oil prices rise despite OPEC+ agreeing to ramp up production schedule; Copper up over 5%. Soft US ADP payrolls; Fed's Brainard hawkish, hoses down talk of a September pause

Euro area inflation hits record high; European rates continue to push higher. Higher rates backdrop leads to cautious tone in equity markets. NZ business survey highlights stagflationary fears

Euro area inflation hits record high; European rates continue to push higher. Higher rates backdrop leads to cautious tone in equity markets. NZ business survey highlights stagflationary fears

Strength of Germany CPI shocks the market. European rates higher; EUR higher; US on holiday, but futures point to 5bps lift in 10-year rate

Strength of Germany CPI shocks the market. European rates higher; EUR higher; US on holiday, but futures point to 5bps lift in 10-year rate

US equities up over 2% on positive retailers' earnings reports, but no risk-on vibe though for bonds and currencies. NZ 2s10s swap curve goes negative, a leading indicator of economic recession

US equities up over 2% on positive retailers' earnings reports, but no risk-on vibe though for bonds and currencies. NZ 2s10s swap curve goes negative, a leading indicator of economic recession

Weaker earnings backdrop and growth outlook concerns weigh on markets. Equity markets weaker; global rates lower. RBNZ MPS today, another "dovish" 50bps hike likely

Weaker earnings backdrop and growth outlook concerns weigh on markets. Equity markets weaker; global rates lower. RBNZ MPS today, another "dovish" 50bps hike likely

Risk sentiment improves with no obvious triggers. Strong gains in equity markets; global rates higher. Mixed news from China. ECB provides clear rate hike guidance for Q3

Risk sentiment improves with no obvious triggers. Strong gains in equity markets; global rates higher. Mixed news from China. ECB provides clear rate hike guidance for Q3

USD significantly weaker as US economic growth concerns supersede safe-haven status. Risk appetite remains weak. NZ Budget doesn't perturb financial markets

USD significantly weaker as US economic growth concerns supersede safe-haven status. Risk appetite remains weak. NZ Budget doesn't perturb financial markets

US equities plunge on weak retailer earning reports; S&P500 down 4%. Market waking up to the damage that high inflation can inflict. NZ Budget today; expecting looser fiscal policy and increased bond tender program

US equities plunge on weak retailer earning reports; S&P500 down 4%. Market waking up to the damage that high inflation can inflict. NZ Budget today; expecting looser fiscal policy and increased bond tender program

Risk sentiment recovers on positive US economic data and easing of Shanghai restrictions. Global rates up across the board, with come chunky gains across Europe

Risk sentiment recovers on positive US economic data and easing of Shanghai restrictions. Global rates up across the board, with come chunky gains across Europe

Risk appetite weaker on poor China economic data but a recovery has ensued. US equities now modestly higher after earlier weakness in futures markets. Global food price inflation rising

Risk appetite weaker on poor China economic data but a recovery has ensued. US equities now modestly higher after earlier weakness in futures markets. Global food price inflation rising

US CPI inflation stronger than expected, generating some market volatility resulting in lower US equity markets, flatter US yield curve. Brexit risks re-emerge

US CPI inflation stronger than expected, generating some market volatility resulting in lower US equity markets, flatter US yield curve. Brexit risks re-emerge

Fears of front-loaded US tightening cycle and China lockdowns drive risk appetite lower. Much lower US rates since Friday's NZ close

Fears of front-loaded US tightening cycle and China lockdowns drive risk appetite lower. Much lower US rates since Friday's NZ close

Global bond yields rise significantly again, following hawkish ECB commentary. US 5-year rate cracks 3%. NZ CPI inflation "only" 6.9%, but core measures show further upward momentum in Q1

Global bond yields rise significantly again, following hawkish ECB commentary. US 5-year rate cracks 3%. NZ CPI inflation "only" 6.9%, but core measures show further upward momentum in Q1

Bond yields continue their relentless rise. US 10-year rate hits 2.79%; NZ 10-year NZGB rate closes above 3.5% for first time since 2015. Risk appetite weaker as China COVID outbreak spreads, leading to more restrictions

Bond yields continue their relentless rise. US 10-year rate hits 2.79%; NZ 10-year NZGB rate closes above 3.5% for first time since 2015. Risk appetite weaker as China COVID outbreak spreads, leading to more restrictions

Global rates push higher on Friday to fresh multi-year highs. USD hits highest level in nearly two years. Big week ahead, with RBNZ, Bank of Canada and ECB meetings; US CPI to hit fresh multi-decade high

Global rates push higher on Friday to fresh multi-year highs. USD hits highest level in nearly two years. Big week ahead, with RBNZ, Bank of Canada and ECB meetings; US CPI to hit fresh multi-decade high

Multiple drivers push global rates much higher; US 10-year rate up 16bps, aided by hawkish speech from Fed Governor Brainard. Australian rates and AUD higher after hawkish RBA statement

Multiple drivers push global rates much higher; US 10-year rate up 16bps, aided by hawkish speech from Fed Governor Brainard. Australian rates and AUD higher after hawkish RBA statement

Risk sentiment improves. EU working on further sanctions against Russia, following evidence of committed war crimes. Global equities higher; euro weaker

Risk sentiment improves. EU working on further sanctions against Russia, following evidence of committed war crimes. Global equities higher; euro weaker

Strong US jobs report adds to the case for the Fed to hike in 50bps steps. Euro area inflation of 7.5% adds to the case for the ECB to end QE and raise its policy rate. Record low NZ consumer confidence raises questions over appropriate NZ policy reaction

Strong US jobs report adds to the case for the Fed to hike in 50bps steps. Euro area inflation of 7.5% adds to the case for the ECB to end QE and raise its policy rate. Record low NZ consumer confidence raises questions over appropriate NZ policy reaction

Quarter ends with softer risk sentiment, not helped by weak China PMI data. Oil prices lower after US to release 180m barrels over six months from its strategic reserve

Quarter ends with softer risk sentiment, not helped by weak China PMI data. Oil prices lower after US to release 180m barrels over six months from its strategic reserve

Market takes an optimistic view on Russia-Ukraine peace talks, driving European equities, rates and the euro higher; oil prices lower. UST 2s10s curve briefly inverts

Market takes an optimistic view on Russia-Ukraine peace talks, driving European equities, rates and the euro higher; oil prices lower. UST 2s10s curve briefly inverts

Bonds, currencies, oil markets all volatile. UST10s swing in big range, with further curve flattening. Bank of Japan moves to keep the 10-yr yield under 0.25%

Bonds, currencies, oil markets all volatile. UST10s swing in big range, with further curve flattening. Bank of Japan moves to keep the 10-yr yield under 0.25%

Global rates lower after recent surge higher. Strong gains in oil prices and metals drive AUD to almost 75 USc. NZD/JPY and NZ 2 year swap rate hit highest levels in nearly 7 years

Global rates lower after recent surge higher. Strong gains in oil prices and metals drive AUD to almost 75 USc. NZD/JPY and NZ 2 year swap rate hit highest levels in nearly 7 years