Jason Wong

Risk appetite weaker, not helped by China COVID flare-up and angst over US CPI this week and start of US earnings season. Global equities weaker, global rates lower

Risk appetite weaker, not helped by China COVID flare-up and angst over US CPI this week and start of US earnings season. Global equities weaker, global rates lower

Stronger than expected US jobs data while average hourly earnings inflation on a weaker trajectory, consistent with no evidence of wage-price spiral or sense of a "real" US economic recession ... yet. Global rates push higher on the data

Stronger than expected US jobs data while average hourly earnings inflation on a weaker trajectory, consistent with no evidence of wage-price spiral or sense of a "real" US economic recession ... yet. Global rates push higher on the data

Global recession fears hit markets on little fresh news. Europe hit the hardest, not helped by renewed focus on gas shortages. EUR tumbles to a near 20-year low. NZ rates set up for lower levels today

Global recession fears hit markets on little fresh news. Europe hit the hardest, not helped by renewed focus on gas shortages. EUR tumbles to a near 20-year low. NZ rates set up for lower levels today

European rates higher as wild ride continues. Hawkish ECB talk continues as well. Media suggest Biden will roll back some Chinese import tariffs this week

European rates higher as wild ride continues. Hawkish ECB talk continues as well. Media suggest Biden will roll back some Chinese import tariffs this week

Weak US spending data could mean their economy was in recession in first half of 2022; PCE deflators also softer than expected. Global rates show big falls; Germany 2-year rate down 20bps; US Treasuries 5-year down 14bps

Weak US spending data could mean their economy was in recession in first half of 2022; PCE deflators also softer than expected. Global rates show big falls; Germany 2-year rate down 20bps; US Treasuries 5-year down 14bps

Weaker US consumer confidence rocks US equities. US Treasury yields little changed. European rates higher on tough talking ECB

Weaker US consumer confidence rocks US equities. US Treasury yields little changed. European rates higher on tough talking ECB

Global rates reverse course and head higher again; UST yields up 6-8bps. NZ rates fall playing catch-up to global moves at the end of last week

Global rates reverse course and head higher again; UST yields up 6-8bps. NZ rates fall playing catch-up to global moves at the end of last week

Risk sentiment improves with less policy tightening priced into curves; S&P500 up over 3% on Friday. Data on PMIs and US inflation expectations drive global rates lower; NZ rates market to play catch-up after Friday holiday

Risk sentiment improves with less policy tightening priced into curves; S&P500 up over 3% on Friday. Data on PMIs and US inflation expectations drive global rates lower; NZ rates market to play catch-up after Friday holiday

Risk appetite appears weaker on increasing global recession fears. Chunky falls in global rates, commodities broadly weaker and NZD and AUD underperform

Risk appetite appears weaker on increasing global recession fears. Chunky falls in global rates, commodities broadly weaker and NZD and AUD underperform

Strong bounce-back in US equities after the US public holiday, with S&P 500 up 2.5%; global rates push higher

Strong bounce-back in US equities after the US public holiday, with S&P 500 up 2.5%; global rates push higher

Risk appetite slightly higher, with global equities and rates higher. Bullard sees inflation fight winnable without recession. Quiet trading in financial markets with the US public holiday

Risk appetite slightly higher, with global equities and rates higher. Bullard sees inflation fight winnable without recession. Quiet trading in financial markets with the US public holiday

Modest changes in US equities and USTs on Friday, but caps off a wild week in markets. Oil prices tumble 5-7%, commodities market generally weaker in the face of rising global recession risk. AUD under pressure

Modest changes in US equities and USTs on Friday, but caps off a wild week in markets. Oil prices tumble 5-7%, commodities market generally weaker in the face of rising global recession risk. AUD under pressure

Surprise 50bps hike by the Swiss National Bank. US economic dataflow much weaker than expected. USD tumbles as recession fears trump safe-haven bid, amid chunky falls in equity markets

Surprise 50bps hike by the Swiss National Bank. US economic dataflow much weaker than expected. USD tumbles as recession fears trump safe-haven bid, amid chunky falls in equity markets

Market prices in more aggressive Fed tightening, 75bps this week and a likely follow-up move next month. US Treasury yields continue rise across the curve; 10-year rate approaching 3.5%

Market prices in more aggressive Fed tightening, 75bps this week and a likely follow-up move next month. US Treasury yields continue rise across the curve; 10-year rate approaching 3.5%

Markets in turmoil; US equities down 3%; USTs up about 20bps across the curve. As inflation fears increase and market prices in much more aggressive tightening. UK has recession on its doorstep and possible trade war with EU

Markets in turmoil; US equities down 3%; USTs up about 20bps across the curve. As inflation fears increase and market prices in much more aggressive tightening. UK has recession on its doorstep and possible trade war with EU

Strong US CPI inflation data destroys the inflation-has-peaked narrative. Stagflation in focus as US consumer sentiment falls to a record low as well and long-term inflation expectations rise

Strong US CPI inflation data destroys the inflation-has-peaked narrative. Stagflation in focus as US consumer sentiment falls to a record low as well and long-term inflation expectations rise

ECB offers a hawkish policy update; guides a 25bps hike in July and 50bps in September. Commodity currencies whacked on weaker risk sentiment. NZ 10 year NZGB closes at a 7-year high

ECB offers a hawkish policy update; guides a 25bps hike in July and 50bps in September. Commodity currencies whacked on weaker risk sentiment. NZ 10 year NZGB closes at a 7-year high

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