Jason Wong

Markets show only modest movements amidst a US government shutdown. US equities flat; US Treasuries trade narrow ranges; USD slightly stronger; oil prices lower for a fourth consecutive day

Markets show only modest movements amidst a US government shutdown. US equities flat; US Treasuries trade narrow ranges; USD slightly stronger; oil prices lower for a fourth consecutive day

Stronger than expected US economic data drove higher US rates, as markets pared scope for easier monetary policy. US equities are weaker for the third successive day. Broad gains in the USD

Stronger than expected US economic data drove higher US rates, as markets pared scope for easier monetary policy. US equities are weaker for the third successive day. Broad gains in the USD

Markets in cautious tone with modest falls in US equities and modestly higher US Treasury yields. The USD is broadly stronger and the NZD has underperformed. A hotter than expected Australian CPI pushed out RBA rate cut expectations

Markets in cautious tone with modest falls in US equities and modestly higher US Treasury yields. The USD is broadly stronger and the NZD has underperformed. A hotter than expected Australian CPI pushed out RBA rate cut expectations

US equities and gold have powered up to fresh record highs in the wake of the Fed restarting the easing cycle last week. US Treasuries have traded with a cautious tone, with rates nudging higher

US equities and gold have powered up to fresh record highs in the wake of the Fed restarting the easing cycle last week. US Treasuries have traded with a cautious tone, with rates nudging higher

US equities rise in aftermath of the Fed's rate cut. US Treasury yields higher. BoE holds policy, as expected. NZ rates fall to fresh cycle lows on chance the RBNZ rate cutting cycle extends further than previously expected

US equities rise in aftermath of the Fed's rate cut. US Treasury yields higher. BoE holds policy, as expected. NZ rates fall to fresh cycle lows on chance the RBNZ rate cutting cycle extends further than previously expected

Markets ignore stronger US data, focused on prospects for a protracted Fed easing cycle, seeing Treasury yields edge lower while the USD shows a broadly based fall. EUR rises to a four-year high

Markets ignore stronger US data, focused on prospects for a protracted Fed easing cycle, seeing Treasury yields edge lower while the USD shows a broadly based fall. EUR rises to a four-year high

Ahead of the Fed’s near-certain rate cut later this week, US equities rise to a fresh record high, alongside a modest fall in US Treasury yields and a broadly weaker USD. Little reaction to weaker China activity data yesterday

Ahead of the Fed’s near-certain rate cut later this week, US equities rise to a fresh record high, alongside a modest fall in US Treasury yields and a broadly weaker USD. Little reaction to weaker China activity data yesterday

US CPI data close to market expectations. Initial jobless claims surge to a four-year high, but driven by an unusual gain for Texas. The combination drove down US rates and the USD. ECB on hold, as expected

US CPI data close to market expectations. Initial jobless claims surge to a four-year high, but driven by an unusual gain for Texas. The combination drove down US rates and the USD. ECB on hold, as expected

Significant downward revision for US non-farm payrolls brings brief market reaction. Focus now on upcoming PPI and CPI data. US Treasury yields push higher

Significant downward revision for US non-farm payrolls brings brief market reaction. Focus now on upcoming PPI and CPI data. US Treasury yields push higher

Global rates push down as market sees a protracted Fed easing cycle ahead; 10-year US Treasury yield down to a fresh five-month low of 4.04%. USD broadly weaker

Global rates push down as market sees a protracted Fed easing cycle ahead; 10-year US Treasury yield down to a fresh five-month low of 4.04%. USD broadly weaker

US economic data mixed, with labour market data weaker than expected but a stronger ISM services survey. Rates lower, as the market positions itself for a soft US payrolls report

US economic data mixed, with labour market data weaker than expected but a stronger ISM services survey. Rates lower, as the market positions itself for a soft US payrolls report

Bonds and equities have been hit as investor appetite for both soured; UK 30-year rate rises to its highest level since 1998. Global rates moderately higher and US and European equities lower, down more than 1%

Bonds and equities have been hit as investor appetite for both soured; UK 30-year rate rises to its highest level since 1998. Global rates moderately higher and US and European equities lower, down more than 1%

Markets quiet with the US on holiday; no reaction to the court ruling that confirmed Trump's country tariffs imposed under emergency law were illegal. US equity futures and European equities up slightly. Global rates up slightly

Markets quiet with the US on holiday; no reaction to the court ruling that confirmed Trump's country tariffs imposed under emergency law were illegal. US equity futures and European equities up slightly. Global rates up slightly

Risk appetite higher, seeing US equities probe fresh record highs. US Treasuries curve flattens, USD broadly weaker; NZD recovers. NZ rates fall to fresh lows

Risk appetite higher, seeing US equities probe fresh record highs. US Treasuries curve flattens, USD broadly weaker; NZD recovers. NZ rates fall to fresh lows

Mild market reaction to Trump firing Fed Governor Cook. Legal battle likely. The further undermining of Fed independence sees lower short rates and the steepest Treasuries curve since 2021. USD broadly weaker

Mild market reaction to Trump firing Fed Governor Cook. Legal battle likely. The further undermining of Fed independence sees lower short rates and the steepest Treasuries curve since 2021. USD broadly weaker

Markets have settled after Friday's significant price action post Powell’s Jackson Hole speech. Small changes in US equities and rates; Chinese equities continue their strong run

Markets have settled after Friday's significant price action post Powell’s Jackson Hole speech. Small changes in US equities and rates; Chinese equities continue their strong run

Markets cautious ahead of Fed Chair Powell’s speech at Jackson Hole; hawkish soundbites from FOMC members and stronger PMI data unhelpful to the case for an imminent rate cut. Market pares pricing of Fed rate cuts

Markets cautious ahead of Fed Chair Powell’s speech at Jackson Hole; hawkish soundbites from FOMC members and stronger PMI data unhelpful to the case for an imminent rate cut. Market pares pricing of Fed rate cuts

US equities are weaker, led by a notable fall in tech stocks. The risk-off vibe has seen US Treasuries well supported, with modest falls in rates. Commodity currencies have underperformed

US equities are weaker, led by a notable fall in tech stocks. The risk-off vibe has seen US Treasuries well supported, with modest falls in rates. Commodity currencies have underperformed

Markets distracted by Ukraine war negotiations, otherwise little movement as northern summer holidays crimps activity. US Treasury yields are slightly higher overnight; USD is broadly stronger

Markets distracted by Ukraine war negotiations, otherwise little movement as northern summer holidays crimps activity. US Treasury yields are slightly higher overnight; USD is broadly stronger

US PPI data much stronger than expected, with big jumps in both headline and core rates. Data drove up US rates, but market still shows strong conviction in a 25bps rate cut next month. USD broadly stronger

US PPI data much stronger than expected, with big jumps in both headline and core rates. Data drove up US rates, but market still shows strong conviction in a 25bps rate cut next month. USD broadly stronger

US CPI data were close to market expectations; of note the pass-through of tariffs into goods prices was less than expected. Market saw this as giving the Fed the green light to cut rates next month. RBA cuts as expected

US CPI data were close to market expectations; of note the pass-through of tariffs into goods prices was less than expected. Market saw this as giving the Fed the green light to cut rates next month. RBA cuts as expected

Little market reaction to the alarming direction of US policy after Trump's move to invoke an export tax on some of Nvidia and AMD's chip sales, as a quid pro quo for access to China

Little market reaction to the alarming direction of US policy after Trump's move to invoke an export tax on some of Nvidia and AMD's chip sales, as a quid pro quo for access to China

Bloomberg reports Waller emerging as top candidate to replace Powell. Higher US tariffs kick in; Trump threatens 100% tariff on semiconductors, but carve-outs mean little impact for most. BofE votes 5-4 to cut rates

Bloomberg reports Waller emerging as top candidate to replace Powell. Higher US tariffs kick in; Trump threatens 100% tariff on semiconductors, but carve-outs mean little impact for most. BofE votes 5-4 to cut rates

US ISM services survey had a stagflationary vibe with the index falling while the prices paid index rose to a 30-month high. US equities modestly weaker, US Treasury yields slightly higher

US ISM services survey had a stagflationary vibe with the index falling while the prices paid index rose to a 30-month high. US equities modestly weaker, US Treasury yields slightly higher

US equities bounce-back after Friday's lurch down as investors buy the dip. Oil prices down as market eyes greater OPEC+ supply

US equities bounce-back after Friday's lurch down as investors buy the dip. Oil prices down as market eyes greater OPEC+ supply