Stuart Ritson

A large downside surprise in US payrolls reduced expectations for a September Fed rate hike. An initial rally in US Treasuries faded. The data brought a broad-based fall in the US dollar, with the NZD pushing up. Gold prices extended recent gains

A large downside surprise in US payrolls reduced expectations for a September Fed rate hike. An initial rally in US Treasuries faded. The data brought a broad-based fall in the US dollar, with the NZD pushing up. Gold prices extended recent gains

US equities consolidate near record highs. Oil prices were stable on signs of deal to reopen Hormuz. Gold prices surge more than 4%

US equities consolidate near record highs. Oil prices were stable on signs of deal to reopen Hormuz. Gold prices surge more than 4%

US equities ended July on a firmer note, with the S&P 500 up 0.7%. The yen gained after rate checks by the NY Fed, & coordination between US and Japanese authorities. US Treasury yields extended their recent rise, led by the long end of the curve

US equities ended July on a firmer note, with the S&P 500 up 0.7%. The yen gained after rate checks by the NY Fed, & coordination between US and Japanese authorities. US Treasury yields extended their recent rise, led by the long end of the curve

US Federal Reserve leaves rates on hold, although three Committee members dissented in favour of an increase. Oil prices rebounded sharply amid further tensions in the Middle East

US Federal Reserve leaves rates on hold, although three Committee members dissented in favour of an increase. Oil prices rebounded sharply amid further tensions in the Middle East

Oil prices fell sharply after the US paused plans to escalate strikes against Iran, supporting a move lower in global bond yields. But an initial rally in US equities faded

Oil prices fell sharply after the US paused plans to escalate strikes against Iran, supporting a move lower in global bond yields. But an initial rally in US equities faded

Oil prices surged after Trump said ceasefire with Iran was over. Weaker risk sentiment weighed on global equities. Bond yields rose as markets priced additional ECB tightening. Currencies subdued despite volatility in other markets

Oil prices surged after Trump said ceasefire with Iran was over. Weaker risk sentiment weighed on global equities. Bond yields rose as markets priced additional ECB tightening. Currencies subdued despite volatility in other markets

Continued volatility in technology stocks contributed to a softer tone across global equities. Attacks on shipping in the Persian Gulf underpinned a rise in oil prices. Global bond yields moved higher

Continued volatility in technology stocks contributed to a softer tone across global equities. Attacks on shipping in the Persian Gulf underpinned a rise in oil prices. Global bond yields moved higher

US equities rose as investors returned from their long weekend. Services activity expanded at a slightly slower pace in June, according to the ISM survey. FX and rates markets were subdued

US equities rose as investors returned from their long weekend. Services activity expanded at a slightly slower pace in June, according to the ISM survey. FX and rates markets were subdued

Market participants remain alert to the risk of intervention to support the yen, which has increased the cost of protection. European stocks advanced, with the Euro Stoxx reaching an all-time high. FX and rates markets saw only modest moves

Market participants remain alert to the risk of intervention to support the yen, which has increased the cost of protection. European stocks advanced, with the Euro Stoxx reaching an all-time high. FX and rates markets saw only modest moves

Weaker-than-expected US payrolls growth supported a rally in front-end rates. The US dollar weakened, with the yen outperforming after authorities signaled a new intervention strategy. Equities declined, led by technology stocks

Weaker-than-expected US payrolls growth supported a rally in front-end rates. The US dollar weakened, with the yen outperforming after authorities signaled a new intervention strategy. Equities declined, led by technology stocks

Global asset markets saw only modest moves. Fed Chair Warsh said inflation risks had eased since the last FOMC meeting. Softer-than-expected euro area CPI weakened the case for further ECB hikes

Global asset markets saw only modest moves. Fed Chair Warsh said inflation risks had eased since the last FOMC meeting. Softer-than-expected euro area CPI weakened the case for further ECB hikes

The yen remains under pressure, falling to fresh multi-decade lows against the US dollar. Outside of the yen, G10 currencies generally firmer, with the NZD outperforming. Treasury yields are marginally higher

The yen remains under pressure, falling to fresh multi-decade lows against the US dollar. Outside of the yen, G10 currencies generally firmer, with the NZD outperforming. Treasury yields are marginally higher

US equities make solid gains, with the S&P up more than 1%. Rates markets were broadly stable. The US dollar weakened against European currencies, while the yen fell to its lowest level against the US dollar since 1986

US equities make solid gains, with the S&P up more than 1%. Rates markets were broadly stable. The US dollar weakened against European currencies, while the yen fell to its lowest level against the US dollar since 1986

Oil prices fall despite ongoing tensions between the US and Iran. An escalation over the weekend could further threaten the ceasefire. Currency and rates markets little were changed. NZD/USD remains near multi-month lows

Oil prices fall despite ongoing tensions between the US and Iran. An escalation over the weekend could further threaten the ceasefire. Currency and rates markets little were changed. NZD/USD remains near multi-month lows

Brent crude prices dip towards US$78 per barrel on US-Iran talk optimism. US Treasury agrees a temporary waiver on Iran oil sanctions

Brent crude prices dip towards US$78 per barrel on US-Iran talk optimism. US Treasury agrees a temporary waiver on Iran oil sanctions

A delay to US-Iran negotiations weighed on risk appetite and supported oil prices. NZD/USD saw only a limited recovery after falling to two-month lows. NZD was weaker on the crosses

A delay to US-Iran negotiations weighed on risk appetite and supported oil prices. NZD/USD saw only a limited recovery after falling to two-month lows. NZD was weaker on the crosses

Hawkish hold by the US Federal Reserve at Kevin Warsh’s first meeting as chairman. Front end US Treasury yields higher supporting the US dollar. US retail sales stronger than expected

Hawkish hold by the US Federal Reserve at Kevin Warsh’s first meeting as chairman. Front end US Treasury yields higher supporting the US dollar. US retail sales stronger than expected

Hopes for diplomatic breakthrough to de-escalate conflict support equities. Oil prices swing but ultimately extend recent decline and reach lowest since mid-April. Conflicting narratives suggest ongoing uncertainty about the proposed US-Iran deal

Hopes for diplomatic breakthrough to de-escalate conflict support equities. Oil prices swing but ultimately extend recent decline and reach lowest since mid-April. Conflicting narratives suggest ongoing uncertainty about the proposed US-Iran deal

Trump said the US would resume attacks on Iran which weighed on risk-sensitive assets. Brent crude gains on the lift in tensions. US CPI closely aligns with expectations. Gold prices extend lower

Trump said the US would resume attacks on Iran which weighed on risk-sensitive assets. Brent crude gains on the lift in tensions. US CPI closely aligns with expectations. Gold prices extend lower

Strong US labour market data brought forward expectations of Fed tightening. Equity markets fell sharply amid a rotation out of mega-cap technology companies. Nasdaq down 4%. Treasury yields higher led by the front end

Strong US labour market data brought forward expectations of Fed tightening. Equity markets fell sharply amid a rotation out of mega-cap technology companies. Nasdaq down 4%. Treasury yields higher led by the front end

US equities higher with large dispersion across sectors and indices. Brent crude fell towards US$95 per barrel on a conditional ceasefire between Israel and Lebanon. Small movement for rates and currencies

US equities higher with large dispersion across sectors and indices. Brent crude fell towards US$95 per barrel on a conditional ceasefire between Israel and Lebanon. Small movement for rates and currencies

The S&P500 is modestly higher to a fresh intra-day record. US job openings rose sharply in April, reinforcing signs of labour-market resilience. Eurozone inflation rose, supporting expectations for an ECB rate hike this month

The S&P500 is modestly higher to a fresh intra-day record. US job openings rose sharply in April, reinforcing signs of labour-market resilience. Eurozone inflation rose, supporting expectations for an ECB rate hike this month

Buoyant investor risk appetite on hopes a deal to reopen the Strait of Hormuz may be close. Global equities make solid gains pushing the MSCI world index to an all time high. Brent crude falls contributing to lower bond yields

Buoyant investor risk appetite on hopes a deal to reopen the Strait of Hormuz may be close. Global equities make solid gains pushing the MSCI world index to an all time high. Brent crude falls contributing to lower bond yields

S&P500 closed higher to extend its longest weekly winning streak since December 2023. Influential Fed Governor Waller pivots to a more hawkish stance. Market pricing a full 25bp Fed hike by December pushing front end rates higher

S&P500 closed higher to extend its longest weekly winning streak since December 2023. Influential Fed Governor Waller pivots to a more hawkish stance. Market pricing a full 25bp Fed hike by December pushing front end rates higher

Large swings in oil prices amid conflicting reports on US-Iran negotiations. Major equity markets little changed. Weak labour market data in Australia

Large swings in oil prices amid conflicting reports on US-Iran negotiations. Major equity markets little changed. Weak labour market data in Australia