Stuart Ritson

US government shutdown takes effect. Risk sentiment resilient. US equities recover from an initial dip and solid gains for European indices. ADP payrolls weaker than expected contributing to a rally for US treasuries

US government shutdown takes effect. Risk sentiment resilient. US equities recover from an initial dip and solid gains for European indices. ADP payrolls weaker than expected contributing to a rally for US treasuries

US equities little changed as hopes for a last-minute deal to avoid a government shutdown fade. Oil extends recent decline. Limited movement across bond and currency markets. RBA leaves rates on hold and adopts more hawkish tone

US equities little changed as hopes for a last-minute deal to avoid a government shutdown fade. Oil extends recent decline. Limited movement across bond and currency markets. RBA leaves rates on hold and adopts more hawkish tone

Prediction markets put the risk of US shutdown at 70% which could delay key economic reports. The uncertainty supports US treasuries and gold reached a fresh record high. Oil falls on OPEC+ plans to increase supply

Prediction markets put the risk of US shutdown at 70% which could delay key economic reports. The uncertainty supports US treasuries and gold reached a fresh record high. Oil falls on OPEC+ plans to increase supply

S&P500 closes higher breaking a three day losing streak. US real spending beats expectations continuing the run of firm data. Core PCE deflator in line with consensus estimate

S&P500 closes higher breaking a three day losing streak. US real spending beats expectations continuing the run of firm data. Core PCE deflator in line with consensus estimate

Fed Chair Powell’s speech didn't provide fresh information on the policy outlook. US advance PMIs showed economic activity is holding up well. PMI readings mixed for Europeans

Fed Chair Powell’s speech didn't provide fresh information on the policy outlook. US advance PMIs showed economic activity is holding up well. PMI readings mixed for Europeans

Risk sensitive asset remain well supported. S&P closes at fresh record high and high-grade credit spreads tightest since 1998. Bank of Japan on hold but 2 members dissent in favour of a hike

Risk sensitive asset remain well supported. S&P closes at fresh record high and high-grade credit spreads tightest since 1998. Bank of Japan on hold but 2 members dissent in favour of a hike

US Federal Reserve cuts rates by 25bp as expected citing growing weakness in the labour market. The median FOMC member expects a further 50bp of easing this year. Markets whipsaw but modest moves overall

US Federal Reserve cuts rates by 25bp as expected citing growing weakness in the labour market. The median FOMC member expects a further 50bp of easing this year. Markets whipsaw but modest moves overall

US equity markets consolidated. Asian indices hit record levels. Global bond yields rebound. US Treasury 10-year up 4bp with a steeper curve. Fitch downgrades French rating amid rising debt and political instability

US equity markets consolidated. Asian indices hit record levels. Global bond yields rebound. US Treasury 10-year up 4bp with a steeper curve. Fitch downgrades French rating amid rising debt and political instability

US producer price data softer than expected supporting the case for Fed easing. US treasuries rally. 10-year yields approach 4.0%, the lowest level since April. S&P500 reaches fresh record high

US producer price data softer than expected supporting the case for Fed easing. US treasuries rally. 10-year yields approach 4.0%, the lowest level since April. S&P500 reaches fresh record high

Further weakness in US labour market as payrolls undershoot again. Data clears the way for a September rate cut. Bond markets rally and US dollar is weaker. OPEC+ to increase oil production next month

Further weakness in US labour market as payrolls undershoot again. Data clears the way for a September rate cut. Bond markets rally and US dollar is weaker. OPEC+ to increase oil production next month

Long end of sovereign bond markets remain in focus. US job openings weaker than expected supporting the case for a September cut. Treasury yields decline following the data. 30-year yields touch 5.0% before retracing

Long end of sovereign bond markets remain in focus. US job openings weaker than expected supporting the case for a September cut. Treasury yields decline following the data. 30-year yields touch 5.0% before retracing

Global equities declined on Friday but ended August with solid gains. US core PCE deflator and consumption data matches expectations. A court ruling has found most of the Trump administration’s tariffs to be illegal

Global equities declined on Friday but ended August with solid gains. US core PCE deflator and consumption data matches expectations. A court ruling has found most of the Trump administration’s tariffs to be illegal

US equities in a holding pattern ahead of Nvidia results. Treasury curve steepens amid politicisation of the Fed. US tariffs on India rise to 50%. A sharp increase in Australian CPI reflects timing of electricity subsidy payments

US equities in a holding pattern ahead of Nvidia results. Treasury curve steepens amid politicisation of the Fed. US tariffs on India rise to 50%. A sharp increase in Australian CPI reflects timing of electricity subsidy payments

Federal Reserve Chair Powell signalled the central bank may cut rates in September. US equities made solid gains. The small cap Russell 2000 index advanced almost 4.0%. US treasury yields declined and the curve steepened

Federal Reserve Chair Powell signalled the central bank may cut rates in September. US equities made solid gains. The small cap Russell 2000 index advanced almost 4.0%. US treasury yields declined and the curve steepened

Minutes from July FOMC suggest members were more concerned about inflation than employment. The US administration has continued to pressure Federal Reserve officials. Tech stocks decline

Minutes from July FOMC suggest members were more concerned about inflation than employment. The US administration has continued to pressure Federal Reserve officials. Tech stocks decline

US equities consolidate near record highs amid mixed economic data. US retail sales were solid but consumer sentiment dipped aligned with increased inflation expectations

US equities consolidate near record highs amid mixed economic data. US retail sales were solid but consumer sentiment dipped aligned with increased inflation expectations

Positive tone for risk sensitive assets continues. MSCI world equity index reaches record high. Implied volatility across equities, bonds and currencies falling. US dollar weaker but currency moves modest overall

Positive tone for risk sensitive assets continues. MSCI world equity index reaches record high. Implied volatility across equities, bonds and currencies falling. US dollar weaker but currency moves modest overall

Global bond yields closed higher despite limited economic data. Gold prices whipsaw on confusion about US tariffs on imports of gold bars. US equities extend recent gains

Global bond yields closed higher despite limited economic data. Gold prices whipsaw on confusion about US tariffs on imports of gold bars. US equities extend recent gains

Risk sentiment firm. S&P500 higher and has retraced the post services ISM fall. US hits India with extra 25% tariff for Russia oil purchases. Soft demand in US 10-year auction. Yields modestly higher

Risk sentiment firm. S&P500 higher and has retraced the post services ISM fall. US hits India with extra 25% tariff for Russia oil purchases. Soft demand in US 10-year auction. Yields modestly higher

Investor risk sentiment takes a hit from significantly weaker than expected US labour market data. Global equities fell sharply and credit spreads widen. Probability of a Fed rate cut in September increases

Investor risk sentiment takes a hit from significantly weaker than expected US labour market data. Global equities fell sharply and credit spreads widen. Probability of a Fed rate cut in September increases

US equity markets retrace from record intra-day high. Yen declines after Bank of Japan meeting. US dollar on track for first monthly gain this year

US equity markets retrace from record intra-day high. Yen declines after Bank of Japan meeting. US dollar on track for first monthly gain this year

S&P500 advances to another record high close. US and EU announce trade agreement. Bond markets subdued. Global markets look ahead to first-tier economic releases and central bank meetings

S&P500 advances to another record high close. US and EU announce trade agreement. Bond markets subdued. Global markets look ahead to first-tier economic releases and central bank meetings

ECB leave rates on hold and suggests the bar is raised for additional easing. German bond yields move higher led by the front end of the curve. Upbeat risk sentiment contributes to further gains for global equities

ECB leave rates on hold and suggests the bar is raised for additional easing. German bond yields move higher led by the front end of the curve. Upbeat risk sentiment contributes to further gains for global equities

Growing optimism of US trade deals with key partners supports risk sentiment. US reaches agreement with Japan on tariffs and a deal with the EU appears close. Equity markets gain and global bond yields higher

Growing optimism of US trade deals with key partners supports risk sentiment. US reaches agreement with Japan on tariffs and a deal with the EU appears close. Equity markets gain and global bond yields higher

US dollar extends recent decline. Bessent offers supportive comments for Fed Chair Powell. Global bond yields lower led by 10-year US treasury yields

US dollar extends recent decline. Bessent offers supportive comments for Fed Chair Powell. Global bond yields lower led by 10-year US treasury yields