Stuart Ritson

Global equites fell and bond yields moved higher as investors trimmed expectations for rate cuts by major central banks. US retail sales were higher than consensus estimates. 2-year treasury yields increased 15bps supporting the US dollar

Global equites fell and bond yields moved higher as investors trimmed expectations for rate cuts by major central banks. US retail sales were higher than consensus estimates. 2-year treasury yields increased 15bps supporting the US dollar

Softer than expected US producer prices support rally in global bonds. US 2-year treasury yields reached the lowest level since May. Weak inflation pressures and subdued demand for credit support the case for lower policy rates in China

Softer than expected US producer prices support rally in global bonds. US 2-year treasury yields reached the lowest level since May. Weak inflation pressures and subdued demand for credit support the case for lower policy rates in China

US policy makers push back against speculation of near-term rate cuts by the Fed. ‘We aren’t really talking about rate cuts right now’. European economic activity weak. German bund yields dropped to lowest level since January

US policy makers push back against speculation of near-term rate cuts by the Fed. ‘We aren’t really talking about rate cuts right now’. European economic activity weak. German bund yields dropped to lowest level since January

Markets have extended the post-FOMC moves. US treasury yields and the US dollar have declined further. But both the ECB and BofE left rates on hold and sounded cautious on the outlook

Markets have extended the post-FOMC moves. US treasury yields and the US dollar have declined further. But both the ECB and BofE left rates on hold and sounded cautious on the outlook

US labour market data was stronger than expected in November. US treasury yields increased and the US dollar gained snapping a 3-week loosing streak. China consumer price inflation fell 0.5%, the fastest decline in 3-years amid weak domestic demand

US labour market data was stronger than expected in November. US treasury yields increased and the US dollar gained snapping a 3-week loosing streak. China consumer price inflation fell 0.5%, the fastest decline in 3-years amid weak domestic demand

The yen has strengthened and JGB yields moved sharply higher following Bank of Japan signals of an exit from their large-scale stimulus and negative interest rates

The yen has strengthened and JGB yields moved sharply higher following Bank of Japan signals of an exit from their large-scale stimulus and negative interest rates

A speech by Federal Reserve Chairman Powell failed to deter investors’ expectations of rate cuts. Market pricing implies a greater than 50% chance of a 25bps rate c weakness. Oil prices fall after OPEC+ members delay meeting in dispute about output quotas

A speech by Federal Reserve Chairman Powell failed to deter investors’ expectations of rate cuts. Market pricing implies a greater than 50% chance of a 25bps rate c weakness. Oil prices fall after OPEC+ members delay meeting in dispute about output quotas

US treasury yields moved higher across the curve and the US dollar gained. Eurozone CPI fell to slowest pace since 2021. OPEC+ confirms supply cuts

US treasury yields moved higher across the curve and the US dollar gained. Eurozone CPI fell to slowest pace since 2021. OPEC+ confirms supply cuts

The US dollar remains under pressure. NZD/USD ended last week at 3-month highs just below 0.6100 amid the broad US dollar weakness. Oil prices fall after OPEC+ members delay meeting in dispute about output quotas

The US dollar remains under pressure. NZD/USD ended last week at 3-month highs just below 0.6100 amid the broad US dollar weakness. Oil prices fall after OPEC+ members delay meeting in dispute about output quotas

Global asset markets continue to consolidate recent moves in the absence of first-tier economic data or other catalysts. Oil prices have continue to rally ahead of the Opec+ meeting on Sunday

Global asset markets continue to consolidate recent moves in the absence of first-tier economic data or other catalysts. Oil prices have continue to rally ahead of the Opec+ meeting on Sunday

Oil prices recover from slump on news Saudi Arabia and others will extend supply cuts. USD weaker. 10-year US treasuries stable. UK Gilts outperformed following softer than expected UK retail sales

Oil prices recover from slump on news Saudi Arabia and others will extend supply cuts. USD weaker. 10-year US treasuries stable. UK Gilts outperformed following softer than expected UK retail sales

There were large moves across global markets as US CPI came in below consensus expectations, suggesting the US Fed hiking cycle is complete and the next move will be a cut in 2024. Equity markets made strong gains while UST yields fell

There were large moves across global markets as US CPI came in below consensus expectations, suggesting the US Fed hiking cycle is complete and the next move will be a cut in 2024. Equity markets made strong gains while UST yields fell

US equities extended the recent rally despite weak consumer sentiment data and cautious comments Fed Chair Powell. Moody’s lowered its outlook on the US’s credit rating to negative from stable

US equities extended the recent rally despite weak consumer sentiment data and cautious comments Fed Chair Powell. Moody’s lowered its outlook on the US’s credit rating to negative from stable

Oil prices have fallen close to 3%, to the lowest level in more than 3 months, on concerns about global growth following weak Chinese trade data. US officials emphasised the need to bring inflation closer to 2%

Oil prices have fallen close to 3%, to the lowest level in more than 3 months, on concerns about global growth following weak Chinese trade data. US officials emphasised the need to bring inflation closer to 2%

Weaker than expected US labour market data contributed to a rally across global bond markets boosting risk sentiment. Nonfarm payrolls increased 150k in October below estimates of 180k. The US ISM services PMI fell to a 5-month low

Weaker than expected US labour market data contributed to a rally across global bond markets boosting risk sentiment. Nonfarm payrolls increased 150k in October below estimates of 180k. The US ISM services PMI fell to a 5-month low

Risk sensitive assets rise investors confident aggressive monetary tightening cycle is ending. The Bank of England left rates steady at 5.25% for the second consecutive month which was in line with expectations

Risk sensitive assets rise investors confident aggressive monetary tightening cycle is ending. The Bank of England left rates steady at 5.25% for the second consecutive month which was in line with expectations

Global equities ended the week on a soft note with geopolitical risks and an underwhelming corporate earnings season undermining market sentiment. US core PCE deflator rose 3.7% annual rate in September

Global equities ended the week on a soft note with geopolitical risks and an underwhelming corporate earnings season undermining market sentiment. US core PCE deflator rose 3.7% annual rate in September

Investor risk sentiment remains fragile with global equities extending recent losses amid disappointing earnings from large US tech companies. The ECB held rates steady at 4% as expected. US GDP expanded at a healthy 4.9% annual rate in Q3

Investor risk sentiment remains fragile with global equities extending recent losses amid disappointing earnings from large US tech companies. The ECB held rates steady at 4% as expected. US GDP expanded at a healthy 4.9% annual rate in Q3

US equities lost ground as treasury yields moved sharply higher impacting risk sentiment. The Bank of Canada left rates steady at 5% as expected. Markets look ahead to the ECB meeting this evening and US Q3 GDP data

US equities lost ground as treasury yields moved sharply higher impacting risk sentiment. The Bank of Canada left rates steady at 5% as expected. Markets look ahead to the ECB meeting this evening and US Q3 GDP data

Global bonds markets under pressure with US treasuries making fresh multi-year highs ahead of a widely anticipated speech by Fed Chair Powell. Oil prices higher. The Chinese economy expanded 4.9% in Q3, faster than expected

Global bonds markets under pressure with US treasuries making fresh multi-year highs ahead of a widely anticipated speech by Fed Chair Powell. Oil prices higher. The Chinese economy expanded 4.9% in Q3, faster than expected

Rising investor risk aversion hangs over global markets. Global equities fell and flows into safe haven assets picked up. Both oil and gold surged. US consumer sentiment fell to the lowest level since May

Rising investor risk aversion hangs over global markets. Global equities fell and flows into safe haven assets picked up. Both oil and gold surged. US consumer sentiment fell to the lowest level since May

US Fed in 'wait and see' mode with PPI slightly higher than expected and eyes on US CPI. China considers raising 2023 budget deficit to allow for more stimulus

US Fed in 'wait and see' mode with PPI slightly higher than expected and eyes on US CPI. China considers raising 2023 budget deficit to allow for more stimulus

US nonfarm payrolls easily beat expectations resulting in significant moves across asset markets. They rose double the consensus estimate, with sizable upward revisions to previous months. US treasuries sold off aggressively following the data

US nonfarm payrolls easily beat expectations resulting in significant moves across asset markets. They rose double the consensus estimate, with sizable upward revisions to previous months. US treasuries sold off aggressively following the data

Markets stable ahead of US labour data. Oil down -14% from September highs. US initial jobless claims steady. Global bond markets take pause from the aggressive recent sell-off

Markets stable ahead of US labour data. Oil down -14% from September highs. US initial jobless claims steady. Global bond markets take pause from the aggressive recent sell-off

Global bond yields pulled back from multi-year highs. The ADP estimate of US private non-farm payrolls lower than consensus estimates. Oil prices fell to the lowest level since early September

Global bond yields pulled back from multi-year highs. The ADP estimate of US private non-farm payrolls lower than consensus estimates. Oil prices fell to the lowest level since early September