Stuart Ritson

Risk off tone across global markets intensified following soft US labour market data. UST yields declined sharply as the market priced a more aggressive easing cycle by the Fed. Oil prices fell despite rising geopolitical risks

Risk off tone across global markets intensified following soft US labour market data. UST yields declined sharply as the market priced a more aggressive easing cycle by the Fed. Oil prices fell despite rising geopolitical risks

The US Federal Reserve left rates unchanged as expected but softened its language on inflation and signaled it is getting closer to lowering rates. Global equity markets staged a strong rally while global bond yields are generally lower outside of Japan

The US Federal Reserve left rates unchanged as expected but softened its language on inflation and signaled it is getting closer to lowering rates. Global equity markets staged a strong rally while global bond yields are generally lower outside of Japan

US treasury yields fell across the curve supported by weakening consumption and benign inflation data. Currency markets were subdued. S&P500 makes partial recovery

US treasury yields fell across the curve supported by weakening consumption and benign inflation data. Currency markets were subdued. S&P500 makes partial recovery

Global equity markets declined for the second consecutive session. Equities are beginning to price in more political risk. The US dollar gained against G10 currencies

Global equity markets declined for the second consecutive session. Equities are beginning to price in more political risk. The US dollar gained against G10 currencies

Key Fed officials suggest greater confidence in the disinflationary trend. Technology stocks led declines in global equities amid concerns about tighter restrictions from the US government on exports to China

Key Fed officials suggest greater confidence in the disinflationary trend. Technology stocks led declines in global equities amid concerns about tighter restrictions from the US government on exports to China

The US Treasury yield curve flattened and currency markets are little changed. Gold hit a record high of US$2465 an ounce. US equities advanced following unexpectedly strong retail sales data

The US Treasury yield curve flattened and currency markets are little changed. Gold hit a record high of US$2465 an ounce. US equities advanced following unexpectedly strong retail sales data

Powell looks to rate cuts, but without saying when. The US treasury curve has continued to steepen. 30-year yields are above 2-year yields for the first time since November. China’s Q2 GDP data was weaker than expected

Powell looks to rate cuts, but without saying when. The US treasury curve has continued to steepen. 30-year yields are above 2-year yields for the first time since November. China’s Q2 GDP data was weaker than expected

Markets looked past strong US PPI data. UST 10-yr yields dipped below 4.2% a level which has contained the downside in recent months. The yield curve continued to steepen. The US dollar remained under pressure particularly against the yen

Markets looked past strong US PPI data. UST 10-yr yields dipped below 4.2% a level which has contained the downside in recent months. The yield curve continued to steepen. The US dollar remained under pressure particularly against the yen

Global equity markets made solid gains with the S&P trading above 5,600. Markets were largely subdued lacking catalysts. Investors are looking ahead to key US CPI data this evening

Global equity markets made solid gains with the S&P trading above 5,600. Markets were largely subdued lacking catalysts. Investors are looking ahead to key US CPI data this evening

Weaker than expected US labour market data saw investors bring forward expectations for rate cuts by the US Fed. Early projections suggest the left wing coalition has unexpectedly won the French election raising concerns about the fiscal backdrop

Weaker than expected US labour market data saw investors bring forward expectations for rate cuts by the US Fed. Early projections suggest the left wing coalition has unexpectedly won the French election raising concerns about the fiscal backdrop

Global markets subdued in shadow of US holiday. Polling that projects Marine Le Pen’s failure supported sentiment towards European assets. Market focus turns to upcoming key US labour market data

Global markets subdued in shadow of US holiday. Polling that projects Marine Le Pen’s failure supported sentiment towards European assets. Market focus turns to upcoming key US labour market data

A series of weaker than expected economic prints, headlined by services ISM which slumped to a 4-year low, strengthened the case for Fed rate cuts this year. US treasury yields fell and the S&P closed at a fresh record high

A series of weaker than expected economic prints, headlined by services ISM which slumped to a 4-year low, strengthened the case for Fed rate cuts this year. US treasury yields fell and the S&P closed at a fresh record high

Fed Chair Powell sees recent fall in the PCE ‘really good progress’ but still needs to see more progress. US job openings unexpectedly rise. European CPI slowed

Fed Chair Powell sees recent fall in the PCE ‘really good progress’ but still needs to see more progress. US job openings unexpectedly rise. European CPI slowed

US dollar generally firmer amid higher UST yields. China 10-year bond yields fell to a record low. Risk premia on European assets have reduced on lower chance of far-right victory in France

US dollar generally firmer amid higher UST yields. China 10-year bond yields fell to a record low. Risk premia on European assets have reduced on lower chance of far-right victory in France

Investors cautious ahead of France’s elections. The spread between French and German 10-year bonds widened to the highest level since 2012. The US Fed's preferred gauge of inflation decelerated in May. UST yields ended higher

Investors cautious ahead of France’s elections. The spread between French and German 10-year bonds widened to the highest level since 2012. The US Fed's preferred gauge of inflation decelerated in May. UST yields ended higher

Softer than expected PMI data across Europe contributed to a fall in German bund yields. In contrast, US PMI data was relatively robust with the composite index remaining near two-year highs. The US dollar was broadly stronger

Softer than expected PMI data across Europe contributed to a fall in German bund yields. In contrast, US PMI data was relatively robust with the composite index remaining near two-year highs. The US dollar was broadly stronger

Markets confined to narrow ranges with the mid-week US public holiday impacting activity. Japan considering issuing bonds with shorter maturities as the Bank of Japan reduces its JGB purchases

Markets confined to narrow ranges with the mid-week US public holiday impacting activity. Japan considering issuing bonds with shorter maturities as the Bank of Japan reduces its JGB purchases

A risk off tone dominated global markets into the end of last week as concern about the political crisis in France deepened. US consumer confidence weaker than expected. Global bond yields moved lower

A risk off tone dominated global markets into the end of last week as concern about the political crisis in France deepened. US consumer confidence weaker than expected. Global bond yields moved lower

The US Fed left rates on hold for a seventh straight meeting as was unanimously expected. Officials signaled they expect to cut rates by 25bps this year, down from 75bps at the March FOMC. US CPI data for May was softer than expected

The US Fed left rates on hold for a seventh straight meeting as was unanimously expected. Officials signaled they expect to cut rates by 25bps this year, down from 75bps at the March FOMC. US CPI data for May was softer than expected

An upside surprise to US nonfarm payrolls and strong wage growth pushed global bond yields sharply higher. The USD made broad gains. Markets trimmed expectations for Fed easing, pushing back a cut to December

An upside surprise to US nonfarm payrolls and strong wage growth pushed global bond yields sharply higher. The USD made broad gains. Markets trimmed expectations for Fed easing, pushing back a cut to December

Buoyant investor risk sentiment underpinned global equities with the S&P up nearly 1% and retesting its record high. US service ISM rebounds strongly from contractionary levels in April. The Bank of Canada cut rates by 25bps

Buoyant investor risk sentiment underpinned global equities with the S&P up nearly 1% and retesting its record high. US service ISM rebounds strongly from contractionary levels in April. The Bank of Canada cut rates by 25bps

Weaker than expected US manufacturing ISM data contributed to a rally in US treasuries and a weaker US dollar. Oil prices fell sharply after OPEC+ announced plans to phase out its production cutbacks

Weaker than expected US manufacturing ISM data contributed to a rally in US treasuries and a weaker US dollar. Oil prices fell sharply after OPEC+ announced plans to phase out its production cutbacks

A continued move higher in global bond yields and tepid demand for US treasury supply weighed on investor risk appetite. Global equities fell with European indices close to 1% weaker

A continued move higher in global bond yields and tepid demand for US treasury supply weighed on investor risk appetite. Global equities fell with European indices close to 1% weaker

Moderation in US consumers’ inflation expectations underpins investor risk appetite. US Treasuries ended little-changed while the US dollar was weaker. Global equity markets were mixed in the absence of first tier economic data or fresh catalysts

Moderation in US consumers’ inflation expectations underpins investor risk appetite. US Treasuries ended little-changed while the US dollar was weaker. Global equity markets were mixed in the absence of first tier economic data or fresh catalysts

FOMC minutes for the May meeting were mildly hawkish. An upward surprise to UK CPI data contributed to sharp unwinding of BOE rate cut expectations. BNZ pushes back NZ rate cut expectation to February 2025

FOMC minutes for the May meeting were mildly hawkish. An upward surprise to UK CPI data contributed to sharp unwinding of BOE rate cut expectations. BNZ pushes back NZ rate cut expectation to February 2025