Stuart Ritson

The selloff in US treasuries continued. US dollar stable overall. Soft tone for Asian equities after Chinese policy makers failed to offer details on fiscal stimulus. Chinese 10-year bonds reach a record low

The selloff in US treasuries continued. US dollar stable overall. Soft tone for Asian equities after Chinese policy makers failed to offer details on fiscal stimulus. Chinese 10-year bonds reach a record low

US CPI data matched expectations clearing the way for a 25bp rate cut by the Fed next week. Canada cut rates by -50 bps. NZD hit on talk about China yuan policy

US CPI data matched expectations clearing the way for a 25bp rate cut by the Fed next week. Canada cut rates by -50 bps. NZD hit on talk about China yuan policy

US non-farm payrolls matched consensus but a rise in the jobless rate raised expectations for a 25bp Fed rate cut later this month. Treasury yields declined led by the front end while US equities edged higher

US non-farm payrolls matched consensus but a rise in the jobless rate raised expectations for a 25bp Fed rate cut later this month. Treasury yields declined led by the front end while US equities edged higher

US services ISM fell sharply contributing to lower treasury yields and a softer dollar. The Korean won recovered after martial law order lifted. Weaker than expected Australian GDP weighed on the AUD

US services ISM fell sharply contributing to lower treasury yields and a softer dollar. The Korean won recovered after martial law order lifted. Weaker than expected Australian GDP weighed on the AUD

Global asset markets ended November on a positive note with the S&P reaching a fresh record high and US treasuries rallying. Investors have made record inflows to US equities over the past four weeks

Global asset markets ended November on a positive note with the S&P reaching a fresh record high and US treasuries rallying. Investors have made record inflows to US equities over the past four weeks

Monthly rebalancing flows forced the US dollar index down -1% with economic data matching expectations. The spread between French and German 10-year sovereign bonds reached the highest level since the Eurozone crisis in 2012

Monthly rebalancing flows forced the US dollar index down -1% with economic data matching expectations. The spread between French and German 10-year sovereign bonds reached the highest level since the Eurozone crisis in 2012

Markets digest President-elect Trump’s announcement that he would impose tariffs on Mexico, Canada and China at the beginning of his term. US consumer confidence rose to the highest level since January

Markets digest President-elect Trump’s announcement that he would impose tariffs on Mexico, Canada and China at the beginning of his term. US consumer confidence rose to the highest level since January

Bessent for US Treasury Secretary is taking the top of US interest rate risk post-election. Oil prices eased on prospect of a cease-fire agreement in Lebanon

Bessent for US Treasury Secretary is taking the top of US interest rate risk post-election. Oil prices eased on prospect of a cease-fire agreement in Lebanon

US stock indices ended last week under pressure. Comments from Powell that that there is no need to hurry to cut rates saw the odds of a 25bp rate cut in December fall. The yen rose on Japanese attention

US stock indices ended last week under pressure. Comments from Powell that that there is no need to hurry to cut rates saw the odds of a 25bp rate cut in December fall. The yen rose on Japanese attention

US CPI data matched expectations contributing to a relief rally in short dated US treasuries. The chance of a 25bp rate cut at the December FOMC has increased to close to 80% according to market pricing

US CPI data matched expectations contributing to a relief rally in short dated US treasuries. The chance of a 25bp rate cut at the December FOMC has increased to close to 80% according to market pricing

The uptrend in the US dollar has extended supported by a sharp move higher in US treasury yields. Chinese stocks and the yuan remained under pressure amid concerns over the size of its fiscal stimulus

The uptrend in the US dollar has extended supported by a sharp move higher in US treasury yields. Chinese stocks and the yuan remained under pressure amid concerns over the size of its fiscal stimulus

US equities remained well supported. The Russell 2000 index of small-cap firms hit the highest level since 2021. The US dollar extended its uptrend. UST futures pricing implies modestly higher yields

US equities remained well supported. The Russell 2000 index of small-cap firms hit the highest level since 2021. The US dollar extended its uptrend. UST futures pricing implies modestly higher yields

Weaker US labour market data whipsaws global rates and currency markets with recent weather events a contributing factor. The US dollar and treasury yields fell sharply - before reversing higher

Weaker US labour market data whipsaws global rates and currency markets with recent weather events a contributing factor. The US dollar and treasury yields fell sharply - before reversing higher

The US economy expanded underpinned by strong consumer spending. UK gilts were volatile as UK chancellor delivered her debut budget and the market digested plans to ramp up borrowing

The US economy expanded underpinned by strong consumer spending. UK gilts were volatile as UK chancellor delivered her debut budget and the market digested plans to ramp up borrowing

Global asset markets little changed. US job openings, a proxy for labour demand, fell to the lowest level since February 2021. Oil prices stabilise as geopolitical risk premium eased

Global asset markets little changed. US job openings, a proxy for labour demand, fell to the lowest level since February 2021. Oil prices stabilise as geopolitical risk premium eased

Softer tone for global equities continues. The US dollar index reached the highest level since July. Gold prices pulled back from a record high

Softer tone for global equities continues. The US dollar index reached the highest level since July. Gold prices pulled back from a record high

There was no respite for global bond markets with yields moving higher in an extension of the large moves from the previous day. Asset markets are little changed in the absence of first-tier economic data

There was no respite for global bond markets with yields moving higher in an extension of the large moves from the previous day. Asset markets are little changed in the absence of first-tier economic data

Oil prices fell after reports that Israel wouldn’t target Iran’s crude infrastructure. Lower oil prices have contributed to a pullback in global bond yields. Currency markets generally subdued

Oil prices fell after reports that Israel wouldn’t target Iran’s crude infrastructure. Lower oil prices have contributed to a pullback in global bond yields. Currency markets generally subdued

The S&P500 closed at another record high. US PPI data as expected. China's Finance Minister outlined plans to issue more debt to support the economy. Bond yields are modestly higher

The S&P500 closed at another record high. US PPI data as expected. China's Finance Minister outlined plans to issue more debt to support the economy. Bond yields are modestly higher

US CPI data was higher than consensus estimates but had limited lasting market impact. Currency markets subdued overall. Chinese equities remain volatile

US CPI data was higher than consensus estimates but had limited lasting market impact. Currency markets subdued overall. Chinese equities remain volatile

US equity markets supported ahead of key inflation data with the S&P500 at a fresh record high. Chinese stocks fell 7% on uncertainty about stimulus measures. US Treasury yields moved higher supporting the US dollar

US equity markets supported ahead of key inflation data with the S&P500 at a fresh record high. Chinese stocks fell 7% on uncertainty about stimulus measures. US Treasury yields moved higher supporting the US dollar

Stocks in Hong Kong fell sharply after a key briefing from Chinese officials underwhelmed investors. Oil prices retraced from recent highs. Global bond and currency markets little changed overall

Stocks in Hong Kong fell sharply after a key briefing from Chinese officials underwhelmed investors. Oil prices retraced from recent highs. Global bond and currency markets little changed overall

10-year US treasuries have traded back above 4%, the highest level since August, as investors continue to recalibrate the outlook for monetary policy. Brent crude prices advanced above US$80

10-year US treasuries have traded back above 4%, the highest level since August, as investors continue to recalibrate the outlook for monetary policy. Brent crude prices advanced above US$80

Stronger than expected US labour market data contributed to large moves across financial markets as investors recalibrated expectations for easing by the Federal Reserve. US treasury yields spiked higher led by the front end

Stronger than expected US labour market data contributed to large moves across financial markets as investors recalibrated expectations for easing by the Federal Reserve. US treasury yields spiked higher led by the front end

Global equity markets ease. The US dollar up off the recent lows. Oil prices looked past higher Middle East and declined on signs that supply disruptions in Libya are easing

Global equity markets ease. The US dollar up off the recent lows. Oil prices looked past higher Middle East and declined on signs that supply disruptions in Libya are easing