APAC stocks were varied at month-end amid a slew of data releases including mixed Chinese PMIs.European equity futures are indicative of a negative open with Eurostoxx 50 -0.5% after the cash market closed lower by 1.0% yesterday.DXY lingers around the 105 mark, EUR/USD dipped as low as 1.0434 overnight, AUD leads G10 FX.Crude futures nursed some of the prior day's losses but with the rebound capped by the mixed risk appetite.Looking ahead, highlights include UK GDP, German Retail Sales, EZ Unemployment, US PCE & Chicago PMI, Riksbank & JMMC/OPEC+ Meetings, Speech from ECB's Lagarde & Supply from Italy.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
In another choppy trading session, U.S. equities finished mixed, with the S&P 500 and NASDAQ very near the unchanged mark, after investors appeared to struggle with conviction on the heels of yesterday's sharp drawdown.
European bourses are on the backfoot as the region plays catch-up to the losses on Wall Street yesterdayUS equity futures trade on either side of the unchanged mark with no stand-out performers thus farIn FX, Dollar is mostly bid, CHF outperforms, JPY is rangy, EUR sees conflicting inflation prints, and antipodeans lagBunds unwind all and a bit more of their hefty post-NRW CPI gains as other German states show smaller inflation slowdowns and Spanish HICP soarsChinese President Xi said China's COVID prevention control and strategy is correct and effective and must stick with itLooking ahead, highlights include German CPI Prelim, US GDP Final, OPEC Meeting, Speeches from Fed's Powell, Mester & Bullard, ECB's Lagarde, de Guindos & Schnabel, BoE's Bailey & MPC-elect DhingraRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks were pressured amid headwinds from the US where disappointing Consumer Confidence data added to growth concerns (S&P 500 -2%)European equity futures are indicative of a softer open with Eurostoxx 50 -0.6% after the cash market closed higher by 0.3% yesterdayDXY hovers around the 104.50 mark, EUR/USD maintains 1.05 status and USD/JPY sits on a 136 handleTurkey dropped its opposition to Sweden and Finland's NATO bidLooking ahead, highlights include EZ Sentiment Survey, German CPI Prelim, US GDP Final, OPEC Meeting, Speeches from Fed's Powell, Mester & Bullard, ECB's Lagarde, de Guindos & Schnabel, BoE's Bailey & MPC-elect DhingraRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
In today's edition of Cut to the Chase, Manpreet Gill discusses how China's easing of Covid rules for international travels fits into our positive view on the country and region's equity markets, why our equity sector picks remain conservative in the US and why we believe the EUR has room to fall further in the very short term.Speaker:Manpreet Gill, Head of Fixed Income, Currency and Commodities (FICC) Strategy, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go.
As the Fed continues with aggressive policy tightening, fixed income investors may be wondering if the bond market is accurately priced and when we might see it rally. Chief Cross-Asset Strategist Andrew Sheets and Director of Fixed Income Research Vishy Tirupattur discuss.-----Transcript-----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Chief Cross-Asset Strategist for Morgan Stanley Research. Vishy Tirupattur: And I'm Vishy Tirupattur, Director of Fixed Income Research at Morgan Stanley. Andrew Sheets: And today on the podcast, we'll be discussing the outlook for the U.S. bond markets. It's Tuesday, June 28th, at 9 a.m. in San Francisco. Andrew Sheets: A note to our listeners, Vishy and I are recording this while we're on the road talking to clients, so if the audio quality sounds a little bit different, we hope you'll bear with us. Andrew Sheets: So Vishy, this has been a historically volatile start to the year for U.S. fixed income. We've seen some of the largest bond market losses in 40 years. Before we get into our views going forward, maybe just give a little bit of perspective about how you see this year so far, and what's been driving the market. Vishy Tirupattur: Andrew, what's been driving the market is the significant and substantial change in the monetary policy expectations, not only in the U.S. but also across most developed market economies. That means we started the year with the target Fed funds rate around close to 0%, and we have now ratcheted up quite significantly. And markets are already pricing in a further substantial increase in the Fed funds rate going forward. All this has meant that the duration sensitive parts of the bond market have taken it on the chin. Andrew Sheets: So Vishy that's interesting because we might be seeing kind of a transition in the market narrative as we head in the second half. What do you think the bond market, especially the Treasury market, is currently pricing in terms of Fed expectations? And do you think the bond market is priced for a recession? Vishy Tirupattur: I think bond market is sending some signals here. So the bond market is pricing that the Fed will continue to combat high inflation by being aggressively frontloaded in interest rate hikes. So this frontloading of the interest rate hikes means the front end of the Treasury curve perhaps has some more to go. And we expect that the end of the year, the two year Treasury will be at 4%. But on the other hand, the ten year Treasury, we expect the year at 350. That means the market is already beginning to become concerned about how growth and growth prospects for the U.S. economy will work out in the next 6 to 12 months. So by all measures we can look at the probability of a recession have significantly increased. That is what is being priced in the market at this point. Andrew Sheets: You know, I think it's safe to say that the dominant story, right, to start the year has been these upside surprises to inflation and then central banks, including the Fed, racing to catch up to those upside inflation surprises. And yet it's really interesting the way that Chair Powell and the Fed are now describing the way they're going to react to inflation is to say that we will effectively keep tightening policy as long as inflation surprises to the upside. But isn't the Fed using a tool that works with a lag?Vishy Tirupattur: That is absolutely correct Andrew. What the withdrawal of policy accommodation that the Fed is accomplishing through these frontloaded hikes is tightening of financial conditions. We have begun to see some effect of this tightening of financial conditions on the economic growth already. But in reality, the long experience suggest that these effects will be lagged anywhere between 6 to 18 months. So this is what our economists are thinking, given this frontloaded hiking path. We think the Fed will stop hiking towards the end of this year in December, and we will watch for how these tighter financial conditions will restrain aggregate demand and slow the growth or slow the U.S. economy over the course of the next 6, 12, 18 months. Andrew Sheets: So Vishy, I'd like to move next into what all this means for our fixed income recommendations and to run through the major sectors of that market. So let's start with Treasuries. What do you see as our key views in the Treasury market? And where do you think we might differ the most from what's currently in market pricing? Vishy Tirupattur: I think we are still neutral in taking duration risk at this point. I expect that in the not so distant future we would become constructive on taking interest rate risk to the Treasury market. So our expectation is that a year from now, so second quarter of next year, ten year Treasury will be at three or five. Andrew Sheets: And Vishy, you know, we're in this environment where inflation is high and usually high inflation is bad for bonds. But growth is slowing, which is good for bonds. So, you know, given that push and pull, how do we think treasuries come out of that? Vishy Tirupattur: I think Treasuries will come out pretty well out of this. Why I say that is that the bulk of the pain from aggressive monetary policy has already been felt and taken in the market. So going forward, our expectation is not for incrementally more aggressive policy pops to be priced, but actually something that is more or less in line with already what is priced in the market. Andrew Sheets: Vishy, the next market I want to ask you about is the mortgage market. This is another huge part of the aggregate bond index. How do we think mortgages perform? Do we think they perform better or worse than the Treasury segment? Vishy Tirupattur: So the mortgage market is interesting. We started the year with the the generic mortgage rate around 3%. It had gone up almost to 6%, more or less doubled over the course of the last six months or so. So embedded in the mortgage market is a mortgage spread, but around 130 basis points of nominal mortgage spread is nearly at an all time high. And we think that that means a lot of this expectation coming out of higher rates, a slowing of the housing market, is already well priced into the mortgage market. So my expectation is that going forward, the mortgage market, will outperform the treasury market over the course of the next 6 to 12 months. Andrew Sheets: And Vishy, you know we talked about treasuries and we talked about mortgages and I probably can't ask you about those markets without also asking about quantitative tightening. The fact that the Fed has been big buyers, both Treasuries and mortgage bonds, and the Fed is going to stop doing that and is going to let its holdings of those securities roll off. So how important is that to the outlook for these markets? And is that quantitative tightening already in the price? Vishy Tirupattur: So two things on this. There is something called a stock effect and the flow effect. We think the stock effect component of the quantitative tightening, both in the context of treasuries and in the context of NBS, is mostly priced in. The flow effect will begin to manifest itself as the quantitative tightening actually begins to happen and we see this portfolio rebalancing channel to actually materialize. All that means is that the portfolio managers that had been underweight mortgages and overweight credit. We think that will change in favor of mortgages going from underweight towards neutral and credit going from overweight towards neutral. Andrew Sheets: So the last market I want to ask you about was the credit market, which is, I think, especially relevant given we've seen more market discussion of the risk to growth, the probability of a recession, the potential that defaults usually pick up during periods of weak economic growth. How do you see the outlook for corporate bonds fitting into this picture? Vishy Tirupattur: So if you look at the corporate bond market, the good thing here is that compared to other points at the beginning of a rate hiking cycle, the fundamentals of corporate bond market are in really good shape. You can see that in terms of leverage, interest coverage, as well as cash and balance sheet metrics. So that's a good thing. The second thing is that the financing needs of many of these companies is not as imposing as would otherwise being the case. Take the high yield market, high yield market and the leveraged loan market together about 3 trillion outstanding market. Only 10% of this is due for refinancing over the course of this year, 2022, 2023 and 2024. That means the world of maturities being an imposing challenge for the credit markets is that much, well, manageable. But that said, there's one segment of the market that is more vulnerable to hiking to higher interest rates, and that is the leveraged loan market, which is a floating rate funding market. So we expect that this market will see its cost of financing increase as interest rates start to get ratcheted up. But the one point I want to make here is that in terms of expectations of default rates, we won't see a dramatic spike in default rates the way we have seen in the past recessions. So compared to 2008-2009 recession, the post-COVID recession, early 2000's recession, in all of those instances when we had an economic slowdown and a recession, we saw a spike in corporate default rates. Because of the starting point of fundamentally is so much better this time, our expectation is that we will not see dramatic spikes in default rates in the credit market.Andrew Sheets: Vishy, thanks for taking the time to talk. Vishy Tirupattur: Always a pleasure to talk to you, Andrew. Andrew Sheets: Thanks for listening. If you enjoy Thoughts on the Market, please take a moment to rate and review us on the Apple Podcast app. It helps more people find the show.
European bourses are firmer as sentiment picked up heading into the cash open amid encouraging Chinese COVID headlinesChina is to cut quarantine time for international travellers; Shanghai Disneyland (DIS) will reopen on June 30thUS equity futures saw a leg higher in tandem with global counterparts, with the RTY narrowly outperformingBond reversal continues amidst buoyant risk sentiment, hawkish ECB commentary and supplyLooking ahead, US Consumer Confidence, G7 Summit, Speeches from ECB's Lagarde, ECB's Panetta & Fed's Daly, Supply from the USRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks were mixed with the region partially shrugging off the lacklustre handover from the US (S&P 500 -0.3%)European equity futures are indicative of a softer open with Eurostoxx 50 -0.4% after the cash market closed higher by 0.2% yesterdayDXY continues to hover around the 104 mark with G10 FX muted ahead of the European sessionFrench President Macron informed US President Biden of limited extra oil production capacity for Saudi and UAELooking ahead, German GfK Sentiment, US Consumer Confidence, G7 Summit, Speeches from ECB's Lagarde, Lane, Elderson, Panetta & Fed's Daly, Supply from Germany & USRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
In today's edition of Cut to the Chase, Manpreet Gill discusses how key driver for the CAD are evolving, why we expect rangebound moves in the short term and why we do expect both energy prices and interest rates to push the currency higher long term.Speaker:Manpreet Gill, Head of Fixed Income, Currency and Commodities (FICC) Strategy, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go.
European bourses are kicking off the week on the front-foot as global equities see tailwinds from Wall Street's bounce on FridayStateside, US equity futures track sentiment higher – with the NQ the current outperformer vs the ES, YM, and RTYIn FX, DXY pivots 104.00, Yen benefits from all round fix buying, Aussie lags on Aud/Nzd headwinds, and the Yuan is underpinnedDebt futures unwind more recovery gains with EGBs leading the way; T-note futures print fresh lows as US enters the frayUS is pushing to discuss a price cap on Russian oil during the G7 summit, also looking to ban imports of Russian goldLooking ahead, highlights include US Durable Goods, EIA Update on delayed Weekly DoE Report, ECB Sintra Forum, G7 Summit, Speeches from ECB's Lagarde & Schnabel, Supply from USRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks were higher across the board as the region took impetus from last Friday's firm gains on Wall St heading closer into month-endEuropean equity futures are indicative of a firmer open with Eurostoxx 50 +0.5% after the cash market closed higher by 2.8% on FridayUS is pushing to discuss a price cap on Russian oil during the G7 summit, also looking to ban imports of Russian goldDXY heads into the European session sub-104, JPY leads G10 FX, other majors are relatively containedLooking ahead, highlights include US Durable Goods, EIA Update on delayed Weekly DoE Report, ECB Sintra Forum, G7 Summit, Speeches from ECB's Lagarde & Schnabel, Supply from EU & USRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
In today's edition of Cut to the Chase, Manpreet Gill discusses the possible risks to oil prices amid the G7 proposal to cap Russian oil prices, why inflation data and oversold equity markets may be key for the market direction this week and why we'd add to bonds at the expense of equities.Speaker:Manpreet Gill, Head of Fixed Income, Currency and Commodities (FICC) Strategy, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go.
This week, Ian is joined by veteran Steve Raymond to discuss how cash is moving relative to other asset classes in our major technical indicators.
Ray is the Chief Investment Officer of Fixed Income at Pictet Asset Management. He joined Pictet in 2010 as Head of Total Return Fixed Income, before becoming CIO in 2017 and an Equity Partner in 2018. Before joining Pictet, Raymond was head of dollar and euro credit investments at Swiss Re Asset Management. Before that, he worked for Bank Brussels Lambert (ING) trading US Credit. He has traded credit across all major geographies and began his career at ING Barings in Emerging Markets in 1997. Raymond holds a Bachelor's in Economics from the London School of Economics & Political Science (LSE) and Master's in Contemporary Theology in the Catholic Tradition from Heythrop College, University of London. On this podcast we discussed: 1) Why investing globally gives you an edge. 2) The importance of trading across the capital structure of companies. 3) Why price matters. 4) Making illiquidity your friend. 5) What investors are currently missing – the credit cycle. 6) How to manage an investment team. 7) Nurture vs narcissism. 8) What to look for in new hires. 9) The importance of managing the exit process well. 10) When trading, knowing when to cut. 11) Understanding that it's easier to buy and harder to sell. 12) Books that influenced Ray: Brave New World (Huxley), Liar's Poker (Lewis), The New Encyclopedia of Modern Bodybuilding (Schwarzenegger).
Our conversation turns focus back to fixed income as my guests share their thoughts on the state of credit markets in a rising rate environment, how to think about positioning within the broader asset class, an outlook for rates and more. Featured are Alina Golant, Senior Credit Strategist Americas, and Leslie Falconio Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy
European bourses have coat-tailed on the positivity seen on Wall Street yesterday; sectors overall project a modest defensive biasUS equity futures are firmer across the board – with the NQ narrowly leading the pack, whilst the ES topped resistance at 3,800DXY resides towards the bottom of a relatively contained intraday range, still above 104.00; NZD outperformsDebt recoils after stretching recovery limits further, with trading volumes picking up on the reversalWTI and Brent August futures are extending their modest gains in recent trade despite a lack of news flow, but base metals remain mostly weakLooking ahead, highlights include US New Home Sales, Speeches from Fed's Bullard & Daly, ECB's de Cos, BoE's PillRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks ultimately followed suit to the gains on Wall St where major indices clawed back opening losses; S&P 500 +1.0%.European equity futures are indicative of a firmer open with Eurostoxx 50 +1.1% after the cash market closed lower by 0.8% yesterday.DXY is a touch softer but still on a 104 handle, antipodeans lead G10 FX and GBP shrugs off a tough night for the Tories.UK PM Johnson's Conservatives lost the two by-elections, triggering the resignation of Conservative Party Chairman Dowden.Looking ahead, highlights include UK Retail Sales, German Ifo, US New Home Sales, Speeches from Fed's Bullard & Daly, ECB's de Cos, BoE's Pill, Supply from Italy.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
European bourses are pressured overall, but well off lows going into the US session, Euro Stoxx 50 -0.2%Broad pressure was seen post-PMIs which missed expectations and featured pessimistic internal commentary; hitting EUR and lifting EGBsEUR impaired by the PMIs which lifted the DXY to a 104.78 peak and pressured peers in turn, though JPY outperforms on riskFixed firmer on the data with Bunds and OATs leading the way and peers lifted in sympathyCrude complex remains pressured with specific newsflow limited and focused on known themes; note, the EIA release has been delayedLooking ahead, highlights include US Flash PMIs, US IJC, Policy Announcements CBRT & Banxico, US Bank Stress Test Results, Fed's Chair Powell Speaks at the House Finance Committee.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks were mostly positive following the choppy price action on Wall St with lower oil prices and recession fears in focus; S&P 500 -0.17%. European equity futures are indicative of a softer open with Eurostoxx 50 -0.5% after the cash market closed lower by 0.8% yesterday.DXY is a touch softer but maintains 104 status, EUR/USD encountered resistance around 1.06, JPY leads G10 FX. Looking ahead, highlights include EZ, UK & US Flash PMIs, US IJC, Policy Announcements from Norges Bank, CBRT & Banxico, US Bank Stress Test Results, Fed's Chair Powell Speaks at the House Finance Committee.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
In this podcast, Lord Abbett Investment Strategist Joseph Graham Talks about how shifting relationships among equity and bond returns may prompt investors to rethink portfolio allocations
The bond market has been battered this year on the back of the global trend of monetary tightening and some traders are still seeing opportunity in the local fixed income arena, saying that 10-year government bond yields are attractive. Business Day TV discussed this in detail with the Head of Fixed Income at PSG Asset Management Lyle Sankar.
Solo per investitori professionali Disclaimer: Nordea Asset Management è il nome funzionale delle attività di asset management svolte dalle persone giuridiche, Nordea Investment Funds S.A. e Nordea Investment Management AB ("Entità Legali") e le loro filiali e succursali. Il presente podcast è materiale pubblicitario e ha lo scopo di fornire al lettore informazioni su specifiche capacità di Nordea. Il presente podcast (ed eventuali pareri o opinioni ivi contenute) non costituisce una consulenza d'investimento e non costituisce una raccomandazione all'investimento in particolari prodotti, strumenti o strutture d'investimento, all'apertura o alla chiusura di qualsivoglia operazione o alla partecipazione a una particolare strategia di trading. Questo podcast non costituisce un'offerta né una sollecitazione di un'offerta ad acquistare o vendere titoli o strumenti o a partecipare a tale strategia di trading. Eventuali offerte di questo tipo possono essere effettuate esclusivamente mediante un Memorandum di offerta o un analogo accordo contrattuale. È vietata la riproduzione e la circolazione di questo podcast senza previa autorizzazione, nonché la sua trasmissione agli investitori privati. Questo podcast contiene informazioni esclusivamente riservate ad investitori professionali e consulenti finanziari e non è pensato per una divulgazione generica. © Le Entità Legali appartenenti a Nordea Asset Management e ad ogni filiale e/o succursale.
For professionals only Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea's specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities' branches and/or subsidiaries
European bourses are subdued, Euro Stoxx 50 -1.9%, as Tuesday's positivity waned in the APAC session as commodities slippedStateside, futures are in-fitting with the above action, ES -1.4%, where participants are awaiting the first session of testimony from Chair PowellDXY bid but mid-range pre-Powell with peers conforming to the tone as JPY & CHF benefit while activity currencies slipCommodities are, broadly speaking, curtailed though gold is cushioned given its haven-status; Biden is due to speak on fuel prices laterBonds bounce on broader risk sentiment though Bunds fade somewhat post issuanceLooking ahead, highlights include Canadian CPI & EZ Consumer Confidence (Flash), Speeches from Fed's Powell, Barkin, Evans & Harker, BoC's Rogers, Supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks were subdued after the risk-on mood from Wall Street (S&P 500 +2.45%) waned overnight amid pressure in commodities.European equity futures are indicative of a lower open with Eurostoxx 50 -1.3% after the cash market closed higher by 0.7% yesterday. DXY is firmer but still on a 104 handle, EUR/USD has lost 1.05 status, antipodeans lag. Crude benchmarks took another leg lower as risk appetite in Asia deteriorated.Looking ahead, highlights include Canadian & UK Inflation, EZ Consumer Confidence (Flash), Speeches from Fed's Powell, Barkin, Evans & Harker, ECB's de Guindos & Elderson, BoC's Rogers, Supply from Germany & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
With the Federal Reserve set to continue their aggressive rate normalisation program, what is the impact to the Malaysian bonds, the Ringgit and Overnight Policy Rate? Dr Ray Choy, Head of Economics & Research at Opus Asset Management gives us his answers
European bourses are firmer and building on Monday's upside, Euro Stoxx 50 +1.1%; US futures are modestly outperforming, ES +1.7%, post-market holidayDXY is downbeat and sub-104.00 at worst; benefitting G10 peers ex-JPY given the region sticking to its monetary policy stanceCore debt is within ranges and little changed overall though USTs are incrementally softer and the curve flitting between flattening/steepeningCrude lifts amid broader risk sentiment while Denmark and Sweden declare “early warning” stage of gas supply preparednessLooking ahead, highlights include Canadian Retail Sales, New Zealand Trade Balance, Speeches from Fed's Barkin & Mester.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks gained across the board amid a broadly constructive global risk tone (US markets closed yesterday)European equity futures are indicative of a higher open with Eurostoxx 50 +0.6% after the cash market closed higher by 0.9% yesterdayDXY trades a touch softer, EUR/USD sits on a 1.05 handle, AUD leads G10 FXCrude futures continued to nurse some of Friday's heavy losses, helped by the risk tone and a softer dollar.Looking ahead, highlights include Canadian Retail Sales, New Zealand Trade Balance, Speeches from ECB's Rehn, Fed's Barkin & Mester.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
In today's edition of Cut to the Chase, Manpreet Gill discusses why the SNB is concerned about a 2.9% inflation reading, why we see the recent fall in USD/CHF as an opportunity and why we'd being disciplined about stop-loss levels may be key to any USD/CHF strategy.Speaker:Manpreet Gill, Head of Fixed Income, Currency and Commodities (FICC) Strategy, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go.
APAC stocks were mostly negative with risk appetite cautious and global markets also likely to be hampered by the absence of US participants today.European equity futures are indicative of a softer open with Eurostoxx 50 -0.3% after the cash market closed higher by 0.3% yesterday.DXY is softer and on a 104 handle, AUD leads G10 FX, EUR/USD is back on a 1.05 handle. French President Macron failed to win an absolute majority in parliament.Bitcoin remains under pressure after the tumultuous trade over the weekend with prices back beneath the 20,000 level.Looking ahead, highlights include Speeches from Fed's Bullard, ECB's Lagarde, Lane, Panetta, Kazaks & BoE's Mann, Juneteenth holiday in the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
In today's edition of Cut to the Chase, Manpreet Gill discusses how to read into Fed Chair Powell's upcoming testimony, why we see a more positive policy environment in China and what we'd make of the signal from the weekend's sharp drop in cryptocurrencies.Speaker:Manpreet Gill, Head of Fixed Income, Currency and Commodities (FICC) Strategy, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go.
This week, Ian and Will update support levels on the major equity indices, offer perspective on past bear markets, and highlight sectors with historically low participation.
European bourses are now firmer across the board, Euro Stoxx 50 +1.2%, as performance picks up following a mixed open amid comparably quiet newsflowUS futures are in-fitting though the overall complex is cognisant of Quad Witching & Chair PowellDXY bid as the JPY tumbles amid the BoJ bucking the trend and remaining ultra-accommodative; activity-FX also hamperedCore debt has seen a concerted bounce from earlier lows, though action has been two-way and pronounced; BTP-Bund sub-200bpWTI and Brent are modestly firmer and reside in proximity to the mid-point of the week's over USD 11.00/bbl rangeLooking ahead, highlights include Quad Witching & a speech from Fed Chair PowellRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks mostly suffered firm losses amid the global risk-aversion which saw the S&P 500 close lower by 3.1%.BoJ kept policy settings unchanged as expected and will keep offering to buy 10yr JGBs at 0.25%.DXY has reclaimed 104 status, JPY is the clear laggard in G10 FX, EUR/USD sits on a 1.05 handle. European equity futures are indicative of a positive open with Eurostoxx 50 +0.8% after the cash market closed lower by 3.0% yesterday.Looking ahead, highlights include EZ CPI (Final), Quad Witching & Speech from Fed Chair Powell.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
U.S. equities finished solidly lower, continuing a fairly common pattern of a reversal of a move on a Fed-day, which saw equities rally yesterday after the Central Bank raised rates by 75 basis points (bps)—the largest increase since 1994—and suggested it may have to continue to be as aggressive.
European bourses and US futures are hampered following a surprise SNB hike, with pronounced price action seen across assetsSNB hikes by 50bp to -0.25% and cannot rule out further increases ahead; sparking noted CHF appreciationDXY is well off best levels, but has recouped 105.00 as activity currencies come under pressure while CHF & JPY outperformBonds collapse as SNB unexpectedly strikes against inflation; with USTs back to bear-flattening before the afternoon's data docketRussia and US are now at a "very, very hot point of confrontation", via Ria quoting the Kremlin.Looking ahead, highlights include US IJC, New Zealand Manufacturing PMI, BoE Policy Announcement & speeches from ECB's Makhlouf.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks were mostly positive and followed suit to the gains on Wall Street post-FOMC; SPX +1.46%The Fed hiked rates by 75bps and lifted its FFR projections, Fed Chair Powell said he does not expect 75bps moves to be commonEuropean equity futures are indicative of a positive open with Eurostoxx 50 +0.3% after the cash market closed higher by 1.6% yesterdayDXY has rebounded from the post-FOMC declines, JPY lags G10 FX, GBP eyes the BoE announcementLooking ahead, highlights include US IJC, BoE Policy Announcement, SNB Policy Announcement & Press Conference, Speeches from ECB's de Guindos & Panetta, Supply from Spain & France.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
In today's edition of Cut to the Chase, Manpreet Gill discusses the key takeaways from the Fed meeting, what we see as investment implications after the Fed's message and what to make of the ECB's emergency meeting. Speaker:Manpreet Gill, Head of Fixed Income, Currency and Commodities (FICC) Strategy, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go.
US futures are firmer across the board, ES +0.3%, though overall action here is more contained than in Europe given the FOMC loomsEuropean bourses are supported amid an ad-hoc ECB meeting on current market conditions, an update which bolstered the EUR and narrowed the BTP-Bund spreadHowever, the spread re-widened amid sources which did not appear to indicate a marked policy shift from the gatheringBroader FX features a downtrodden DXY to the benefit of peers across the boardCrude has been curtailed amid COVID updates from China and Hong Kong alongside Biden's reported push for an explanation from producers over why supply isn't increasing.Looking ahead, highlights include US Import/Export Prices & Retail Sales, FOMC Policy Announcement & Press Conference, Speeches from ECB's Lagarde, de Cos, Panetta, CentenoRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
APAC stocks traded mixed following a mostly negative US lead and better-than-expected Chinese activity data.European equity futures are indicative of a mildly positive open with Eurostoxx 50 +0.3% after the cash market closed with losses of 0.8% yesterday.DXY is relatively flat ahead of the European open, JPY leads G10 FX, Cable is back below 1.20.ECB's Schnabel said the ECB will not tolerate changes in financing conditions that threaten monetary policy transmission.Looking ahead, highlights include US Import/Export Prices & Retail Sales, FOMC Policy Announcement & Press Conference, Swiss SECO, IEA OMR, Speeches from ECB's Lagarde, de Cos & Panetta.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Managing Associate Jarrett McKenzie, CFP®, CWS®, and Associate Logan Daniel, CFP®, CRPC®, to look at how inflation affects retirement spending and investment allocation. Read the Article: https://www.henssler.com/inflation-is-your-benchmark-for-maintaining-your-wealth