Jason Wong
Progress in Russia-Ukraine peace deal. White House conflict on tariff basis. US Conference Board consumer confidence plunges, as per the University of Michigan survey
26th Mar 25, 7:51am
Progress in Russia-Ukraine peace deal. White House conflict on tariff basis. US Conference Board consumer confidence plunges, as per the University of Michigan survey
Risk appetite higher as market embraces view that 'Liberation Day' will see narrower scope of tariffs than previously thought. US services PMI stronger than expected, allaying recession fears. US Treasury yields up towards top of recent trading range
25th Mar 25, 7:48am
Risk appetite higher as market embraces view that 'Liberation Day' will see narrower scope of tariffs than previously thought. US services PMI stronger than expected, allaying recession fears. US Treasury yields up towards top of recent trading range
US equities slightly higher, US Treasuries in a tight trading range, USD slightly stronger. Nine more sleeps until "Liberation Day", when Trump's reciprocal tariffs take effect; speculation that they will be narrower than previously threatened
24th Mar 25, 7:22am
US equities slightly higher, US Treasuries in a tight trading range, USD slightly stronger. Nine more sleeps until "Liberation Day", when Trump's reciprocal tariffs take effect; speculation that they will be narrower than previously threatened
US Treasuries well supported in the wake of yesterday's Fed policy update; 10-year rate extends fall to 4.17% overnight before reversing. BoE leaves rates unchanged
21st Mar 25, 7:53am
US Treasuries well supported in the wake of yesterday's Fed policy update; 10-year rate extends fall to 4.17% overnight before reversing. BoE leaves rates unchanged
The US Fed left rates on hold as expected. Policy makers continue to signal 50bp of cuts for this year. Plan slower balance sheet runoff. BofJ left rates on a cautious hold. NZ consumer confidence slumps
20th Mar 25, 7:55am
The US Fed left rates on hold as expected. Policy makers continue to signal 50bp of cuts for this year. Plan slower balance sheet runoff. BofJ left rates on a cautious hold. NZ consumer confidence slumps
Trump and Putin talk but make little progress. Germany's lower house approves massive fiscal plan to boost defence and infrastructure spending. US equities weaker, US Treasuries continue to consolidate
19th Mar 25, 8:13am
Trump and Putin talk but make little progress. Germany's lower house approves massive fiscal plan to boost defence and infrastructure spending. US equities weaker, US Treasuries continue to consolidate
Weak US retail sales weighed by cars, but stronger control group sales that feed into GDP came as a relief. US equities in positive territory. Stronger than expected China data, while government outlines plan to boost domestic consumption
18th Mar 25, 7:49am
Weak US retail sales weighed by cars, but stronger control group sales that feed into GDP came as a relief. US equities in positive territory. Stronger than expected China data, while government outlines plan to boost domestic consumption
More tariff headlines with Trump proposing 200% retaliatory tariffs on the EU after its retaliatory tariffs on the US. Risk appetite weaker, with US equities showing chunky falls again and US Treasuries well supported
14th Mar 25, 7:46am
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More tariff headlines with Trump proposing 200% retaliatory tariffs on the EU after its retaliatory tariffs on the US. Risk appetite weaker, with US equities showing chunky falls again and US Treasuries well supported
US-Canada trade war escalates; US to impose higher tariffs on steel, aluminium and cars from Canada. US equities tumble further; US Treasuries yields push higher
12th Mar 25, 7:53am
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US-Canada trade war escalates; US to impose higher tariffs on steel, aluminium and cars from Canada. US equities tumble further; US Treasuries yields push higher
Market anxiety rises after Trump dodges question on recession. US equities tumble, led by the mega cap stocks; Nasdaq index down over 4%. Weaker risk sentiment supports US Treasuries and JPY
11th Mar 25, 7:41am
Market anxiety rises after Trump dodges question on recession. US equities tumble, led by the mega cap stocks; Nasdaq index down over 4%. Weaker risk sentiment supports US Treasuries and JPY
Choppy markets on uncertainty over US import tariffs. US equities fall 2%. ECB cuts 25bps as expected. German rates continue to push higher in the wake of the move to ease the debt brake and ramp up defence and infrastructure spending
7th Mar 25, 7:50am
Choppy markets on uncertainty over US import tariffs. US equities fall 2%. ECB cuts 25bps as expected. German rates continue to push higher in the wake of the move to ease the debt brake and ramp up defence and infrastructure spending
Tariffs go into effect. Equity markets tumble further. Market sees Fed more focused on unemployment mandate than inflation and prices in more Fed easing; US Treasuries curve steepens
5th Mar 25, 7:52am
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Tariffs go into effect. Equity markets tumble further. Market sees Fed more focused on unemployment mandate than inflation and prices in more Fed easing; US Treasuries curve steepens
Market watching the clock, with fresh wave of US import tariffs tariffs due 4 March, US time. US ISM manufacturing survey disappoints. European equities stronger and rates higher on more defence spending in the region; European currencies outperform
4th Mar 25, 7:47am
Market watching the clock, with fresh wave of US import tariffs tariffs due 4 March, US time. US ISM manufacturing survey disappoints. European equities stronger and rates higher on more defence spending in the region; European currencies outperform
Trump to push ahead with tariffs on Canada and Mexico, an additional 10% tariff to be imposed on Chinese imports. USD broadly stronger on that news; weaker yuan spills over into the NZD and AUD
28th Feb 25, 7:54am
Trump to push ahead with tariffs on Canada and Mexico, an additional 10% tariff to be imposed on Chinese imports. USD broadly stronger on that news; weaker yuan spills over into the NZD and AUD
Trump pushed out the start date for Mexico and Canada tariffs to 2 April, says tariffs on products from the EU like autos and "other things" will be 25%. US equities recover after recent fall. US 10-year Treasury rate pushes down to a fresh 2025 low
27th Feb 25, 7:44am
Trump pushed out the start date for Mexico and Canada tariffs to 2 April, says tariffs on products from the EU like autos and "other things" will be 25%. US equities recover after recent fall. US 10-year Treasury rate pushes down to a fresh 2025 low
US equities down for a fourth consecutive day, US Treasury yields down for a fifth day, with the 10-year rate down 10bps and probing fresh 2025 lows, all on increased policy uncertainty. Safe haven currencies higher, commodity currencies underperform
26th Feb 25, 7:53am
US equities down for a fourth consecutive day, US Treasury yields down for a fifth day, with the 10-year rate down 10bps and probing fresh 2025 lows, all on increased policy uncertainty. Safe haven currencies higher, commodity currencies underperform
Equity markets are weaker, retreating from recent record highs. UST yields slip. USD broadly weaker. Commodity currencies get a boost on trade deal talk. JPY outperforms as JGB yields rise to fresh highs
21st Feb 25, 7:49am
Equity markets are weaker, retreating from recent record highs. UST yields slip. USD broadly weaker. Commodity currencies get a boost on trade deal talk. JPY outperforms as JGB yields rise to fresh highs
Weaker US homebuilder sentiment, an uplift in UK wage inflation, and an upward surprise in core Canadian CPI inflation. RBA kicks off easing cycle with 25bps cut. The cautious policy outlook was also not particularly surprising
19th Feb 25, 7:42am
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Weaker US homebuilder sentiment, an uplift in UK wage inflation, and an upward surprise in core Canadian CPI inflation. RBA kicks off easing cycle with 25bps cut. The cautious policy outlook was also not particularly surprising
European equities rise to a fresh record highs. President Xi meets with Chinese IT leaders, a strong signal of a turnaround from his crackdown on the sector. RBA widely expected to kick-start easing cycle later this afternoon
18th Feb 25, 7:19am
European equities rise to a fresh record highs. President Xi meets with Chinese IT leaders, a strong signal of a turnaround from his crackdown on the sector. RBA widely expected to kick-start easing cycle later this afternoon
Ukraine war negotiation talk supports risk sentiment. Higher than expected US PPI data but weak components that feed into PCE deflator; US Treasuries rally, reversing some of previous day's move
14th Feb 25, 7:44am
Ukraine war negotiation talk supports risk sentiment. Higher than expected US PPI data but weak components that feed into PCE deflator; US Treasuries rally, reversing some of previous day's move
Much stronger US CPI data drive US rates up; just one Fed rate cut this year now priced in. Stronger USD post CPI reverse course. NZD recovers
13th Feb 25, 7:50am
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Much stronger US CPI data drive US rates up; just one Fed rate cut this year now priced in. Stronger USD post CPI reverse course. NZD recovers
BoE cuts policy rate by 25bps to 4.5%. US 10-year rate up modestly overnight but down from NZ close pre-Waitangi Day. Treasury Secretary Bessent targets lower 10-year rate; US ISM services survey underwhelms
7th Feb 25, 7:47am
BoE cuts policy rate by 25bps to 4.5%. US 10-year rate up modestly overnight but down from NZ close pre-Waitangi Day. Treasury Secretary Bessent targets lower 10-year rate; US ISM services survey underwhelms
Large fallout from Trump tariffs pared back after delay for Mexico announced. Less reaction in the rates market due to offsetting forces; UST curves show mild flattening. NZ rates show notable fall
4th Feb 25, 7:44am
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Large fallout from Trump tariffs pared back after delay for Mexico announced. Less reaction in the rates market due to offsetting forces; UST curves show mild flattening. NZ rates show notable fall
Despite the whipsaw price action, absolute moves against the USD were modest for most G10 currencies
Volatile end to the trading week as confusion over US trade policy roiled markets. US dollar ended stronger. The S&P reversed initial gains to close lower
3rd Feb 25, 7:25am
Volatile end to the trading week as confusion over US trade policy roiled markets. US dollar ended stronger. The S&P reversed initial gains to close lower
Trump says he'd rather not increase tariffs on China, adding to the sense that tariffs aren't an immediate threat to the economy/market. USD extends losses for the week; Soft US PMI services index adds to the downdraft
27th Jan 25, 7:26am
Trump says he'd rather not increase tariffs on China, adding to the sense that tariffs aren't an immediate threat to the economy/market. USD extends losses for the week; Soft US PMI services index adds to the downdraft