Jason Wong
Modest recovery in US equities after their slump following the Fed's hawkish rate cut. US 10-year rate rises to its highest level since the end of May; curve steepens
20th Dec 24, 7:59am
1
Modest recovery in US equities after their slump following the Fed's hawkish rate cut. US 10-year rate rises to its highest level since the end of May; curve steepens
Commodity and Asia-pacific currencies underperform; NZD, AUD, CAD, Asia Dollar index fall to year, or multi-year, lows. US retail sales data conveying robust consumer spending
18th Dec 24, 7:47am
Commodity and Asia-pacific currencies underperform; NZD, AUD, CAD, Asia Dollar index fall to year, or multi-year, lows. US retail sales data conveying robust consumer spending
PMI data show rising momentum across the services sector in Europe, with the US continuing to outperform. US Treasury yields near session highs after the data; 10-year rate at 4.41%; US equities stronger
17th Dec 24, 7:55am
PMI data show rising momentum across the services sector in Europe, with the US continuing to outperform. US Treasury yields near session highs after the data; 10-year rate at 4.41%; US equities stronger
US PPI data higher than expected but friendly undertones. ECB cuts policy rate by 25bps, but not as dovish as expected. Stronger Australian employment report hoses down rate cut expectations
13th Dec 24, 7:53am
US PPI data higher than expected but friendly undertones. ECB cuts policy rate by 25bps, but not as dovish as expected. Stronger Australian employment report hoses down rate cut expectations
RBA makes a dovish pivot after recent softer data; market brings forward path of easier policy, driving down Australian rates and the AUD
11th Dec 24, 8:04am
RBA makes a dovish pivot after recent softer data; market brings forward path of easier policy, driving down Australian rates and the AUD
China's Politburo shifts from a "prudent" to a "moderately loose" monetary policy stance. The announcement triggered a turnaround in sentiment, with a stronger yuan seeing the NZD and AUD bounce-back
10th Dec 24, 7:48am
China's Politburo shifts from a "prudent" to a "moderately loose" monetary policy stance. The announcement triggered a turnaround in sentiment, with a stronger yuan seeing the NZD and AUD bounce-back
Markets in holding pattern ahead of the US employment report. Bitcoin blasts up through USD100,000. No adverse reaction to French political crisis. OPEC+ pushes back plans to lift production
6th Dec 24, 7:49am
Markets in holding pattern ahead of the US employment report. Bitcoin blasts up through USD100,000. No adverse reaction to French political crisis. OPEC+ pushes back plans to lift production
Political crisis in Korea, but little spillover. Chinese yuan falls to a fresh low for the year. Fed speakers suggest December meeting live, but dependent on jobs report
4th Dec 24, 7:49am
Political crisis in Korea, but little spillover. Chinese yuan falls to a fresh low for the year. Fed speakers suggest December meeting live, but dependent on jobs report
US economic data continues to positively surprise, with gains in PMI indicators. French political crisis helps the USD, but JPY is the strongest of the majors
3rd Dec 24, 7:39am
US economic data continues to positively surprise, with gains in PMI indicators. French political crisis helps the USD, but JPY is the strongest of the majors
AUD supported after RBA reiterates inflation still too high. NZD steady. RBNZ MPC members rolled out in post MPS interviews. Lower NZ rates follow global moves
29th Nov 24, 7:40am
1
AUD supported after RBA reiterates inflation still too high. NZD steady. RBNZ MPC members rolled out in post MPS interviews. Lower NZ rates follow global moves
Surprising falls in UK and Euro area PMIs against surprising strength in the US PMI drove down European yields and currencies while supporting the USD
25th Nov 24, 7:21am
Surprising falls in UK and Euro area PMIs against surprising strength in the US PMI drove down European yields and currencies while supporting the USD
US Treasuries continue to consolidate. There were mixed US second-tier data releases overnight. Ukraine-Russia war escalation continues. Market reaction was muted, although European currencies continue to struggle
22nd Nov 24, 7:49am
1
US Treasuries continue to consolidate. There were mixed US second-tier data releases overnight. Ukraine-Russia war escalation continues. Market reaction was muted, although European currencies continue to struggle
US equities weaker, awaiting Nvidia's results. UST benchmark yields ignore rising Ukraine tensions
21st Nov 24, 7:40am
US equities weaker, awaiting Nvidia's results. UST benchmark yields ignore rising Ukraine tensions
Risk-off & volatility were generated by geopolitical factors, but they quickly settled. US equities firmed, UST yields softened. Commodity currencies rose
20th Nov 24, 7:43am
Risk-off & volatility were generated by geopolitical factors, but they quickly settled. US equities firmed, UST yields softened. Commodity currencies rose
The USD is broadly weaker for a change, falling against most majors. The NZD hit a fresh 2024 low below 58.4 USc before recovering. US equities in modest recovery after last week’s retreats
19th Nov 24, 7:21am
The USD is broadly weaker for a change, falling against most majors. The NZD hit a fresh 2024 low below 58.4 USc before recovering. US equities in modest recovery after last week’s retreats
Trump trade reach exhaustion. US equities down modestly, and US Treasury yields fall, all despite stronger than expected US economic data
15th Nov 24, 7:41am
1
Trump trade reach exhaustion. US equities down modestly, and US Treasury yields fall, all despite stronger than expected US economic data
US equity markets at new record highs as markets pared Fed rate cut expectations. The USD is broadly stronger. The NZD and AUD underperform as China’s policy package avoids stimulating consumer spending
11th Nov 24, 7:21am
US equity markets at new record highs as markets pared Fed rate cut expectations. The USD is broadly stronger. The NZD and AUD underperform as China’s policy package avoids stimulating consumer spending
Ahead of the Fed there has been some reversal of the Trump trade in currency and bond markets, while US equities have continued to power ahead. Another cut by the Fed is certain, key will be the tone of the press conference
8th Nov 24, 7:53am
Ahead of the Fed there has been some reversal of the Trump trade in currency and bond markets, while US equities have continued to power ahead. Another cut by the Fed is certain, key will be the tone of the press conference
In the wake of a decisive victory for Trump and the Republican party at the US elections, market movements have been significant. USD rises, UST rates jump
7th Nov 24, 7:46am
In the wake of a decisive victory for Trump and the Republican party at the US elections, market movements have been significant. USD rises, UST rates jump
Despite the uncertain US election outcome, market pricing consistent with “risk-on”, with stronger US equities, higher rates and a broadly weaker USD. RBA gives a reality check that inflation still too high to warrant easing
6th Nov 24, 7:42am
Despite the uncertain US election outcome, market pricing consistent with “risk-on”, with stronger US equities, higher rates and a broadly weaker USD. RBA gives a reality check that inflation still too high to warrant easing
Trump trade reverses. The USD is broadly lower and US rates are lower across the curve led by the long end. Oil prices are up nearly 3% on OPEC+’s delay to increase supply and hawkish Iran talk
5th Nov 24, 7:45am
Trump trade reverses. The USD is broadly lower and US rates are lower across the curve led by the long end. Oil prices are up nearly 3% on OPEC+’s delay to increase supply and hawkish Iran talk
US equities end month on a weak note, on weaker forward guidance. The reaction to the UK Budget continues to reverberate, with higher UK rates, weaker GBP. The BoJ left the door open for a possible December rate hike
1st Nov 24, 7:50am
1
US equities end month on a weak note, on weaker forward guidance. The reaction to the UK Budget continues to reverberate, with higher UK rates, weaker GBP. The BoJ left the door open for a possible December rate hike
Oil prices slide 5% as geopolitical risk premium fades. JPY weaker following Japan’s Lower House election. The Trump trade extends, with higher US Treasury yields, higher US equities and a broadly stronger USD
29th Oct 24, 7:21am
Oil prices slide 5% as geopolitical risk premium fades. JPY weaker following Japan’s Lower House election. The Trump trade extends, with higher US Treasury yields, higher US equities and a broadly stronger USD
Market movements modest, with US equities currently showing a small gain, while global rates are lower after their recent rise. Global PMI data were in line with expectations, with small changes in October
25th Oct 24, 7:57am
1
Market movements modest, with US equities currently showing a small gain, while global rates are lower after their recent rise. Global PMI data were in line with expectations, with small changes in October
Global rates are broadly higher without a satisfactory explanation. US Treasury yields are up 7-9bps across the curve with some even larger moves in many European countries. Higher rates have driven weaker equity markets
22nd Oct 24, 7:26am
Global rates are broadly higher without a satisfactory explanation. US Treasury yields are up 7-9bps across the curve with some even larger moves in many European countries. Higher rates have driven weaker equity markets