Stuart Ritson
Global asset markets in a holding pattern ahead of the US Federal Reserve’s interest rate decision this morning. US dollar generally firm against G10 currencies
19th Dec 24, 7:24am
Global asset markets in a holding pattern ahead of the US Federal Reserve’s interest rate decision this morning. US dollar generally firm against G10 currencies
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
16th Dec 24, 7:24am
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
12th Dec 24, 7:41am
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
9th Dec 24, 7:34am
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
5th Dec 24, 7:42am
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
2nd Dec 24, 7:20am
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
28th Nov 24, 7:47am
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
27th Nov 24, 7:49am
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
26th Nov 24, 8:01am
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
18th Nov 24, 11:17am
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
14th Nov 24, 7:43am
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
13th Nov 24, 7:45am
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
12th Nov 24, 7:39am
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
4th Nov 24, 7:22am
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
31st Oct 24, 7:51am
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
30th Oct 24, 7:35am
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
24th Oct 24, 7:49am
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
23rd Oct 24, 7:39am
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
16th Oct 24, 7:46am
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
14th Oct 24, 7:34am
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
11th Oct 24, 7:45am
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
10th Oct 24, 7:55am
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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
9th Oct 24, 7:43am
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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
8th Oct 24, 7:44am
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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
7th Oct 24, 7:25am
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