Stuart Ritson
The US Treasury yield curve flattened and currency markets are little changed. Gold hit a record high of US$2465 an ounce. US equities advanced following unexpectedly strong retail sales data
17th Jul 24, 7:51am
The US Treasury yield curve flattened and currency markets are little changed. Gold hit a record high of US$2465 an ounce. US equities advanced following unexpectedly strong retail sales data
Powell looks to rate cuts, but without saying when. The US treasury curve has continued to steepen. 30-year yields are above 2-year yields for the first time since November. China’s Q2 GDP data was weaker than expected
16th Jul 24, 8:07am
Powell looks to rate cuts, but without saying when. The US treasury curve has continued to steepen. 30-year yields are above 2-year yields for the first time since November. China’s Q2 GDP data was weaker than expected
Markets looked past strong US PPI data. UST 10-yr yields dipped below 4.2% a level which has contained the downside in recent months. The yield curve continued to steepen. The US dollar remained under pressure particularly against the yen
15th Jul 24, 7:31am
Markets looked past strong US PPI data. UST 10-yr yields dipped below 4.2% a level which has contained the downside in recent months. The yield curve continued to steepen. The US dollar remained under pressure particularly against the yen
Global equity markets made solid gains with the S&P trading above 5,600. Markets were largely subdued lacking catalysts. Investors are looking ahead to key US CPI data this evening
11th Jul 24, 7:43am
Global equity markets made solid gains with the S&P trading above 5,600. Markets were largely subdued lacking catalysts. Investors are looking ahead to key US CPI data this evening
Weaker than expected US labour market data saw investors bring forward expectations for rate cuts by the US Fed. Early projections suggest the left wing coalition has unexpectedly won the French election raising concerns about the fiscal backdrop
8th Jul 24, 7:26am
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Weaker than expected US labour market data saw investors bring forward expectations for rate cuts by the US Fed. Early projections suggest the left wing coalition has unexpectedly won the French election raising concerns about the fiscal backdrop
Global markets subdued in shadow of US holiday. Polling that projects Marine Le Pen’s failure supported sentiment towards European assets. Market focus turns to upcoming key US labour market data
5th Jul 24, 7:37am
Global markets subdued in shadow of US holiday. Polling that projects Marine Le Pen’s failure supported sentiment towards European assets. Market focus turns to upcoming key US labour market data
A series of weaker than expected economic prints, headlined by services ISM which slumped to a 4-year low, strengthened the case for Fed rate cuts this year. US treasury yields fell and the S&P closed at a fresh record high
4th Jul 24, 7:44am
A series of weaker than expected economic prints, headlined by services ISM which slumped to a 4-year low, strengthened the case for Fed rate cuts this year. US treasury yields fell and the S&P closed at a fresh record high
Fed Chair Powell sees recent fall in the PCE ‘really good progress’ but still needs to see more progress. US job openings unexpectedly rise. European CPI slowed
3rd Jul 24, 7:39am
Fed Chair Powell sees recent fall in the PCE ‘really good progress’ but still needs to see more progress. US job openings unexpectedly rise. European CPI slowed
US dollar generally firmer amid higher UST yields. China 10-year bond yields fell to a record low. Risk premia on European assets have reduced on lower chance of far-right victory in France
2nd Jul 24, 7:41am
US dollar generally firmer amid higher UST yields. China 10-year bond yields fell to a record low. Risk premia on European assets have reduced on lower chance of far-right victory in France
Investors cautious ahead of France’s elections. The spread between French and German 10-year bonds widened to the highest level since 2012. The US Fed's preferred gauge of inflation decelerated in May. UST yields ended higher
1st Jul 24, 7:22am
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Investors cautious ahead of France’s elections. The spread between French and German 10-year bonds widened to the highest level since 2012. The US Fed's preferred gauge of inflation decelerated in May. UST yields ended higher
Softer than expected PMI data across Europe contributed to a fall in German bund yields. In contrast, US PMI data was relatively robust with the composite index remaining near two-year highs. The US dollar was broadly stronger
24th Jun 24, 7:25am
Softer than expected PMI data across Europe contributed to a fall in German bund yields. In contrast, US PMI data was relatively robust with the composite index remaining near two-year highs. The US dollar was broadly stronger
Markets confined to narrow ranges with the mid-week US public holiday impacting activity. Japan considering issuing bonds with shorter maturities as the Bank of Japan reduces its JGB purchases
20th Jun 24, 7:48am
Markets confined to narrow ranges with the mid-week US public holiday impacting activity. Japan considering issuing bonds with shorter maturities as the Bank of Japan reduces its JGB purchases
A risk off tone dominated global markets into the end of last week as concern about the political crisis in France deepened. US consumer confidence weaker than expected. Global bond yields moved lower
17th Jun 24, 7:25am
A risk off tone dominated global markets into the end of last week as concern about the political crisis in France deepened. US consumer confidence weaker than expected. Global bond yields moved lower
The US Fed left rates on hold for a seventh straight meeting as was unanimously expected. Officials signaled they expect to cut rates by 25bps this year, down from 75bps at the March FOMC. US CPI data for May was softer than expected
13th Jun 24, 7:47am
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The US Fed left rates on hold for a seventh straight meeting as was unanimously expected. Officials signaled they expect to cut rates by 25bps this year, down from 75bps at the March FOMC. US CPI data for May was softer than expected
An upside surprise to US nonfarm payrolls and strong wage growth pushed global bond yields sharply higher. The USD made broad gains. Markets trimmed expectations for Fed easing, pushing back a cut to December
10th Jun 24, 7:22am
An upside surprise to US nonfarm payrolls and strong wage growth pushed global bond yields sharply higher. The USD made broad gains. Markets trimmed expectations for Fed easing, pushing back a cut to December
Buoyant investor risk sentiment underpinned global equities with the S&P up nearly 1% and retesting its record high. US service ISM rebounds strongly from contractionary levels in April. The Bank of Canada cut rates by 25bps
6th Jun 24, 7:59am
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Buoyant investor risk sentiment underpinned global equities with the S&P up nearly 1% and retesting its record high. US service ISM rebounds strongly from contractionary levels in April. The Bank of Canada cut rates by 25bps
Weaker than expected US manufacturing ISM data contributed to a rally in US treasuries and a weaker US dollar. Oil prices fell sharply after OPEC+ announced plans to phase out its production cutbacks
4th Jun 24, 7:32am
Weaker than expected US manufacturing ISM data contributed to a rally in US treasuries and a weaker US dollar. Oil prices fell sharply after OPEC+ announced plans to phase out its production cutbacks
A continued move higher in global bond yields and tepid demand for US treasury supply weighed on investor risk appetite. Global equities fell with European indices close to 1% weaker
30th May 24, 7:50am
A continued move higher in global bond yields and tepid demand for US treasury supply weighed on investor risk appetite. Global equities fell with European indices close to 1% weaker
Moderation in US consumers’ inflation expectations underpins investor risk appetite. US Treasuries ended little-changed while the US dollar was weaker. Global equity markets were mixed in the absence of first tier economic data or fresh catalysts
27th May 24, 7:33am
Moderation in US consumers’ inflation expectations underpins investor risk appetite. US Treasuries ended little-changed while the US dollar was weaker. Global equity markets were mixed in the absence of first tier economic data or fresh catalysts
FOMC minutes for the May meeting were mildly hawkish. An upward surprise to UK CPI data contributed to sharp unwinding of BOE rate cut expectations. BNZ pushes back NZ rate cut expectation to February 2025
23rd May 24, 7:41am
FOMC minutes for the May meeting were mildly hawkish. An upward surprise to UK CPI data contributed to sharp unwinding of BOE rate cut expectations. BNZ pushes back NZ rate cut expectation to February 2025
China announced measures to stabilise the property market boosting domestic stocks. They eased property lending requirements allowing more flexibility for minimum mortgage rates. UST yields moved higher, fully reversing the post-CPI decline
20th May 24, 7:21am
China announced measures to stabilise the property market boosting domestic stocks. They eased property lending requirements allowing more flexibility for minimum mortgage rates. UST yields moved higher, fully reversing the post-CPI decline
The widely anticipated US CPI data matched consensus expectations, a relief for investors after three consecutive upside surprises. The market brought forward expectations for Fed rate cuts triggering a strong rally across global asset markets
16th May 24, 8:10am
The widely anticipated US CPI data matched consensus expectations, a relief for investors after three consecutive upside surprises. The market brought forward expectations for Fed rate cuts triggering a strong rally across global asset markets
US treasury yields moved higher, despite weak consumer sentiment data, as inflation expectations rose. Currency markets were broadly stable. The CAD outperformed after strong labour market data reduced the chance of a June rate cut there
13th May 24, 7:28am
US treasury yields moved higher, despite weak consumer sentiment data, as inflation expectations rose. Currency markets were broadly stable. The CAD outperformed after strong labour market data reduced the chance of a June rate cut there
Global markets confined to narrow ranges in the absence of first-tier economic data or other catalysts. Comments that the BoJ is watching the impact of the weak yen on inflation failed to provide support
9th May 24, 7:42am
Global markets confined to narrow ranges in the absence of first-tier economic data or other catalysts. Comments that the BoJ is watching the impact of the weak yen on inflation failed to provide support
US labour market data the services ISM were weaker than expected. This rekindled hopes for rate cuts by the Federal Reserve later this year which underpinned equities. US treasury yields declined sharply but rebounded off lows
6th May 24, 7:37am
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US labour market data the services ISM were weaker than expected. This rekindled hopes for rate cuts by the Federal Reserve later this year which underpinned equities. US treasury yields declined sharply but rebounded off lows