ECB
Global asset markets in holding pattern ahead of the FOMC. Bank of Canada cuts rates by 25bp. Australian Q4 CPI softer than expected increasing the chance for a RBA rate cut in February
30th Jan 25, 7:40am
Global asset markets in holding pattern ahead of the FOMC. Bank of Canada cuts rates by 25bp. Australian Q4 CPI softer than expected increasing the chance for a RBA rate cut in February
US technology stocks stabilised after significant downgrade. Safe haven bid for US treasuries fades with yields modestly higher across the curve. USD consolidates after tariffs threat gains
29th Jan 25, 7:52am
US technology stocks stabilised after significant downgrade. Safe haven bid for US treasuries fades with yields modestly higher across the curve. USD consolidates after tariffs threat gains
Sharp falls in US tech stocks amid concerns about valuations. Risk off tone brings safe haven demand for US treasuries. Defensive currencies outperform. China’s manufacturing and service sector PMIs weaker than expected
28th Jan 25, 7:51am
Sharp falls in US tech stocks amid concerns about valuations. Risk off tone brings safe haven demand for US treasuries. Defensive currencies outperform. China’s manufacturing and service sector PMIs weaker than expected
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
Trump calls for lower oil prices and lower interest rates, but these benchmarks move little. The NZD rises. Focus today on BoJ meeting where a rate hike is widely expected
24th Jan 25, 8:02am
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Trump calls for lower oil prices and lower interest rates, but these benchmarks move little. The NZD rises. Focus today on BoJ meeting where a rate hike is widely expected
US equities continue to power up towards a fresh record high, albeit led by the IT sector, with narrow gains and most sectors weaker. Trump continues to threaten import tariffs, but the actual path remains unclear
23rd Jan 25, 7:42am
US equities continue to power up towards a fresh record high, albeit led by the IT sector, with narrow gains and most sectors weaker. Trump continues to threaten import tariffs, but the actual path remains unclear
Trump "thinking" about a 25% tariff on Canada and Mexico from 1 Feb; market "thinking" it probably won't happen as market jolt fades; CAD fully recovers from a 5-year low "Massive" announcement on infrastructure coming today
22nd Jan 25, 7:50am
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Trump "thinking" about a 25% tariff on Canada and Mexico from 1 Feb; market "thinking" it probably won't happen as market jolt fades; CAD fully recovers from a 5-year low "Massive" announcement on infrastructure coming today
Trump inaugurated; his address outlined priorities. USD broadly weaker down around 1%; NZD up 1.3%. US markets closed for holiday, but equity and Treasury futures nudge higher
21st Jan 25, 7:37am
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Trump inaugurated; his address outlined priorities. USD broadly weaker down around 1%; NZD up 1.3%. US markets closed for holiday, but equity and Treasury futures nudge higher
Trump and President Xi talked on Friday night and "the call was a very good one". US equities ended last week on a strong note. Focus this week will be on Trump's executive orders post inauguration
20th Jan 25, 7:21am
Trump and President Xi talked on Friday night and "the call was a very good one". US equities ended last week on a strong note. Focus this week will be on Trump's executive orders post inauguration
US retail sales show a robust end to last year. Incoming US Treasury Secretary Bessent gives market-friendly comments. Japanese yen firms as market confident of a rate hike coming
17th Jan 25, 7:53am
US retail sales show a robust end to last year. Incoming US Treasury Secretary Bessent gives market-friendly comments. Japanese yen firms as market confident of a rate hike coming
US core CPI slightly weaker than markets expected. UK CPI data also softer than expected. BoJ hike next week remain live. NZ rates market continues cross-market underperformance, exacerbated by positioning; NZGB 10yr at a 7-month high
16th Jan 25, 7:46am
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US core CPI slightly weaker than markets expected. UK CPI data also softer than expected. BoJ hike next week remain live. NZ rates market continues cross-market underperformance, exacerbated by positioning; NZGB 10yr at a 7-month high
Limited market reaction to soft US PPI data as investors look ahead to the key CPI release this evening. Reports of a gradual approach to tariffs weighs on the US dollar.
15th Jan 25, 7:43am
Limited market reaction to soft US PPI data as investors look ahead to the key CPI release this evening. Reports of a gradual approach to tariffs weighs on the US dollar.
Global equities extend losses seen in the aftermath of the strong US labour market report. US treasury yields continued to move higher. Oil prices reached the highest level in five months
14th Jan 25, 7:35am
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Global equities extend losses seen in the aftermath of the strong US labour market report. US treasury yields continued to move higher. Oil prices reached the highest level in five months
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
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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
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
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
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 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
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
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
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
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
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