About
Stuart Ritson
Latest articles
European equities retraced from record high after hawkish comments by an ECB official. European bond yields move higher. Trade tensions stay in focus. Trump said he would impose tariffs on cars, semi-conductors and pharmaceutical imports
20th Feb 25, 7:46am
European equities retraced from record high after hawkish comments by an ECB official. European bond yields move higher. Trade tensions stay in focus. Trump said he would impose tariffs on cars, semi-conductors and pharmaceutical imports
US retail sales significantly weaker than expected. This data contributed to lower US Treasury yields and weighed on the US dollar. NZD/USD traded back above 57 USc and to its highest level since December
17th Feb 25, 7:22am
1
US retail sales significantly weaker than expected. This data contributed to lower US Treasury yields and weighed on the US dollar. NZD/USD traded back above 57 USc and to its highest level since December
Powell reiterates the Fed in no hurry to cut interest rates in his semi-annual Senate Testimony. Little impact on market pricing for Fed policy. EU says it will respond to any tariffs the US might impose on it
12th Feb 25, 7:55am
Powell reiterates the Fed in no hurry to cut interest rates in his semi-annual Senate Testimony. Little impact on market pricing for Fed policy. EU says it will respond to any tariffs the US might impose on it
Global equity markets advanced in the absence of economic data or other catalysts. Investors look ahead to key US inflation data and Powell’s Congress testimony. Gold prices hit a record high above US$2900 per troy ounce
11th Feb 25, 9:13am
Global equity markets advanced in the absence of economic data or other catalysts. Investors look ahead to key US inflation data and Powell’s Congress testimony. Gold prices hit a record high above US$2900 per troy ounce
Resilient US labour market data support the Fed's caution on further policy easing. US consumer inflation expectations rise to highest level since 2008. Fed easing expectations pared. US treasury yields higher supporting the USD
10th Feb 25, 7:32am
Resilient US labour market data support the Fed's caution on further policy easing. US consumer inflation expectations rise to highest level since 2008. Fed easing expectations pared. US treasury yields higher supporting the USD
Investor risk appetite has recovered after news of delayed tariff implementation on Mexico and Canada. China retaliated but the scope was limited. US job openings fell to a three-month low in December
5th Feb 25, 7:55am
2
Investor risk appetite has recovered after news of delayed tariff implementation on Mexico and Canada. China retaliated but the scope was limited. US job openings fell to a three-month low in December
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
US economy grew at a 2.3% in Q4 driven by strong consumer spending. Eurozone growth was flat in Q4. ECB cut rates and signalled more easing ahead. Gold prices reached an all time high
31st Jan 25, 7:45am
US economy grew at a 2.3% in Q4 driven by strong consumer spending. Eurozone growth was flat in Q4. ECB cut rates and signalled more easing ahead. Gold prices reached an all time high
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
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
15
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
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