Interest rates in the US and Europe fell following disappointing European activity indicators. The Eurostoxx 50 fell 1.0%, while the S&P500 is up 0.2%. Currencies were little changed.

Markets were affected by comments from US Pres. Trump that he didn't need a big trade deal ahead of the 2020 elections the abrupt cancellation of a Chinese delegation's trip to farms in the US, as well. The S&P500 close down 0.5%, US interest rates fell, and the US dollar rose.

Markets were mostly contained. The UK and Swiss central banks remained on hold, while Norway’s hiked. EU overtures regarding Brexit boosted the GBP.

The US Federal Reserve delivered a “hawkish” cut, easing by 25bp but not indicating that further cuts are planned. US interest rate rose in response, as did the US dollar, and US equities fell – the S&P500 down 0.7%.

Markets were in a largely neutral mood overnight, awaiting the outcome of the FOMC meeting, with the S&P500 up 0.2%, and US interest rates and the USD slightly lower. Saudi Arabia said it had reopened its oil production facilities earlier than expected.

A moderate risk-averse tone permeated markets overnight, following the weekend’s attack on an oil facility in Saudi Arabia which increased geopolitical uncertainty. The S&P500 is down 0.3%, the defensive USD is higher, and US interest rates are lower.

Global interest rates rose further on Friday, a stronger-than-expected US retail sales report alleviating fears of recession. US equities closed little changed, though, while among currencies GBP and AUD/NZD stood out.

The ECB cut its policy rate and restarted QE, as was expected. European and US equities rose in response, while the EUR and interest rates are perversely higher.

Positive headlines on US-China trade and Iran gave US and European equities a slight boost. The USD is slightly higher, while interest rates were stable.

Global interest rates are higher amid reports that China will buy more agricultural products from the US to soothe tensions. Equities and currencies are little changed, though, suggesting stretched positioning in bond markets may also be at play.