Newsquawk Rundown, Daily Podcast

Asia-Pac stocks traded mixed amid a similar performance on Wall Street; Mainland China outperformed; Australia laggedThe Telegraph reports that the UK is close to abandoning hopes on a post-Brexit EU trade deal; whilst a UK-US trade deal is unlikely before the US electionUS Treasury Secretary Mnuchin hopes to get a new COVID-19 bill passed by the end of July but reportedly did not talk about a payroll tax cut at the Senate Republican lunchGold and Silver were in focus overnight as prices printed...

Sentiment remains strong after similar APAC performance & EU recovery package agreementEU leaders have reached an agreement on a EUR 1.82tln budget and recovery packageChina urged UK to stop interfering in Hong Kong affairs and stated UK will bear consequences if it insists on going down the wrong roadRBA Governor Lowe said the Board could lower the Cash Rate to 10bp (currently 25bps) but judgement is lower rates would have little benefit, would prefer a softer AUDFX, sees the USD...

APAC stocks traded with firm gains, fuelled by the tech rally on Wall Street; Mainland China took a breather from yesterday’s outperformanceEU leaders have reached an agreement on a EUR 1.82tln budget and recovery packageChina urged UK to stop interfering in Hong Kong affairs and stated UK will bear consequences if it insists in going down the wrong roadRBA Governor Lowe said the Cash Rate could be lowered to 10bps but lower rates would have little benefit; he favours a weaker AUD but will not...

Sentiment has strengthened in Europe but remains mixed/flat stateside as we await the EU Council recommencementEU leaders are yet to formally agree on the scale of grants in the Recovery Fund as talks enter a fourth day, leaders will reconvene today at 16:00CEST/15:00BSTFrugal EU members have further eased their stance on grants, but asked Southern Europe and France to meet them halfway; France sees a path towards a dealTrump admin and GOP leaders to meet at White House today morning to discuss...

Asia-Pac stocks traded choppy following a mixed lead from Wall Street; Mainland China outperformedEU leaders are yet to formally agree on the scale of grants in the Recovery Fund as talks enter a fourth day, leaders will reconvene today at 16:00CEST/15:00BSTFrugal EU members have further eased their stance on grants, but asks Southern Europe and France to meet them halfway; France sees a path towards a dealPBoC stood pat on its 1yr and...

European bourses are modestly firmer heading into US’ players arrival but trade for the morning has been tepid & without convictionInitial comments heading into the EU Summit include Dutch PM Rutte ascribing less than 50% chance to a deal and Merkel noting negotiations are toughTexas Governor Abbott later commented that there is no shutdown coming; following rumours this could be implemented todayApplied DNA & Takis report positive preclinical results from Lineadna vaccine candidates for...

Asian equity markets were mixed as efforts to recoup the prior day’s losses were fettered by the record increases in coronavirus numbers in US and abroadTexas Governor Abbot pushed back on rumours over a potential shutdown in the state, whilst the Miami Mayor suggested a stay at home order could be on the cardsIn FX, the DXY heads into the EU session relatively steady above 96.00, EUR/USD trades sub-1.14Reports suggest there are disagreements in the White House over the use of stimulus checks vs....

Sentiment remains somewhat sour in a mild pull-back from vaccine induced upside after mixed APAC data pre-ECB & US dataChinese GDP and Industrial Production topped estimates whilst Retail Sales disappointed and showed a surprise contractionUS is reportedly considering a travel ban on members of the Chinese Communist Party, although reports added that President Trump may ultimately reject a possible travel banDXY is rangebound but firmer with major peers softer while debt remains in mild...

Asian stocks traded mostly negative as recent vaccine optimism that underpinned global stocks took a back seat to the slew of tier-1 releases in the regionChinese GDP and Industrial Production topped estimates whilst Retail Sales disappointed and showed a surprise contractionNIH's Fauci said the US will have an effective COVID-19 vaccine by year-end and that Moderna's vaccine trial results were especially promisingThe DXY edged marginal gains above 96.00 after rebounding from the prior day’s...

Sentiment remains strong following on from multiple COVID-19 vaccine updates ahead of US’ entranceModerna (MRNA) COVID-19 vaccine produced antibodies in all patients tested in the initial study, according to reportsUS President Trump said he signed legislation and an executive order to hold China accountable for actions in Hong KongBoJ kept monetary policy settings unchanged as expected with rates kept at -0.1% and 10yr JGB yield target at around 0% through an 8-1 voteCourt rejects EU...