Newsquawk Rundown, Daily Podcast

Choppy price action seen across equities heading into month/quarter/HY-endCalifornia Governor Newsom told Imperial County to shut back down amid the COVID-19 surge and ordered 7 counties including LA to close barsUS and China will place tit-for-tat visa restrictions on individuals over Hong KongIn FX, DXY remains softer, EUR the outperformer and GBP weaker, whilst the UST curve is modestly steeperLooking ahead,...

Focus remains on the COVID-19 case count with the number of infections in the US now surpassing 2.5mlnAs such, Asian bourses began the week lower across the board with some areas in the US back-pedaling on reopening measuresThe DXY heads into the EU open on the backfoot with GBP an outperformer in the G10 space ahead of upcoming Brexit talksHowever, reports note that senior MPs in the Conservative Party are urging Brexit negotiators to...

Sentiment remains somewhat choppy as European bourses post gains over 1% while US futures are flat/mixed but have been grinding higher recentlyFederal Reserve stress tests results stated that the Fed is to cap dividend payments and ban share repurchases in Q3 for 34 of the largest banks; US banks are subdued in the pre-marketNike earnings missed on both EPS and revenue, as such trade lower by ~3% in pre-marketFox poll showed former VP Biden leads US President Trump in Florida, Georgia, North...

Asia-Pac equity markets traded mostly higher as the region took impetus from Wall St's financial-led gains after US regulators approved the relaxing of Volcker rulesHowever, some advances in banking names retraced after-market following the Fed stress testsFed stress tests results stated that the Fed is to cap dividend payments and ban share repurchases in Q3 for 34 of the largest banksTexas and Florida have halted the next phase of reopening’s for their economies, New Jersey continues with...

Choppy trade throughout the European session amid a lack of fresh fundamental catalysts ahead of key eventsUS experienced its largest single day increase in new COVID-19 cases of more than 36,000US President Trump is losing "significant" ground in six battleground states that secured his 2016 electoral College victory, NYT reportsIn FX, DXY retains a 97.000+ status, Kiwi consolidates yesterday’s losses, Cable grinds higher; US yields are modestly expanding upon yesterday’s...

Asian stocks suffered from spillover selling after the weakness seen in global counterparts amid mounting COVID-19 concerns statesideUS experienced its largest single day increase in new COVID-19 cases of more than 36,000University of Washington IHME study forecasts US coronavirus cases to pick up in August and September with the death toll to reach 180K by October 1stThe DXY held on to gains above 97.00, EUR/USD hovers around 1.1250, GBP/USD maintains 1.24 statusECB policymakers...

Sentiment is downbeat with US futures faring better than EU peers, following a tentative APAC session before stocks deteriorated in EU hours amid USTR updatesUS is reportedly targeting USD 3.1bln of exports from France, Germany, Spain and the UK with new tariffs; newsflow which sparked further risk-off and sent US 10yr yield briefly below 70bpDOJ and State AG's are reportedly showing increasing interest in a possible antitrust probe into Apple regarding the App Store, via PoliticoRBNZ maintained...

Asian equity markets traded with a slight positive bias after momentum from global peers provided the initial constructive setting for the regionThis followed a positive lead from Wall St. where the Nasdaq printed all-time highs, although some gains were trimmed as US COVID concerns mountedA Texas County Official said that the Houston area COVID-19 ICU beds are to hit capacity in 11 daysThe DXY was subdued below 97.00, EUR/USD and GBP/USD remain above 1.13 and 1.25 respectively RBNZ...

Sentiment is firmer this morning after EZ PMIs and following overnight US-China volatility which prompted a swift clarification from Officials and President TrumpWhite House Trade Advisor Navarro said the US-China trade deal is over due to Beijing not alerting the US on COVID-19 soonerHowever, Navarro later clarified these were out of context and Trump tweeted that the deal is fully intactEZ & German Flash PMIs beat exp. but remain in contractionary territory while the French reading eclipsed...

Asian equity markets traded mostly positive, but risk sentiment overnight saw volatility amid comments from White House Trade Adviser NavarroWhite House Trade Adviser Navarro said the trade deal with China "is over", but later clarified his comments were taken out of contextUS President Trump tweeted the China trade deal is fully intact and hopefully they will continue to live up to the agreement.US Treasury Secretary Mnuchin said there...