Newsquawk Rundown, Daily Podcast

Asian indices weakened as markets digested today's key events including the BoJ off-schedule meeting and start of China's NPCChina omitted setting a GDP growth target for this year due to coronavirus, as well as uncertainties surrounding economy and tradeChina's draft Hong Kong legislation stated that Hong Kong should finish enacting as soon as possible the regulations in basic law regarding national securityUS Senators are reportedly introducing a bipartisan bill that would sanction Chinese...

European bourses continue to move further into negative territory after a subdued APAC session as US-China rhetoric ramped up; Stateside, futures are also softer but by a smaller magnitudeUS President Trump suggested China could have stopped the COVID-19 plague and that China’s disinformation and propaganda attack on the US and Europe was a “disgrace”Furthermore, diplomatic backchannels between US and China are said to have dried up and some suggest behind the scenes meetings/messages between officials...

Asian equity markets struggled to sustain the impetus from the rebound on Wall St where stocks were underpinned by hopes of a pick-up in economic activityUS President Trump alleged the incompetence of China was behind the “mass worldwide killing” and that China’s disinformation and propaganda attack on the US and Europe was a “disgrace”US Senate passed a bill aimed at increasing oversight of Chinese companies which could require Chinese firms to de-list from US exchangesThe temperamental tone...

European bourses, and sentiment in general, has been choppy this morning but continues to drift higher ahead of the entrance stateside; US futures outperform with gains over 1%Lowe’s (LOW) beat on EPS & revenue this morning as did Target (TGT) however they declined to provide FY guidanceFX sees the USD softer and DXY towards the bottom of a relatively compact range for the session; benefitting major counterparts & antipodeans in particularChina's Foreign Ministry says China will take...

Asian equity markets traded indecisively following the soured mood on Wall St amid ongoing US-China tensions and a disappointing drug updateModerna (MRNA) COVID-19 vaccine reportedly did not produce data critical to assessing the vaccine, according to STAT News citing expertsIn FX markets, the DXY oscillated around the 99.50 level amid the indecisive risk toneWTI July crude futures edged mild gains and broke back above the USD 32/bbl level supported by a somewhat encouraging private inventory...

Sentiment has slipped on a few factors with trade in focus and as the European short-selling ban has been removed; US futures are subdued ahead of PowellWTI has been firmer for much of the session but has slipped marginally into negative territory on the day ahead of today’s June’20 future expiryFX, sees the USD softer to the benefit of most major counterparts aside from the JPY afflicted by the BoJ to hold an off-schedule meeting on May 22ndUS President Trump criticized the World Health...

Asian equity markets were higher across the board as the region took impetus from the global stock rallyGermany and France proposed a EUR 500bln recovery fund and to give grants–not loans–to member statesWhite House spokesperson called China's USD 2bln pledge to the WHO a "token" to distract from China's failure to warn the world of what was comingBoE's Tenreyro said MPC has not ruled out any policy tool and that it is her personal view that negative rates have had a positive impact in...

Sentiment has strengthened following a hefty weekend of central bank speak notably from Fed Chair PowellFed Chair Powell reiterated the US will not have negative interest rates and post coronavirus recovery could last through 2021; not out of ammo & suggested there are no limits to what we can doPresident Trump commented that he has lost a little flavour for the China trade dealEU Medicines Agency says Gilead's (GILD) Remdisivir could be granted conditional market authorisation in Europe in...

Asia-Pac bourses mostly began the week with mild gains and US equity futures extended on their reboundFed Chair Powell reiterated the US will not have negative interest rates and post coronavirus recovery could last through 2021President Trump commented that he has lost a little flavour for the China trade dealUS House on Friday narrowly passed the new USD 3tln coronavirus stimulus relief bill. However, it is expected to be rejected in the SenateBoE’s Haldane suggested the Bank was...

European bourses were extending on opening gains but Huawei reports waylaid this; sending US futures into negative territoryUS is moving to prevent Huawei from acquiring semiconductors and chip-sets made using US software/technology, Commerce Department; expects this will be the final '90-day extension'US Treasury Secretary Mnuchin said China needed to provide a lot more information about coronavirus and that President Trump is reviewing all his options on ChinaWhite House are reportedly likely...