Newsquawk Rundown, Daily Podcast

FOMC lifted the Fed Funds Rate to 1.75%-2.00% as expected. FOMC median view sees 4 hikes in 2018. Dropped reference that it expected rates to be below neutral for ‘some time’.

House of Commons voted to reject House of Lords amendments to the EU Withdrawal Bill which would have required the Government to seek to negotiate a customs union as part of the framework for a future UK-EU relationship

Looking ahead, highlights include German CPI (F), Swedish CPI, UK retail sales, ECB rate...

Asian stocks traded subdued with participants tentative ahead of the looming FOMC decision and amid a resurfacing of trade concerns

House of Commons rejected withdrawal bill amendments related to Brexit day, Henry VIII powers and ‘meaningful vote’

Looking ahead, highlights include IEA monthly oil report, UK CPI, US PPI, DoEs, FOMC rate decision and press conference, supply from Italy and Germany

ASIA

Asian stocks traded subdued with participants tentative...

Asian equity markets mostly traded with modest gains following a similar performance on Wall St. and with focus fully centred on the historical summit between US President Trump and North Korean Leader Kim Jong Un

The meeting between the 2 leaders was seen as amicable in which the leaders shook hands several times and exchanged pleasantries

UK PM May has headed off a Conservative rebellion ahead of today’s key Brexit vote by reaching out to Remainers in her party, according to reports

Looking...

US President Trump refused to endorse the G7 communique which he stated was due to false statements made by Canadian PM Trudeau

Asian equity markets and the USD subsequently began the week somewhat cautiously

Looking ahead, highlights include Norwegian CPI, UK production, Barnier & Davis meet, US 3 and 10yr supply

 

G7/Trade

G7 official communique which was backed by all countries apart from the US, acknowledged free, fair and mutually beneficial trade...

Asian stocks traded with a subdued tone following a lacklustre performance on Wall St. DXY has languished below the 93.50 level

Trump launched a tweet-tirade against EU and Canada ahead of the G7, in which Trump accused EU & Canada of using massive trade tariffs and trade barriers against US

Looking ahead, highlights including the Canadian jobs report and the beginning of the G7 summit

 

ASIA

Asian stocks traded with a subdued tone...

Asian stocks traded higher as the regional bourses took impetus from the gains in their US counterparts

USD was weaker with the DXY stuck around the 93.50 level to the benefit throughout the session

US President Trump is said to be planning on adopting a confrontational tone at G7 in response to the other 6 nations collectively pressuring him regarding tariffs

Looking ahead, highlights include Turkish rate decision, US weekly jobs, BoE’s Ramsden, supply from France and...

Asian equity markets traded somewhat mixed after a similar performance on Wall St. FX markets were largely influenced by NAFTA trade concerns

Sources suggest that ECB sees 14th June meeting as 'live' to discuss QE exit

UK opposition Labour party are reportedly going to announce a major shift towards a soft Brexit

Looking ahead, highlights include RBI rate decision, DoEs, ECB’s Praet, BoE’s Tenreyro and...

Asian equity markets traded slightly indecisive after the momentum somewhat petered out from Wall St.

RBA kept rates unchanged as expected and reiterated its prior statements which continued to suggest a prolonged pause by the central bank

UK PM May reportedly abandoned plans to present UK-EU blueprint before this month's summit in Brussels and will now postpone its release to after the summit

Looking ahead, highlights include EZ, UK and US services PMI, US ISM non-manufacturing,...

Asian equity markets began the week higher across the board as the region reacted to Friday’s US jobs report and the US-NK summit being back on the cards

In FX markets, safe-havens were under strain in which JPY took the brunt of the heightened risk appetite which saw USD/JPY and JPY-crosses extend on Friday’s gains

Looking ahead, highlights include UK construction PMI, US factory orders and BoE’s Tenreyro

TRADE

US Commerce Secretary...

Italy’s 5SM and League completed an accord on a coalition government with Conte now given the mandate to form a 5 Star/League coalition government

Asian stocks traded cautiously after trade war concerns resurfaced following the US announcement to impose steel and aluminium tariffs on EU, Canada and Mexico

Looking ahead, highlights include UK and Eurozone mfg PMIs, US NFP, ISM mfg, Baker Hughes and Fed’s Kashkari

TRADE

US metal tariff...