US Market Open: JPY lags, fixed lower after a soft UK tap, US supply & Kugler due

European bourses are very modestly firmer, whilst US equity futures are mixed ahead of US PCEDollar is stronger vs peers, but losing vs JPY after hawkish candidate Ishiba won the Japanese LDP leadership race to become the next Japanese PMBunds outperform following softer-than-expected inflation metrics out of Spain & France; figures which led to further dovish repricing for the ECB’s October meetingCrude oil is modestly firmer with the geopolitical landscape remaining tense, precious metals are subdued whilst base metals are mixedLooking ahead, US PCE, UoM Sentiment (Final), Fed’s Collins, Kugler & BowmanRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks followed suit to the gains on Wall St; Chinese stimulus remained the main driving force overnight.Nikkei 225 and USD/JPY upside were seen as dovish LPD candidate Takaichi is said to face Ishiba in Japan's LDP runoff.Fed's Cook (voter) said upside risks to inflation have diminished and downside risks to employment have increased.European equity futures are indicative of a positive cash open with the Euro Stoxx 50 future +0.3% after the cash market closed higher by 2.4% on Thursday.Looking ahead, highlights include French & Spanish CPI, German Unemployment Rate, EZ Sentiment, UoM Sentiment (Final), Speakers including ECB’s Lane & Cipollone, Fed’s Collins, Kugler & Bowman, and Supply from Italy.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Equities are entirely in the green, with optimism lifted amid Chinese stimulus efforts; MU +15% pre-market after strong earnings and solid guidanceDollar is softer, Antipodeans benefit from the risk-tone but weighs on the JPYUSTs are flat, EGBs benefit on reports that ECB doves are pushing for an October cut and amid reports surrounding France’s fiscal situationCrude tumbles on constructive geopolitical updates, XAU and base metals benefit from the softer Dollar and positive risk tone"Senior US officials have said that they expect a ceasefire deal to be implemented "in the coming hours" along Israel-Lebanon border", according to Walla News' ElsterLooking ahead, US Durable Goods, GDP Final (Q2), Core PCE (Q2), IJC, Banxico Policy Announcement, Speakers including ECB’s Lagarde, de Guindos & Schnabel, Fed’s Powell, Williams, Collins, Kugler, Bowman, Barr, Kashkari & Cook, Supply from the USRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks shrugged off the subdued handover from Wall St and the recent geopolitical escalation, as some 'progress' was said to be made regarding a temporary ceasefire proposal and a 21-day ceasefire was proposed by US and France, while China benefitted again from stimulus."Senior US officials have said that they expect a ceasefire deal to be implemented "in the coming hours" along Israel-Lebanon border", according to Walla News' Elster.China Politburo held meeting on Sept 26, and said they will lower the reserve requirement ratio and implement forceful interest rate cuts, according to Reuters.Fed's Kugler (2024 voter) said she strongly supported the Fed's 50bps interest rate cut and will support additional rate cuts going forward if progress on inflation continues as she expects.European equity futures are indicative of a positive cash open with the Euro Stoxx 50 future +0.7% after the cash market closed lower by 0.5% on Wednesday.Looking ahead, highlights include German GfK Consumer Sentiment, US Durable Goods, GDP Final (Q2), Core PCE (Q2), IJC, SNB & Banxico Policy Announcements, Speakers including SNB's Jordan, ECB’s Elderson, Lagarde, de Guindos & Schnabel, Fed’s Powell, Williams, Collins, Kugler, Bowman, Barr, Kashkari & Cook, Supply from the US, Earnings from JD Sports, H&M, Costco & Jabil.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Equity futures are generally modestly lower, giving back some of the prior day’s gainsG10s are flat/lower against the Dollar to varying degrees, JPY underperforms with USD/JPY up to a 144.25 peakUSTs are essentially flat, Gilts dip lower following a weak auction which also weighed on BundsCrude is modestly lower, XAU is flat and base metals take a breather from the China stimulus-related gains on TuesdayLooking ahead, Highlights include US Building Permits, CNB Policy Announcement, Speakers including Fed's Kugler, Supply from the US, Earnings from Micron.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were mostly positive as Chinese markets continued to rally following the stimulus boost.Australian monthly CPI matched estimates and slowed to a 3-year low, although core inflation remained above the 2%-3% target.European equity futures are indicative of a lower cash open with the Euro Stoxx 50 future -0.3% after the cash market closed up by 1.1% on Tuesday.USD is broadly flat vs. peers, EUR/USD is eyeing 1.12 to the upside, Cable has pulled back onto a 1.34 handle.Israeli Defence Minister Gallant said they have more strikes ready against Hezbollah; added they must continue until they achieve their goal.Looking ahead, highlights include US Building Permits, Riksbank & CNB Policy Announcements, Speakers including BoE’s Greene, Riksbank's Thedeen & Fed's Kugler, Supply from UK, Italy, Germany & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

European bourses are entirely in the green, with US futures also modestly firmer with sentiment lifted after China’s flurry of stimulus effortsPBoC Governor Pan announced to cut RRR by 50bps which will provide CNY 1tln worth of long-term capital and cut the 7-day reverse repo rate by 20bps to 1.50%, while he said they will guide LPRs lower and reduce the mortgage rate for existing mortgagesDollar is softer, EUR gains despite poor German Ifo data & JPY underperforms; AUD fails to benefit from the Chinese stimulus efforts and despite a hawkish hold, but with Governor Bullock noting that a hike was not discussed at the meetingBonds hold a bearish bias given the risk tone; Bunds were unreactive to the German IfoCrude and base metals are firmer benefiting from the raft of Chinese stimulus announcementsLooking ahead, US Richmond Fed Index, NBH Policy Announcement, Speakers including Fed's Bowman & BoC's Macklem, Supply from the US, Earnings from AutozoneRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks traded mostly higher following gains on Wall St. and China's various stimulus measures.PBoC cut the RRR and 7-day reverse repo rate, whilst also announcing measures for the property sector and stock market.RBA kept its Cash Rate Target unchanged at 4.35%, as expected, while it reiterated that it is not ruling anything in or out.European equity futures are indicative of a positive cash open with the Euro Stoxx 50 future +0.5% after the cash market closed higher by 0.3% on Monday.Looking ahead, highlights include German Ifo, US Richmond Fed Index, NBH Policy Announcement, Speakers including Fed's Bowman & BoC's Macklem, Supply from UK, Germany & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

European equities are mixed/modestly firmer, a theme which is also seen across US futuresDollar is firmer, benefiting from losses in the EUR after particularly poor French/German PMI metrics, AUD bid ahead of the RBA on TuesdayUSTs remain steady ahead of its own PMI release, Bunds were lifted after poor EZ PMIs & Gilts gained after UK PMIs missed across the board, but still point towards a “soft landing” for the UK economyCrude is incrementally firmer, XAU and base metals are lower across the boardLooking ahead, US PMIs (Flash), Comments from ECB’s Cipollone, Fed’s Bostic, Kashkari & GoolsbeeRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were mostly positive albeit with gains capped amid a lack of fresh macro drivers.Israel Defence Forces said during the weekend that it struck Hezbollah targets in Lebanon; added that strikes would continue and intensify.European equity futures are indicative of a positive cash open with the Euro Stoxx 50 future +0.4% after the cash market closed lower by 1.5% on Friday.DXY is flat, AUD is the marginal outperformer, JPY the laggard, other majors are contained.Looking ahead, highlights include EZ, UK, US PMIs (Flash), Comments from ECB’s Elderson & Cipollone, Fed’s Bostic, Kashkari & Goolsbee, Supply from the EU.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk