US Market Open: Subdued risk tone following downbeat EZ PMIs with equities softer & bonds bid

European bourses higher across the board following the tech-led upside on Wall St, sectors mostly in the green though Autos lag on VolkswagenUS futures firmer but only modestly so, awaiting Micron earnings after-hours; FedEx and Rivian bid in the pre-marketUSD/JPY breached 160.00; bringing the April 29th peak into view, a session which saw intervention and a large pullback in the pairDXY robust to the detriment of peers, Aussie outperforms after hot CPI which has raised the odds of a August hikeFixed softer given the tone and awaiting supply; Commodities initially contained though crude has extended in recent tradeLooking ahead, highlights include Fed Bank Stress Test, Comments from ECB’s Rehn, Panetta & Lane, Supply from the US, Earnings from Micron, Paychex & General MillsRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks followed suit to the mixed performance stateside where tech rebounded as Nvidia snapped its losing streak.European equity futures indicate a firmer open with Euro Stoxx 50 future +0.5% after the cash market closed lower by 0.2% on Tuesday.DXY is caged in a tight range on a 105 handle, AUD boosted post-CPI, EUR/USD sits just above the 1.07 level.Australian monthly CPI data saw markets price around a 33% probability for an RBA hike at the August meeting vs around 12% pre-release.Looking ahead, highlights include German Gfk Consumer Sentiment, Fed Bank Stress Test, Comments from ECB’s Rehn, Panetta & Lane, Supply from UK & USRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

European bourses are hit following updates from Airbus and Merck; US futures mixed, with the NQ leading as NVDA (+2.2%) finds its footingDollar is flat, with G10 price action also lacklustre in catalyst-thin tradeBonds are contained awaiting impetus from US data and a 2yr auctionCrude is modestly softer benefiting from Dollar price action, base metals are generally higherLooking ahead, US Philly Fed Nonmanufacturing Business Outlook Survey, US Richmond Fed Index, Canadian CPI, Comments from Fed’s Cook & Bowman, Supply from the US, Earnings from CarnivalRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were mostly positive but with some of the gains capped following the tech underperformance on Wall Street.Nvidia (-6.5%) suffered a third consecutive day of losses and was down 13% from its peak last week.European equity futures indicate a weaker open with Euro Stoxx 50 future -0.3% after the cash market closed higher by 0.9% on Monday.DXY is lacklustre with FX markets broadly contained, USD/JPY remains sub-160.Looking ahead, highlights include US Philly Fed Non-manufacturing Business Outlook Survey, US Richmond Fed Index, Canadian CPI, Comments from Fed’s Cook & Bowman, Supply from UK, Italy, Germany & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Equities are entirely in the green, benefiting from a pick-up in sentiment in the European sessionDollar is softer, EUR is the G10 outperformer, but was initially pressured post-German Ifo, USD/JPY around 159.60Bonds are mixed with USTs contained, whilst Bunds slip to session lowsCrude is incrementally firmer, XAU/base metals benefit from Dollar weaknessLooking ahead, US Dallas Fed Manufacturing Business Index, Comments from ECB’s Schnabel, BoC Governor Macklem, Fed’s Waller, Goolsbee & DalyRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were predominantly subdued heading closer to month-end and US PCE data later in the weekDXY rangebound just below 106.00, G10 peers generally contained with JPY subject to fresh jawboningFixed income contained into today's German data and ECB speak; JGB futures softerCrude lacklustre with specific lights and unreactive to Netanyahu's latest remarksChina and the EU have agreed to hold consultations on EV tariffsLooking ahead, highlights include German Ifo Business Survey, US Dallas Fed Manufacturing Business Index, Comments from ECB’s Schnabel, BoC Governor Macklem, Fed’s Waller, Goolsbee & DalyClick for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Equities are subdued amid a broader risk aversion following the downbeat EZ PMI dataFrance, Germany and the EZ-wide figure all reported lower-than-expected PMI data, which has led to outperformance in Bunds and slight pressure in the EURDollar is incrementally firmer, USD/JPY went as high as 159.12 before paring back towards 158.80 following the European dataCrude is rangebound, base metals suffer from the subdued risk toneLooking ahead, US Manufacturing & Services PMI, Canadian Retail Sales, ECB’s Schnabel, and quad-witchingRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were mostly rangebound with sentiment subdued after the lacklustre handover from Wall St where tech underperformed, and risk appetite was sapped.DXY took a breather but held on to the prior day's spoils after strengthening on firmer yields despite soft data; USD/JPY briefly rose above 159.00.10-year UST futures remained lacklustre after weakening yesterday; Bund futures were kept afloat after rebounding from support near the 132.00 level.European equity futures indicate a flat/slightly firmer open with Euro Stoxx 50 futures +0.1% after the cash market closed higher by 1.3% on Thursday.Looking ahead, highlights include French, German, UK, EZ, US Manufacturing & Services PMI, Canadian Retail Sales, ECB’s Schnabel, and quad-witching.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Equities in the green and Tech leads in Europe; NQ outperforms, lifted by pre-market gains in NVDA +2.7%Dollar is firmer, CHF sinks after the SNB cut rates by 25bps, GBP slightly softer ahead of the BoEBonds are softer, Bunds initially lifted post-SNB but has since pared, French auction passes without issueCrude is incrementally firmer, base metals gain amid a generally positive risk toneLooking ahead, US IJC & Philly Fed Index, BoE Policy Announcement, Comments from Fed’s Barkin & Kashkari, Earnings from Accenture & KrogerRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were subdued in rangebound trade amid a lack of catalysts and following the US holiday lull.European equity futures indicate a firmer open with Euro Stoxx 50 future up 0.3% after the cash market closed higher by 0.7% on Wednesday.DXY is steady on a 105 handle with FX markets broadly contained, Cable holds above 1.27 ahead of the BoE announcement.Bunds are lower, whilst crude markets are contained after WTI hit resistance around USD 81/bbl.Looking ahead, highlights include US IJC & Philly Fed Index, SNB, Norges & BoE Policy Announcements, Comments from SNB's Jordan, Norges Bank Governor Bache, Fed’s Barkin & Kashkari, Supply from Spain, France & USRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk