US Market Open: Equities pressured, DXY & USTs firmer into Chair Powell

European bourses have been tilting higher with the region benefitting from the removal of some political risk in the UK, Germany & FranceStateside, futures pivoting the unchanged mark into PayrollsFX has seen a slightly softer start for the USD, weighed on by EUR & GBP; USD/JPY slips to near 160.50Fixed benchmarks generally firmer but only modestly so, EGBs unreactive to data and German fiscal updatesCrude benchmarks near the unchanged mark, metals generally firmerLooking ahead, highlights include US & Canadian Jobs Reports. Comments from ECB's Lagarde & Elderson.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks traded somewhat mixed in the absence of a lead from the US owing to the Independence Day holiday. There was also a lack of fireworks from the UK election exit polls, with the latest results showing that the Labour Party has won a majority as expected.  DXY briefly dipped under 105 with quiet macro newsflow ahead of NFP, GBP/USD traded flat within a tight 1.2755-72 range, and USD/JPY slid beneath the 161.00 level with early pressure seen heading into the Tokyo fix. European equity futures indicate a quiet open with Euro Stoxx 50 futures +0.1% after the cash market closed higher by 0.4%. FTSE 100 futures rose 0.2%. Bitcoin slumped to below the USD 54,500 level after failing to hold on to the USD 57,000 status earlier in the session; CoinDesk cited crypto exchange Mt. Gox moving USD 2.6bln worth of Bitcoin from its cold wallet. Looking ahead, highlights include German Industrial Output, Italian Retail Sales, EZ Retail Sales, US & Canadian Jobs Reports, and Comments from Fed's Williams, ECB's Lagarde & Elderson.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks traded mostly higher as the region followed suit to the gains on Wall Street where the S&P 500 and the Nasdaq notched fresh record closes once again heading into US Independence Day.Fed Minutes stated that most saw the current policy stance as restrictive and several participants said if inflation were to persist at an elevated level or rise further, the Fed Funds Rate might need to be raised, while a number of participants said that policy should stand ready to respond to unexpected economic weakness.DXY lacked direction after recently softening amid a slew of weak data, USD/JPY slightly eased back from near its 38-year peak. GBP/USD was steady overnight as the UK heads to the polls.The final YouGov poll for the UK General Election put Labour on 39% vs Conservatives on 22%. The final FT poll tracker put Labour on 39.7% vs Conservatives on 20.5%.European equity futures indicate a quiet open with Euro Stoxx 50 future flat after the cash market closed higher by 1.2% on Wednesday.Looking ahead, highlights include German Industrial Orders, Swiss CPI, UK General Election (exit poll 22:00BST), BoE DMP, Comments from ECB's Lane & Cipollone, and Supply from Spain & France.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

European bourses are higher across the board as the region catches up to the Wall St. handover and continues generally strong APAC performanceDXY under pressure and holding near the 105.59 low with peers generally firmer as the USD continues to feel the weight of Powell's remarks and looks to the mentioned data delugeOAT-Bund 10yr yield spread has narrowed to below 68bps at best, though is still circa. 20bps above pre-election levels; largely unreactive to PMIsCrude benchmarks began the session firmer after the private data on Tuesday, though they have since waned; metals generally supportedLooking ahead, highlights include US Final PMIs, US ADP, IJC, Challenger, Factory Goods, ISM Services, FOMC Minutes, NBP Policy Announcement, US Refunding (3,10,30yr), Comments from Fed's Williams, ECB's Lane, Lagarde, de Guindos & Knot, Earnings from Constellation Brands.Click for the Newsquawk Week AheadRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks mostly took impetus from the gains on Wall St where the S&P 500 and Nasdaq posted record closes.European equity futures indicate a firmer open with Euro Stoxx 50 future +0.5% after the cash market closed lower by 0.5% on Tuesday.DXY remains sub-106, EUR/USD has pivoted around the 1.0750 mark, USD/JPY is in close proximity to its multi-decade high.Bunds have edged mild gains, oil futures were supported by a large draw in private crude inventories.Looking ahead, highlights include EZ, UK & US Final PMIs, US ADP, IJC, Challenger, Factory Goods, ISM Services, FOMC Minutes, Riksbank Minutes, NBP Policy Announcement, Fed's Williams, ECB's Lane, Lagarde, de Guindos, Cipollone & Knot, Supply from Germany.Note, US markets will close early ahead of the Independence Day holiday. Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

European bourses pressured despite a lack of fresh drivers with US futures softer ahead of Chair PowellDXY firmer and above 106.00, USD/JPY hit another peak of 161.75, EUR unreactive to HICPEGBs slipped incrementally on sticky super-core EZ HICP but remain near the unchanged mark overall, USTs slightly firmerCrude continues to climb while XAU pivots its 21-DMA and base metals lift marginallyECB's Lane said conditions around France are not disorderly, added that July is a live meetingLooking ahead, highlights include Canadian Manufacturing PMI, US JOLTS, Comments from Fed's Powell, ECB's Lagarde, Schnabel, BCB's NetoClick for the Newsquawk Week AheadRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were ultimately mixed amid the backdrop of rising global yields and recent soft US data.European equity futures indicate a slightly lower open with Euro Stoxx 50 future -0.2% after the cash market closed higher by 0.7% on Monday.DXY is steady and just below the 106 mark, USD/JPY printed another multi-decade high, antipodeans lag.Crude futures marginally extended on their best levels in more than two month, Bunds rebounded off the prior day's trough.Looking ahead, highlights include EZ Flash HICP, Canadian Manufacturing PMI, US JOLTS, Comments from Fed's Powell, ECB's Lagarde, Schnabel, de Guindos & Elderson, BCB's Neto, Supply from UK & GermanyRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

French Election 1st round saw National Rally make significant gains but the odds of another hung parliament have likely increasedSparking outperformance in French-related assets with OATs, CAC 40 & EUR all supported, though the magnitude of this has trimmed into another week of political uncertainty and a still challenging fiscal backdropUS futures generally firmer but with some slight pressure in chip names led by NvidiaEUR the FX outperformer weighing on DXY, USD/JPY holds above 161.00Fixed benchmarks in the red, initial OAT strength has faded with the OAT-Bund spread narrowing on the open to 72bps before re-widening modestly to 75bpsCrude bid across the board, precious metals mixed while base peers track the broad toneLooking ahead, highlights include US Manufacturing Final PMI (June), German Prelim. CPI, US ISM Manufacturing PMI, Comments from ECB’s Lagarde & Fed’s WilliamsRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

France’s far-right won the first round of the French parliamentary election, according to estimates. However, expectations are mixed over whether they will secure a majority. EUR is the best performing currency across the majors and OATS are firmer by circa 16 ticks and CAC 40 future +1.1%, with some citing relief over the potential lack of majority for Le Pen.European equity futures indicate a higher open with Euro Stoxx 50 future +1.4% after the first round of the French parliamentary election, while the cash market closed lower by 0.2% on Friday.APAC stocks began the new quarter somewhat varied as participants digested key data releases.Official Chinese Manufacturing PMI remained in contraction territory, Non-Manufacturing missed estimates, but Caixin Manufacturing PMI topped forecasts to print its highest in three years.Looking ahead, highlights include EZ, UK & US Manufacturing Final PMI (June), German Prelim. CPI, US ISM Manufacturing PMI, Comments from ECB’s Lagarde & Fed’s WilliamsRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Price action in European equities has been choppy, but are ultimately mostly firmer; US futures are modestly firmer ahead of US PCEFrench assets underperform ahead of Sunday’s legislative elections; CAC 40 -0.4%, OATs -31 ticks, OAT-Bund yield spread above 84bpsDollar is flat after initially being boosted by JPY weakness & post-presidential debateBonds are subdued following the Presidential debate which saw the odds of a Trump victory inch higherCrude is firmer and towards session highs, XAU is flat whilst base metals gainLooking ahead, US PCE, Canadian GDP, Comments from Fed’s Barkin & BowmanRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk