Macro update
Global equities mixed as investors await macro catalysts: Japan’s Nikkei 225 reached another record high following gains in the Nasdaq 100 and S&P 500, though broader Asian markets traded unevenly overnight while US futures were little changed ahead of key economic data releases.
Oil prices remain firm amid supply and geopolitical risks: Crude prices stayed relatively supported as traders continued to monitor Middle East tensions and broader concerns around global supply disruption.
Bond markets steady as rate expectations adjust: Government bond yields moved modestly as investors reassessed the timing and magnitude of future central bank easing cycles.
Dollar stable while yen remains under pressure: The US dollar traded within tight ranges against major peers, while the yen stayed weak amid persistent policy divergence and elevated global yields.
China data points to industrial stabilisation: Recent producer price data and activity indicators suggest improving momentum in parts of China’s manufacturing sector, supported by an AI-driven surge in industrial profits.
Reserve Bank of New Zealand keeps rates unchanged: The RBNZ left rates on hold at 2.25% but signalled that higher oil-driven inflation pressures could lead to earlier and larger rate hikes than previously expected despite the still-fragile economic recovery.
