Newsquawk Rundown, Daily Podcast – Details, episodes & analysis

• European bourses opened mixed but now in the red, US futures also lower ahead of NVIDIA results.
• USD is fractionally extending on Tuesday’s upside, Kiwi leads after RBNZ delivers a hawkish cut.
• 40yr JGB auction weighs, awaiting US supply & FOMC Minutes.
• Energy markets await JMMC/OPEC+; Metals tread water.
• US President Trump says Canada joining the Golden Dome is free if they are the 51st State, adding "They are considering the offer!".
• Looking ahead, US Richmond Fed Index, FOMC Minutes, OPEC+/JMMC, Speakers including BoE’s Pill, Supply from the US, Earnings from NVIDIA, Salesforce, Abercrombie & Macy's.

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• APAC stocks mostly higher following the Wall St. strength, futures since off best awaiting NVIDIA earnings
• US President Trump says Canada joining the Golden Dome is free if they are the 51st State, adding "They are considering the offer!"
• DXY continues to pick up, EUR/USD tests 1.13 to the downside & Cable lost 1.35, JPY choppy
• RBNZ cut as expected, but refrained from overtly dovish language
• JGBs came under pressure after a somewhat mixed 40yr auction, USTs & EGBs also soft
• Crude marginally firmer ahead of OPEC, gold indecisive, base peers lacklustre
• Looking ahead, highlights include German Unemployment Rate, ECB SCE, US Richmond Fed Index, FOMC Minutes, OPEC+/JMMC, Speakers including Fed’s Williams, Kashkari & BoE’s Pill, Supply from UK, Germany & US, Earnings from NVIDIA, Salesforce, Abercrombie & Macy's.
• Click for the Newsquawk Week Ahead.

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• APAC stocks traded with a mild positive bias as the region mostly shrugged off the lacklustre lead from Wall St.
• US House Speaker Johnson said a Thursday tax bill floor vote is still realistic.
• European equity futures indicate a quiet cash market open with Euro Stoxx 50 future flat after the cash market closed with gains of 0.5% on Tuesday.
• DXY is extending its losing streak for a third session, EUR/USD is back above 1.13, Cable sits above 1.34 ahead of UK CPI.
• Israel is preparing a possible strike on Iranian nuclear facilities, according to CNN; not clear whether Israeli leaders have made a final decision.
• Looking ahead, highlights include UK CPI, G7 Central Bank and Finance Ministers Meeting, ECB's Lagarde, Lane, Nagel & Cipollone, Fed's Barkin & Bowman, Supply from UK, Germany & US.

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• European bourses are modestly firmer whilst US equity futures sit in negative territory.
• USD remains out of favour, AUD weighed on after the RBA delivered a 25bps cut (as expected) and amid discussion of a 50bps cut.
• JGBs briefly hit by a poor auction, fixed recovery continues into numerous Fed speakers.
• Crude choppy on mixed geopolitics regarding Russia/Ukraine and Iranian nuclear talks.
• Iranian Supreme Leader Khamenei said "I don't think nuclear talks with the US will be successful", via Mehr news.
• Looking ahead, Canadian Inflation, NZ Trade, G7 Finance Ministers Meeting, ECB's Cipollone, Nagel, Fed's Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack. Earnings from Home Depot & Bilibili.

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• APAC stocks were marginally higher as the region took impetus from the rebound stateside; S&P 500 and Dow notched six-day win streaks
• European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 0.5% after the cash market closed flat on Monday.
• FX markets are broadly steady. AUD lags after the RBA delivered a 25bps cut and cut its inflation outlook.
• US President Trump stated that Russia and Ukraine are to immediately begin negotiations on a ceasefire and an end to the war.
• US House Speaker Johnson said they are almost there on the tax bill and he is very confident they will get it done.
• Looking ahead, highlights include German Producer Prices, Canadian Inflation, EZ Consumer Confidence, NZ Trade, G7 Finance Ministers Meeting, RBA’s Bullock, BoE's Pill, ECB's Cipollone, Nagel, Fed's Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack, Supply from Germany.

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• Moody’s lowered the US’s sovereign rating from AAA to Aa1; Outlook Revised to Stable from Negative and warned of rising government debt and a widening budget deficit.
• US Treasury Secretary Bessent said countries will get a letter with a US tariff rate if they are not negotiating in good faith and he thinks that rate would be the April 2nd level.
• The House Budget Committee approved President Trump's tax cut bill to set up a possible vote as soon as this week.
• European bourses lower and US equity futures slip in an initial reaction to the latest Moody’s downgrade; ES -1.2%.
• USD shunned as Moody's downgrade spooks markets, GBP cheers UK-EU "reset" deal.
• Moody start for bonds after the US downgrade, Gilts lag on Brexit updates and into 30yr syndication.
• Downbeat trade across oil contracts but precious metals lifted; spot gold eyes USD 3,250/oz.
• Looking ahead, US Leading Index Change, EU-UK Talks, Speakers including Fed’s Bostic, Williams, Logan & Kashkari. Holiday Closure in Canada.

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• APAC stocks were mostly subdued following the US sovereign rating downgrade by Moody's which spurred a mild 'sell America' impulse (ES -1.1%).
• US Treasury Secretary Bessent said countries will get a letter with a US tariff rate if they are not negotiating in good faith and he thinks that rate would be the April 2nd level.
• The House Budget Committee approved President Trump's tax cut bill to set up a possible vote as soon as this week.
• Chinese Industrial Production topped forecasts, Retail Sales disappointed, House Prices continued to contract Y/Y.
• USD is slightly softer vs. peers, EUR/USD stalled just shy of 1.12, Cable sits around the 1.33 mark, JPY marginally outperforms peers.
• UK and the EU are expected to agree on Monday to a major post-Brexit reconciliation, according to the FT.
• US President Trump said he will speak with Russian President Putin on Monday at 10:00EDT/15:00BST.
• Looking ahead, highlights include US Leading Index Change, EU-UK Talks, Speakers including Fed’s Bostic, Williams, Logan & Kashkari, Supply from the EU.

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• Stocks are broadly in positive territory; US equity futures are modestly higher ES +0.3%.
• USD on the backfoot but only marginally so, EUR & GBP pivot 1.12 & 1.33 vs the USD.
• Bonds are firmer but are currently set to end a tumultuous week back where they started.
• Crude is awaiting geopolitical updates from numerous regions/conflicts, XAU dips.
• Looking ahead, US Export/Import Prices, UoM Sentiment Survey, BoC SLOS, Speakers including ECB’s Lane, Cipollone & Fed’s Barkin.
• Click for the Newsquawk Week Ahead.

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• Mixed APAC trade, US futures range bound while European futures point to a marginally firmer open.
• DXY remains lower after Thursday's data, EUR/USD marginally reclaimed 1.12, USD/JPY found support at 145.00.
• Fixed benchmarks extended/held on to recent gains.
• Crude benchmarks remain underpinned by the latest on US-Iran, metals marginally softer.
• Looking ahead, highlights include US Export/Import Prices, UoM Sentiment Survey, BoC SLOS, Speakers including ECB’s Lane, Cipollone & Fed’s Barkin.
• Click for the Newsquawk Week Ahead.

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• European equities are subdued awaiting US data and Fed Chair Powell; US equity futures also tilt lower (ES -0.6%).
• DXY is subdued and contained whilst havens seen some inflows amid the broader risk tone.
• Fixed income benchmarks trade slightly firmer into US data and Fed Chair Powell's speech. 
• Crude futures are curtailed by Trump suggesting the US is getting close to a deal with Iran, while metals await data & Powell.
• Looking ahead, highlights include US NY Fed Manufacturing, Jobless Claims, Philly Fed Index, PPI, Retail Sales & Industrial Production, IEA OMR, Speakers include ECBʼs de Guindos; Fed Chair Powell & Barr, BoEʼs Dhingra. Earnings from Applied Materials, Take-Two, Alibaba, Walmart, Deere.

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