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EUR

19 Oct 2026

Risk rebound

• Upbeat mood. Sentiment improved overnight. US tech stocks rebounded despite a lift in yields. AUD & NZD ticked up. AUD outperformed on crosses.• Macro pulse. Social unrest in France adding to jitters about its debt trajectory. NZ CPI tomorrow. Next week AU CPI & US Fed meeting in the spotlight. Global Trends Markets were in a more upbeat mood overnight with risk sentiment improving. A rebound in tech stocks, after last weeks sizeable falls, drove the overall performance with the NASDAQ (+1.1%) outperforming the S&P500 (+0.4%). Time will tell if this is just a dead-cat bounce or the start...

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19 Oct 2026

Underlying Canadian inflation cools, lowering monetary tightening expectations

There was again little evidence of energy price spillovers in Canada last month, with underlying inflation pressures holding steady, slightly reducing market-implied odds on a rate hike from the Bank of Canada at its meeting next week. Data released by Statistics Canada this morning showed core inflation – which strips out food and energy prices – and is computed as the average of the two price measures now preferred by the central bank (trim and median) – rising just 1.9% on a year-over-year basis from 2.0% previously. Although a jump in gasoline prices lifted the headline all-items measure, with prices...

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16 Oct 2026

Market turmoil eases, leaving major currencies rangebound

Happy Friday. Markets are pausing for breath after a tumultuous week of inflation shocks coupled with a sharp deterioration in sentiment toward the artificial-intelligence buildout. Equity futures are edging higher after days of losses, Treasuries are steadying, and Brent crude is holding near $105 a barrel as the supply outlook fails to improve. On the week, the dollar is down roughly 0.5%, with virtually all of its major counterparts, the Japanese yen excepted, up by similar margins. US inflation pressures are showing clear signs of acceleration. Producer prices rose at the fastest monthly pace in more than four years in...

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15 Oct 2026

AUD under the pump

• Market swings. Rotation out of tech stocks supports the broader S&P500. US bond yields fall. USD softer. NZD edges up, but AUD weakens.• AU jobs. Employment fell sharply due to part-time jobs. Unemployment at 5yr highs. Odds of another RBA hike reduced. But high inflation still a problem. Global Trends A few push-pull forces have washed through markets over recent days and generated bursts of volatility. Following a weak Asian session for risk assets yesterday (at one point South Korea’s KOSPI triggered circuit breakers after plunging ~8%), which itself somewhat stemmed from the rise in bond yields generated by...

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15 Oct 2026

Equity market turbulence intensifies, sending dollar reeling

Shares are sliding and the dollar is tumbling against its main counterparts as an unwinding of crowded AI-related trades sends investors fleeing to safe havens. US equity markets are setting up for further losses at the open after technology shares suffered their worst sell-off in months yesterday, Treasury yields are falling, while the yen and Swiss franc outperforming the euro, pound, and Canadian dollar as the retreat from risk gathers momentum. Yesterday’s data added to the turmoil, showing that price pressures in the US economy remain too intense, too widespread, and too persistent. A widely-anticipated consumer price index report showed...

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