JPY

• Consolidation. Quiet end to last week. US S&P500 hit another record. Bond yields ticked up while the USD remained range bound.• China stimulus. More positive rhetoric but no specifics about the next wave of fiscal stimulus. But this looks to be a matter of when, not if.• Event radar. Locally, jobs figures are due (Thurs). Offshore, ECB meets, while US retail sales, NZ CPI, UK CPI, & China GDP are released this week. It was a rather subdued end to last week across markets. European and US equities ticked up with the S&P500 (+0.6%) touching yet another record high...

• Partial reversal. US equities consolidated, bond yields eased, & base metal prices rose. After a negative run AUD & NZD a bit firmer.• US inflation. Headline & core CPI a touch higher than predicted. Key underlying trends still point to a series of US Fed rate cuts over the next year.• Event radar. China holds a fiscal policy briefing tomorrow. US PPI tonight. Next week AU jobs, US retail sales, ECB meeting, & China GDP are due. A modest reversal of fortunes across markets overnight despite the latest US CPI inflation reading coming in a touch higher than predicted....

• Mixed fortunes. Equities in China tumbled, while the US S&P500 hit a record. US bond yields rose, supporting the USD. AUD lost ground.• RBNZ cuts. RBNZ slashed rates by 50bps. The harsher NZ economic climate points to more cuts. Diverging trends point to a higher AUD/NZD.• US CPI. US inflation in focus. Headline CPI projected to slow, while core CPI forecast to hold steady. US yields & USD will be sensitive to the data. A mixed performance across global markets over the past 24hrs. After its stellar run equities in China tumbled (CSI300 -7%) because of ongoing uncertainty regarding...