Spoiled Child   09.19.2018 Wed， Cloudy， Air Perfect Summary：欧洲资产在A50峰会前有所调整，但May传递的乐观信息提振了EUR和GBP。美债遭到持续抛售，美股则在纳指带动下小幅反弹。贸易紧张还有拯救的可能，毕竟这一阶段开始双方都要感到疼了。 Euro Session: Treasure **res jumped on 200bn news but soon after A share opened, Asia market shrugged off the negative impact. USDCNH retreated half of the early gains coupled with DXY while ADXY even drifted lower. As the market waiting for the statement from DOC, it was reported that HE was on a special meeting engaged on tariffs. I do hope they have preliminary arrangement. A share rallied strongly in the late session while news said that China will boost infrastructure investment against the tariff.   TY traded a touch higher than 3% when EU session stepped in. EGBs opened flat except BTP declined as Di Maio clashed with Tria o

This Time is Really Different ! 09/10/2018, Mon, Sunny, Air Polluted Summary：欧美股市均因Trump贸易战言论收跌，而美债收益率则受超预期的AHE数据大幅上行。本周长端美债发行加速，周末税法关于美国公司加大养老金投资的条款过期，但警惕利率下行。 Euro Session: The surprising weakness of Germany July trade and IP punched down EUR and GBP at the moment Tokyo closed. Soon after that, EUR and GBP reversed losses and reached day-high, which astounded me quite a lot. EURUSD seemed to find itself in the middle of no man’s land once again, which resisted to any external incentives naturally.   During the early part of EU session, here came he news that EU is open to discussing other backstops to withdrawal agreement helped GBP to gain territory. It seems that the UK and EU will attempt to get agreement on the Withdrawal Agreement even if the goal for a deal having slipped to N

Pricing Next Weekend from by this One 08.31.2018， Fri， Sunny， Air Perfect Summary：贸易紧张和意大利预算以及评级更新问题掌控欧美市场，土耳其阿根廷继续遭受冲击.乏闷得夏季交易时间就要结束了! Euro Session: Another slow summer Asia session after the carnival in previous US time while A share plummeted again. With the impeding of Sep 5th, the probability of 25% tariff on 200bn exports could be the main factor. Beyond that, we could see the hike by the end of next month which was already priced 100% via OIS means.   EU equities opened weak and EGBs in bid tone. The headlines of Fitch due to review Italy's rating today hit the tape, shadowing the market. Fitch says measures planned by the new Italian government on taxes, basic income and pensions for 2019 may cost as much as EU75 billion yearly.   Italian auctions (5y and 10y as well as C

The Most Valuable Thing   08.28.2018,Wed， Sunny， Air Perfect Summary：市场在对贸易谈判的期许中度过了又一天，美国多项经济数据报喜进一步改善市场氛围。Kashkari的话非常耐人寻味。 Euro Session:   AUD led losses among G10 after Trump said it’s not the right time for trade negotiations with US, denting hopes for a near-term deal coupled with A share under pressure after the rally in previous session. Both of them rebounded in the afternoon with CNY continuing on rally after being weak in the early session   The strength of CNY maintained the sentiment. EU equities opened mixed while FTSE MIB led the down side and FTSE outperformed most. BTPs were in strong bid tone with the 10yr italy government bond yield going up once more than 5bps. EUR and GBP kept resilient since the early report that Trump and Merkel were willing to talk ab

Could Fed be Compromised ? 08/21/2018.Tue, Sunny, Air Polluted Summary：Market recovered from trade tension and take Trump's words in a decently serious way at least in UST market. Euro Session: A share spent most of the session in a weak tone until the report that CSRC called strategists from security companies to review the present market, with the leading of blue chips, CSI finally close in positive territory. Around 4 o'clock in the afternoon, there came the report that China state funds, or the so-called national team, said to buy blue-chip stocks to stabilize market! "Guojiadui" did catch the market off guard this time.     After EU session stepped in, most EU equities edged higher while EGBs almost flat. BTP spreads volatility had continued to weigh on FTSE MIB performance