NY Open Prep and Politics

The week opens with Japanese politics driving the Nikkei to record highs while UK political turmoil pressures Gilts. Markets remain cautious ahead of critical US labor and inflation data later this week.

Key Takeaways

• 1.Japan PM Takaichi's election victory drove Nikkei to record highs, though USDJPY gains are capped by intervention risks and 'sell the fact' dynamics.
• 2.UK political risk premium is weighing on Gilts and EURGBP following Mandelson revelations and leadership pressures on PM Starmer.
• 3.Market focus is shifting to heavy US data releases later in the week, specifically Non-Farm Payrolls on Wednesday and CPI on Friday.

Table of Contents

• Best of Wire
• In Focus
• Rates
• USTs
• FX
• Equities
• Commods
• G10 & EM Week Ahead
• Elsewhere
• Charts
• Chart of the Day
• Major Releases Ahead

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