Morning Call Script - 01 Dec 2023
Overnight asset drivers & the impending data calendar
You can manage your preferences here if you would like to receive only certain newsletters.
What’s Moved Overnight
Data - Korean exports 7.8% vs exp 4.7% (prev 5.1%) whilst Chinese Caixin manufacturing PMI hit an unexpected 50.7 (prev 49.5, forecast 49.8). This better data did not support Asian equities with Nikkei and CSI both down 20/30bps.
FX has been muted - EUR straddles 1.0900, JPY 148.00, AUD 0.6600, GBP 1.2650 and CNH 7.1450. Commodities are trying to stabilize, especially oil after yesterday's post OPEC+ slide - Brent $80.40 and Xau 2040.
Conflict in Gaza has resumed
Powell bookmarks the end of this week's calendar of Fed speech and the start of their blackout window. Will he endorse Williams comments on lower rates as inflation falls to stop an extension of the rise of real yields?
[Paid Subscribers] For greater detail on the overnight news stories as well as a focus on the day ahead, see The Morning Hark in your inbox around 7.15GMT (2.15 EST) whilst also watch out for Read on the Trading Floor around 17.30GMT (12.30EST), which captures the macro themes trending on Harkster.com over the past 24hrs.
Have a great day, and keep smiling!
Podcast for the Commute
Nomura Week Ahead - US NFP, ISM Surveys, ECB Inflation Expectations, China CPI, Tokyo CPI and RBA policy decision
The Day Ahead
EUR (08:15): Final Spanish Flash PMI
EUR (08:50): Final French Flash PMI
EUR (08:55): Final German Flash PMI
EUR (09:00): Final Eurozone Flash PMI
GBP (09:30): Final PMI
CAD (13:30): Employment figures
CAD (14:45): Final PMI
USD (15:00): ISM Manufacturing PMI
Fed Speak: Barr (08:00), Goolsbee (15:00) and Powell (16:00)
ECB Speak: Elderson (10:00), Enria (11:30), Lagarde (11:30)
Stay informed throughout the day with our new commentary channel (‘Intraday Market Colour’) highlighting key notes, topics du jour, and HarksterHQ’s market updates around key data points and headlines.
Available on the HarksterPRO Research Platform.
ㅤㅤㅤ
The information provided in this post is for general information purposes only. No information, materials, services, and other content provided in this post constitute solicitation, recommendation, endorsement or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.