Morning Call Script - 01 Mar 2024

Overnight asset drivers & the impending data calendar

As i’ll be attending a conference today, there will be no Read on the Trading Floor. Normal service will resume with tomorrow’s Saturday Hark Back.

What’s Moved Overnight

• China Caixin PMI 50.9 vs prior 50.8 and previous 50.6

  • S&P Global - Caixin China General Manufacturing PMI

• George Galloway wins the Rochdale by-election, his fourth constituency over 4 decades.

  • FT - George Galloway wins divisive Rochdale by-election

  • The Guardian - George Galloway: constituency-hopping campaigner who is rarely far from controversy

• Fed Williams sees no urgency to cut, Mester is still comfortable forecasting 3 cuts, Bostic eyes a summer start and Daly believes Fed officials will cut once data demands

  • Bloomberg - Fed’s Daly Says Officials ‘Ready’ to Cut Interest Rates When Data Demands It

  • Bloomberg - Bostic Repeats Fed Easing Will Likely Be Appropriate This Summer

• BoJ's Ueda is still focused on wage outlook, hasn’t declared inflation is sustainably close to 2% inflation target.

  • Nikkei - BOJ chief Ueda stops short of declaring 2% price goal met

• Elsewhere, many assets are where we left them... EUR 1.0815, AUD 0.6510, GBP 1.2625, JPY 150.40, CSI 300 @ 3530, Nikkei 39950, 10s 4.25%, Gold $2045, Crude $78.60.

Look out for tomorrow’s concise weekend read, recapping what the street consumed over the week, which articles were of focus and which topics were researched. Macro narratives will be interwoven with recommended reading as well as “Top 10 reads of the past week” and "Top 5 podcasts of the past week". Landing in the inbox of PRO subscribers around lunchtime.

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Have a great day, and keep smiling!

Podcast for the Commute

• FT - Is ESG over?

The Day Ahead

• EUR (08:50): French Manufacturing PMI

• EUR (08:55): German Manufacturing PMI

• EUR (09:00): Eurozone Manufacturing PMI

• GBP (09:30): Manufacturing PMI

• EUR (10:00): Inflation Rate

• BoE's Pill (14:00)

• USD (15:00): ISM Manufacturing PMI

• USD (15:00): ISM Inflation Expectations

• Fed's Logan (15:15), Waller (15:15), Bostic (17:15), Daly (18:30) and Kugler (20:30)

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.

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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.