Morning Call Script - 02 Feb 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Earnings - Meta $50bln buyback program and increased dividend, Amazon - strong holiday demand, Apple - strong iPhone sales and record services growth

  • FT - Meta shares jump as investors cheer dividend and $50bn buyback

  • FT - Apple’s revenue growth clouded by worries about China slowdown

  • WSJ - Amazon Profit Surges on Strong Holiday Shopping

• Shanghai Composite Index hit a 4-year low of 2710 and is down over 8% in the past 4 weeks. 

  • Bloomberg - Hong Kong’s New Security Law Brings Anxiety to Finance Hub

• Choppy chop chop... EUR 1.0880, JPY 146.40, AUD 0.6595, GBP 1.2745... Despite JPow's hawkish message, we've seen a softer USD following the rally in yields with 10s now at 3.87% and Tech stocks rejuvenating sentiment in the wake of NYCB / CRE worries. Let's see what NFP brings, maybe this yield rally has run its course

  • Bloomberg - JPMorgan Says Exit Five-Year Treasury Bets, Bank Angst Overdone

• Powell is going to fill the ratings void as NFL takes a break before next week's Superbowl, 

  • Bloomberg - Fed’s Powell Will Discuss Interest Rates, Inflation on 60 Minutes Sunday

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

• Macro Voices - #413 Darius Dale: Still Bullish

The Day Ahead

• NOK (09:00): UER

• USD (13:30): NFP, AHE

• USD (15:00): Michigan Consumer Sentiment

• USD (15:00): Michigan Inflation Expectations

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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