Morning Call Script - 02 Oct 2023
Overnight asset drivers & the impending data calendar
Overnight News/Data: quiet Asia session, with holidays dominating (China closed all week and India shut on Monday). Chinese services and Manufacturing PMI Data was mixed to disappointing but still north of 50... Caixin Manufacturing 50.6 vs exp 51.2 (prev 51.0) and services 50.2 vs prev 51.8
US Debt Ceiling: Focus of Rep hardliners in the House is now McCarthy's removal following his approach to Dems to support a funding bill to avoid a government shutdown. (WSJ, The New Yorker, Axios)
Despite Biden's reassurances (FT, WSJ), Ukraine support is in question or at least 'up for debate' following the bipartisan deal...
The market can now expect its regular data calendar for October, starting with Friday's NFP
We're funded until Nov 17th, the can has been kicked, but this topic will rear its head again this side of Thanksgiving.
FX: stronger dollar as yields drifts wider to start October. USDJPY heading into 150 zone as Suzuki is watching currencies moves "cautiously" but BoJ conduct additional buying operation for 5-10year
Have a great day, and keep smiling!
Steno Research: Nuclear Option
SEK (07:30): Final Mfg PMI
EUR (08:00): ECB's de Guindos
EUR (08:50): Final Mfg PMI France
EUR (08:55): Final Mfg PMI Germany
EUR (09:00): Final Mfg PMI Eurozone
GBP (09:30): Final Mfg PMI
CAD (14:30): S&P Global Mfg PMI
USD (15:00): Final Mfg PMI
Fed Speak: Powell (16:00), Harker (16:00), Barr (18:00), Williams (18:30)
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