Morning Call Script - 03 Apr 2024

Overnight asset drivers & the impending data calendar

Due to family travel commitments there will be no Morning Call Script or Read on the Trading Floor on April 4th. Normal service will resume April 5th.

What’s Moved Overnight

• Inline to stronger PMI's also seen from services sector overnight

  • Chinese Caixin Services PMI printed as expected at 52.7, up from the prior 52.5.

  • Japanese Servies PMI 54.1 vs prior 52.9

• Taiwan equities led Asian indexes lower after a 7.2 quake. TSMC and UMC evacuated some production lines.

  • Nikkei Asia - Earthquake rocks Taiwan, damaging infrastructure and rattling tech sector

  • Reuters - Taiwan hit by strongest quake in 25 years, four deaths reported

  • Bloomberg - TSMC Evacuates Factory Areas After Taiwan Earthquake, Tsunami Warning

• Xi is not only chatting with US CEO's, Biden was next on the call list...

  • Nikkei Asia - Biden and Xi discuss TikTok, South China Sea and de-risking in call

• Fed speak - Mester and Daly still expect 3 cuts this year but have pushed back on starting in May

  • Bloomberg - Fed’s Daly Says Three Rate Cuts Is Reasonable Baseline for 2024

  • FT - Fed’s Loretta Mester raises long-term rate outlook on strong US economy

• Markets - Nikkei 39560, CSI 3570, Crude 85.20, Brent 89.00, Gold 2280, XBT 66.3k, EUR 1.0775, JPY 151.55, GBP 1.2580, AUD 0.6520, CNH 7.2530, 10s at 4.36%

Watch out for Read on the Trading Floor, landing in the inbox of PRO subscribers around 17.30GMT (12.30EST).

This piece will focus on the key market narratives trending on Harkster.com. What users of our platform are consuming, what themes are top of mind and the key risk events they're researching. It will also document the top 10 links and podcasts consumed by our users over the previous day.

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Have a great day, and keep smiling!

Podcast for the Commute

• MS Thoughts on the Market - U.S. Elections: Potential Implications for Businesses and Consumers

The Day Ahead

• EUR (10:00): Inflation Rate

• USD (13:15): ADP

• CAD (14:30): Composite PMI

• Fed's Bowman (14:45), Goolsbee (17:00), Powell (17:10), Barr (18:10) and Kugler (21:30)

• USD (15:00): ISM Services PMI

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.