Morning Call Script - 03 June 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Historic coalition emerging in SA, with ANC and DA potentially forming their first ever government. This increases the chances of Ramaphosa staying in power as MK party (Zuma's) said they would not be lead by Ramaphosa. 

  • WSJ - South Africa’s Ruling Party, Chastened by Vote, Faces Difficult Coalition Talks

  • FT - South Africa’s ‘humbled’ ANC stands by Cyril Ramaphosa

• Caixin Survey showed positive momentum remains in China. 51.7 vs prior 51.4 and expected 51.5.

  • Reuters - China's manufacturing surges, Caixin PMI shows, but global risks grow

• OPEC extended most of its cuts in 2025, but outlined a plan to bring oil back to mkt

  • Reuters - OPEC+ extends deep oil production cuts into 2025

  • WSJ - OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices

  • Bloomberg - OPEC+ Extends Cuts But Lays Out Plan to Bring Barrels Back

• Sheinbaum set for a landslide victory and will continue her mentor AMLO's program of reform

  • Reuters - Mexico's Sheinbaum poised to become first woman president

• Finally, mkt's remain in a holding pattern, patiently waiting for PCE    

  • Nikkei 38950, CSI 3580, Crude $ 77.00, Brent $81.00, Gold $2320, XBT 68.5k, ETH 3815, EUR 1.0855 , GBP 1.2740, AUD 0.6650, JPY 157.45, CNH 7.2625, US2s at 4.89% and US10s at 4.49%.

For greater details on the overnight news stories, current macro themes, and a comprehensive look at the week ahead, look out for today’s edition of The Morning Hark. Landing in the inbox of PRO subscribers around 7.15GMT (2.15 EST).

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Have a great day, and keep smiling!

Podcast for the Commute

• Steno Research - Germany Rebounding!

The Day Ahead

• SEK (07:30): Swedbank Manufacturing PMI

• EUR (08:50): France Final May Manufacturing PMI

• EUR (08:55): German Final May Manufacturing PMI

• EUR (09:00): Eurozone Final May Manufacturing PMI

• GBP (09:30): S&P Global Final May Manufacturing PMI

• USD (15:00) ISM Manufacturing PMI and Employment 

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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