Morning Call Script - 03 Nov 2023
Overnight asset drivers & the impending data calendar
Please note that the Harkster Research Platform will be down for maintenance on Saturday 4th November for several hours between 11am - 3pm GMT. Apologies for any inconvenience.
What’s Moved Overnight
Quiet consolidation in APAC ahead of NFP (EUR 1.0630, JPY 150.30, GBP 1.2205, AUD 0.6440 and NZD 0.5905). The disappointing Composite Caixin PMI did little to derail the 'positive' cross asset momentum (50 vs exp 50.9)
We've seen 4 positive green days for SPX, global stock indices are up over 4% wtd, Apple beat on quarterly sales/profit although stock was heavy in after hours trading (down over 3%) amid declining sales of iPads/Wearables and a cautious outlook on future China sales
As for fixed income, 15bps rally in 2s, 25bps in 10s and the market pricing just a 20% chance of a Dec hike.... can we ask for more on the week? Bloomberg NFP Whisper number is 203k vs survey of 180k, the market with one eye on a Santa rally is hoping today's US labour data underpins the narrative of "peak global rates".
Have a great day, and keep smiling!
Podcast for the Commute
The Day Ahead
GBP (09:00): BoE's Hauser
GBP (09:30): Composite PMI
GBP (12:15): BoE's Pill
CAD (12:30): Unemployment
USD (12:30): NFP, AHE, UER
USD (13:45): Composite PMIs
USD (14:00): ISM Services PMI, Employment Index
Stay informed throughout the day with our new commentary feed (‘Intraday Market Colour’) highlighting key notes, topics du jour, and HarksterHQ’s market updates around key data points and headlines.
Available on the Harkster Research Platform.
ㅤㅤㅤ
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.