Morning Call Script - 04 Dec 2023
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
Commodities and crypto dominating the start of the week with XAU hitting a record high (~ $2111), and clearing the 4year triple top around 2080/2100. XBT and ETH also +3.9% and +2.5% respectively. (Bloomberg - Bitcoin Hits $40,000 Level for the First Time Since May 2022)
Elsewhere it's been a quiet Wellington open, with Fixed income (US 2s 4.60%, 10s @ 4.24) and FX consolidating within recent compressed ranges (EUR 1.0870, CNH 7.1375, JPY 146.73 and AUD 0.6660).
Similarly, APAC stocks have been mixed, Nikkei down 85bps, CSI 300 -35bps and Sensex +1.4%.
Weekend headlines and news stories
FT - Chinese borrowers default in record numbers as economic crisis deepens
Bloomberg - US Payrolls Are Seen Picking Up After End of UAW Strike
The Guardian - UK house prices likely to fall by 1% next year, says Rightmove
FT - EU budget dispute threatens €50bn war lifeline for Ukraine
Politico - NATO should be ready for ‘bad news’ from Ukraine, Stoltenberg warns
Reuters - 'Way too early' to declare victory over inflation, says ECB's Nagel
[Paid Subscribers] For greater detail on the overnight news stories as well as a focus on the day ahead, see The Morning Hark in your inbox around 7.15GMT (2.15 EST) whilst also watch out for Read on the Trading Floor around 17.30GMT (12.30EST), which captures the macro themes trending on Harkster.com over the past 24hrs.
Have a great day, and keep smiling!
Podcast for the Commute
DB CIO - Don't wind down yet
The Day Ahead
CHF (07:30): Inflation Rate
SEK (08:30): Mon Pol Meeting Mintues
ECB Speak: Guindos (08:45), Lagarde (14:00)
USD (15:00): Factory Orders
AUD (22:00): 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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