Morning Call Script - 05 Jan 2024
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
Mixed session for Asian stocks - CSI 300 down 50bps to 3330 whilst Nikkei slightly in the green, +20bps at 33350
USD drifted a little stronger overnight, JPY again in focus trading up to 145.15, EUR 1.0928, AUD 0.6695, CNH 7.1760 etc
Bloomberg report a large option bet, 4.15% to trade in US10s post NFP
We enter NFP with the new year bringing the first retracement of the 9-week trend in stocks and USD having one of its strongest weeks since last summer. However, nothing is set in stone until we see the NFP lottery. Market expectations for a March cut have drifted all week (Read on the Trading Floor - Jan 04) and are now down to 66%, whilst 10s are out to 4.0% on the London open. For this week's sell off in US fixed income to hold we need at least an inline data set (NFP 170k , AHE 0.3% MoM, UER 3.8%).
Look out for tomorrow’s concise weekend read, recapping what the street consumed over the week, which articles were of focus and which topics were researched. Macro narratives will be interwoven with recommended reading as well as “Top 10 reads of the past week” and "Top 5 podcasts of the past week". Landing only in the inbox of PRO subscribers around lunchtime.
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Have a great day, and keep smiling!
Podcast for the Commute
BlackRock - A Stock Picker's Guide To 2024
The Day Ahead
EUR (07:00): German Retail Sales
GBP (07:00): Halifax House Price Index
EUR (10:00): Flash CPI
USD (13:30): NFP, AHE and UER
CAD (13:30): Employment Data
USD (15:00): ISM Services PMI
USD (15:00): ISM Services Employment Index
CAD (15:00): Ivey PMI
USD (18:30): Fed's Barkin
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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