Morning Call Script - 05 June 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Emerging markets settling down... USDZAR 18.7000,  USDMXN 17.8100 and USDINR 83.50.

  • Bloomberg - Modi Seeks to Shore Up Coalition to Secure Third Term in Power

• This positivity has spread across Asia    

  • Nikkei 38400, CSI 3610, Crude $73.20, Brent $77.50, Gold $2340, XBT 71.1k, ETH 3800, EUR 1.0880, GBP 1.2775, AUD 0.6660, JPY 155.60, CNH 7.2535, US2s at 4.79% and US10s at 4.35%.

• Data overnight

  • Aussie GDP for Q1 slowed to 1.1% vs exp 1.2% and prior 1.6%

  • Caixin Services PMI 54.0 vs exp 52.6

• Elsewhere in the news 

  • Bloomberg - Sunak Hits Starmer on Tax, But Loses on Likability in UK Debate 

  • ING - Bank of Canada preview: Time is ripe for a cut

  • Bloomberg - Oil Slides to Four-Month Lows as OPEC+ Deepens Bearish Sentiment

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 - Spirited Debates Around Our Midyear Outlooks

The Day Ahead

• EUR (08:50): French Services and Composite PMI

• EUR (08:55): German Services and Composite PMI

• EUR (09:00): Eurozone Services and Composite PMI

• GBP (09:30): S&P Services and Composite PMI

• USD (13:15): ADP

• CAD (14:45): BoC Interest Rate

• USD (15:00): ISM Services PMI, Employment and Prices

• CAD (15:30): BoC Press Conference

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.