Morning Call Script - 05 Mar 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Tokyo CPI 2.5% as expected (previous 1.8%)

• Caixin Composite PMI on the screws @ 52.5, growth target set at 5% (as expected)

  • The Guardian - China sets challenging GDP target in face of regional tensions and ageing population

  • CSI 300 increased to a 14-week high of 3563.00 that's 7.5% over the past 4 weeks

• Fed Bostic, when rate cuts start, they will not be back-to-back. Favours two cuts from Q3.

  • Bloomberg - Bostic Sees Fed Pausing After Just One Rate Cut in Third Quarter

• Markets - Crude 78.30, Gold 2115, EUR 1.0847, GBP 1.2680, AUD 0.6480, JPY 150.50, CNH 7.2100 and 10s 4.21%

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Have a great day, and keep smiling!

Podcast for the Commute

• Blind Squirrel Macro - Pod: The 🐿️ must be on drugs!

The Day Ahead

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

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

• GBP (09:30): Services and Composite PMI

• USD (15:00): ISM Services

• Fed's Barr @ 17:00

• Super Tuesday on the US campaign trail

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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.