Morning Call Script - 05 Oct 2023
Overnight asset drivers & the impending data calendar
Softer USD post ADP miss (89k vs exp 150k), US10s at 4.74%, Asian Equity markets (that aren't on holiday) higher by ~1%... A sigh of relief for assets as yields held onto yesterday's retreat
Still plenty of unanswered questions as to why we saw the largest drop in crude oil prices since 2022 … positioning? weak data? lower gasoline demand?
Signs of a global recession, aren't exactly what bulls dream are made of. In the short term it may take the pressure off yields and generate a relief rally but the higher for longer message and global PMI slowdown is inducing an underperformance of high yielders (AUD, NZD) relative to low yielders (EUR, JPY, CHF).
Have a great day, and keep smiling!
The Market Huddle: Kevin Talks All Things Uranium With Harris "Kuppy" Kupperman
EUR (08:30): HCOB Construction PMI - FRA, GER, ITA, EUR
GBP (09:30): S&P Cosntruction PMI
EUR (10:45): ECB Lane
USD (13:30): Initial Claims
USD (14:00): Fed Mester
CAD (15:00): Ivey PMI
EUR (15:00): ECB de Guindos
USD (16:30): Fed Barkin
USD (17:00): Fed Daly
USD (17:15): Fed Barr
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Apologies, we incorrectly noted US10s at 4.6% this morning instead of 4.7% (now at 4.74%). This has now been corrected. Thanks to one of our readers for flagging.