Morning Call Script - 05 Sept 2023
Overnight asset drivers + the impending data calendar
As we enter a new trading month, @HarksterHQ is happy to announce the evolution of its content offering. Of course, The Morning Hark will continue to arrive in your inbox around 8am London, and we would like to take this opportunity to thank the ~16k loyal subscribers for their support. Going forward, we will also be adding Harkster's Morning Call Script. This will focus on the overnight asset drivers and the impending data calendar. It will be particularly useful for those presenting on morning calls on the sell and buy side. Publication Time: 6:30 - 6:45am.
What’s Moved:
RBA: as expected held rates at 4.1% for Gov Lowe’s final meeting and confirmed “some further tightening of Monetary Policy may be required”.
China: Some good news (Country Garden repaid interest on their USD bond) and bad news (weaker Caixin PMI 51.8 vs exp 53.5) overnight
Korea: 3.4% YoY CPI vs exp 2.9% and previous 2.3%
Japan: 10year JGB auction yield 0.657% vs previous 0.594%
FX: EURUSD unchanged at 1.0795, USDJPY drifting higher to 146.70 but the main moves can be seen in countries connected to the Chinese economy following the softer than expect Caixin PMI. AUDUSD 0.7% weaker to 0.6425, NZDUSD down 0.45% to 0.5915 and USDZAR +0.4% to 19.16.
Equities: subdued session for APAC with European futures also inline to a little lower than yesterday’s close
Crypto: XBT and ETH are still consolidating around 25.6k and 1.6k respectively
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
EUR (09:00): ECB Consumer Expectations Survey (CPI)
GBP (09:30): UK Services and Composite PMI
EUR (10:00): Eurozone PPI
EUR: ECB's Lagarde (08:00), Schnabel (13:30) and Guindos (15:30) chair panels
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