Morning Call Script - 06 Feb 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• RBA - unchanged as expected at 4.35%, further increase in interest rates cannot be ruled out. (AUD +35bps and back above 0.6500)

  • Reuters - Australia's central bank holds rates, warns of possible further hike

• Fed's Q4 SLOOS reported tighter standards and weaker demand

  • Stenos Signals - Breaking SLOOS survey: The US economy is accelerating and inflation risks are back!

• China market stabilisation "efforts" continue, with expectations rising for Xi's economic briefing, the state fund Central Huijin Investment said it has expanded its scope of investment in ETFs and China's securities regulator said it will guide institutional investors to raise stock investments and encouraged listed companies to increase buybacks. CSI 300 up 3% to 3300 as a result.

  • Bloomberg - China Stocks Rebound as Beijing Intensifies Efforts to Stem Rout

  • Bloomberg - Wall Street Snubs China for India in a Historic Markets Shift

  • Reuters - Why China's national team won't save spiralling markets

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Have a great day, and keep smiling!

Podcast for the Commute

• The Blind Squirrel Macro - Just waitin' for the maturity wall

The Day Ahead

• EUR (07:00): German Industrial Orders

• EUR (10:00): Retail Sales

• CAD (15:00): Ivey PMI

• Fed Speak: Mester (17:00), Kashkari (18:00) and Collins (19:00)

• BoC Macklem (18:00)

• NZD (21:45): UER

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