Morning Call Script - 06 Mar 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Looking back through a rear-view mirror, AUD Q4 GDP 0.2% vs previous 0.3%. Softer growth, reinforcing markets view that the next RBA move can be a cut

  • Reuters - Australia economy slows to a crawl, underscoring case for rate cuts

• XBT... after brushing 69k, bitcoin dropped 10% into the NY close but has since recovered to 65.8k in APAC... 

• As expected, Super Tuesday projections point to a Trump vs Biden rematch

• Biden pushing Hamas for a ceasefire deal as Ramadan approaches  

  • Reuters - Hamas says it will continue negotiating for ceasefire as Ramadan nears

• Markets - CSI 3557, Nikkei 40081,  Crude 78.50, Brent 82.30, Gold 2125, EUR 1.0860, GBP 1.2705, AUD 0.6520, JPY 149.90, CNH 7.2120 and 10s 4.15%

• Reuters report "Bank of America suggests that U.S. national debt rising by $1 trillion every 100 days is driving investors into "debt debasement" trades such as gold and bitcoin"

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

• HSBC - The Macro Brief – AI: risks, rewards and regulations

The Day Ahead

• EUR (07:00): German Balance of Trade

• EUR (08:30) : HCOB Construction PMI for Eurozone, FRA and GER

• GBP (09:30): S&P Construction PMI

• USD (13:15): ADP

• CAD (14:45): BoC

• Fed Chair Powell Testimony to Congress (15:00)

• USD (15:00): JOLTs

• CAD (15:30): BoC Presser

• Fed's Daly (17:00), Kashkari (20:15)

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.