Morning Call Script - 07 Dec 2023
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
China's balance of trade saw exports up 0.5% YoY (exp -1.1%) for the first time in 6months but imports unexpectedly down 0.6% (exp +3.3%)
CSI300 hit its weakest level since early 2019 and HSI is down 9% in just 10 trading days ... CNH consolidating 7.16/17 range
Oil slumped to 5-month lows overnight (Crude $69.60 and Brent $74.50), now down over 20% from the Sept highs despite Putin's visit to the middle east
EUR-XXX catch the eye on the London open, drifting lower as the 150bps of expected cuts next year weigh on the single ccy... EURUSD 1.0765, EURGBP 0.8575, EURJPY 157.60 and EURAUD 1.6445. (for more see yesterday's Read on the Trading Floor)
Although the ECB still doesn't agree... Bloomberg -ECB May Consider Rate Cuts in 2024, Not Now, Villeroy Says
Sets up an interesting ECB meeting next week... Bloomberg - ECB’s Lagarde Squeezed as Markets Boost 2024 Rate-Cut Bets
BoJ ready to go? USDJPY down to 146.30 on the London open
[Paid Subscribers] For greater detail on the overnight news stories as well as a focus on the day ahead, see The Morning Hark in your inbox around 7.15GMT (2.15 EST) whilst also watch out for Read on the Trading Floor around 17.30GMT (12.30EST), which captures the macro themes trending on Harkster.com over the past 24hrs.
Have a great day, and keep smiling!
Podcast for the Commute
MS Thoughts on the Market - An Early Guide to the 2024 U.S. Elections
The Day Ahead
EUR (07:00): German Industrial Production
GBP (07:00): Halifax House Prices
EUR (10:00): GDP 3rd Estimate
USD (13:30): Initial and continuous claims
BoC Speak: Gravelle (17:30) and Macklem (17:40)
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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