Morning Call Script - 07 Feb 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Drifting, with little new news, assets are bobbing on a sea of liquidity and waiting for a new impetus. EUR 1.0755, GBP 1.2600, AUD 0.6520, JPY 148.00, Gold 2033, Crude 73.50, CSI 300 @ 3327, US10s 4.10%

  • Will it be a Chinese fiscal package pre/post Lunar NY?

  • Will the market come to a realisation that the Fed will not cut as the US economy re-heats?

• Fed's Mester / Kashkari - open to cuts but need to see more progress

  • Bloomberg - Mester Sees Fed Gaining Confidence to Cut Interest Rates Later This Year

• FT - SEC moves to tighten oversight of $26tn Treasury market. US regulator passes rule that will force some high-speed traders and HFs to register as dealers

• CRE portfolio repricing continues in the background

  • Bloomberg - NYCB Extends $4.5 Billion Stock Rout to Lowest Level Since 1997

  • FT - Canary Wharf office takes 60% hit in distressed sale

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

• The Rest Is Politics - King Charles, Sunak’s £1000 bet, and the future of North Korea

The Day Ahead

• EUR (07:00): German IP

• BoE Speak - Breeden (08:40), Woods (14:15)

• Fed Speak - Kugler (16:00), Collins (16:30), Barkin (17:30), Bowman (19:00)

• BoC Summary of Deliberations (18:30)

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.