Morning Call Script - 07 May 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Markets consolidated overnight.... Nikkei 38720, CSI 3655, Crude $78.55, Brent $83.40, Gold $2320, XBT 63.4k, EUR 1.0765, GBP 1.2555, AUD 0.6605, JPY 154.40, CNH 7.2195, 10s at 4.47%.

• RBA unchanged at 4.35%, inflation rate remains high and is falling slower than expected. Press conf due at 06:30 BST.

• UBS returned to profit.

  • Bloomberg - UBS Returns to Profit as Wealth, Investment Bank Drive Beat

• Ceasefire?

  • Axios - Israel frustrated with U.S. over hostage talks (axios.com)

  • Bloomberg - Israel-Hamas War Latest: Israel Rejects Gaza Cease-Fire Plan Accepted by Hamas

  • Reuters - Gaza ceasefire uncertain, Israel vows to continue Rafah operation

• There is no need to intervene if the market is functioning correctly... USDJPY drifting back north to a 154 handle.

• Fed's Barkin - higher for longer to slow the economy and cool inflation to 2%

  • Bloomberg - Fed’s Barkin Says Full Impact of High Interest Rates Yet to Come

• It's a slow start to May, with the week back loaded with data.  

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Have a great day, and keep smiling!

Podcast for the Commute

• The Blind Squirrel - Pod: Losing My Religion

The Day Ahead

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

• EUR (08:30): French, German and Eurozone Construction PMI

• GBP (09:30): Construction PMI

• BoE - Hall (13:30)

• CAD (15:00): Ivey PMI

• Fed - Kashkari (16:30)

• Bundesbank - Nagel (18:00) 

• BoC - Rogers (20:30)

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. 

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