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. 

Available on the HarksterPRO Research Platform.

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