Morning Call Script - 08 Feb 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Chinese CPI softer, fastest decline since 2009 led by food price decline (-0.8% YoY vs exp -0.5% and prev -0.3%). CSI 300 went into the lunar new year break with a whimper +15bps to 3350, consolidating the 4% gain over the past week. 

  • Bloomberg - China's Economy Under Pressure as Inflation Drops at Fastest Pace in 14 Years

  • Reuters - China's consumer prices suffer biggest fall since 2009 as deflation risks stalk economy

• Deputy BoJ Gov Uchida - “unlikely to raise interest rates aggressively, even after ending its negative interest rate policy.” Takes cross-JPY higher, led by USDJPY +40bps to 148.70

  • Bloomberg - BOJ’s Uchida Says Hard to See Sharp Hiking Pace Post-Liftoff

• RBI - rates unchanged @ 6.5% which weighed on the SENSEX Index (down 70bps)

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Have a great day, and keep smiling!

Podcast for the Commute

• MS Thoughts on the Market - Which Geopolitical Events Matter Most to Investors

The Day Ahead

• USD (13:30): Initial Claims 

• USD (18:00): 30yr Auction

• MXN (19:00): Banxico

• ECB Speak - Wunsch (12:00), Elderson (14:15), Lane (15:30)

• Fed Speak - Barkin (13:30)

• BoE Speak - Dhingra (14:00), Mann (15:00)

• RBA Speak - Bullock (22:30)

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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