Morning Call Script - 08 Mar 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• SOTU - A fired up, aggressive Joe Biden takes on Trump over immigration deal, abortion rights, NATO allies, tax hikes... 

  • Bloomberg - Key Takeaways From Biden’s State of the Union Address

  • The NY Times - How Cable News Reacted to the Speech

• USDJPY 148.00 given with US10s @ 4.08%, BoJ hawks pulling mkt expectations of a "hike" into March and seasonals weighing on cross-JPY ahead of Japanese financial yr end.

  • Reuters - BOJ's growing confidence in prices, wages shifts focus to March meeting

  • Reuters - Japan Inc set to offer bumper pay hikes, paving way for BOJ stimulus exit

• USD over 1% weaker heading into today's NFP as Fed's Powell says "not far" from confidence needed to cut rates 

  • Reuters - Powell has already opened the door to cutting rates even if unemployment stays low, as long as inflation continues to slow.  

  • Bloomberg - Fed Is ‘Not Far’ From Confidence Needed to Cut Rates, Powell Says

• Markets - CSI 3537, Nikkei 39727,  Crude 79.47, Brent 83.43, Gold 2158, EUR 1.0945, GBP 1.2800, AUD 0.6630, CNH 7.1990, 10s at 4.08

Look out for tomorrow’s concise weekend read, recapping what the street consumed over the week, which articles were of focus and which topics were researched. Macro narratives will be interwoven with recommended reading as well as “Top 10 reads of the past week” and "Top 5 podcasts of the past week". Landing in the inbox of PRO subscribers around lunchtime.

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Have a great day, and keep smiling!

Podcast for the Commute

• ANZ - Markets eye June rate cuts by Fed & ECB

The Day Ahead

• EUR (07:00): German Industrial Output

• EUR (10:00): Revised Q4 GDP

• USD (13:30): AHE, NFP

• CAD (13:30): Unemployment Rate

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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