Morning Call Script - 08 Nov 2023
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
Following on from the Wall Street close, APAC stocks traded mixed to smalls down... HSI -50bps, CSI -50bps, Nikkei -30bps...
A very narrow cross asset consolidation continued overnight... opening London lvls = CL1 77, SPX 4390, EUR 1.00685, JPY 150.65, 10s 4.61%.
Powell next up from the Fed. Commentary from Logan, Waller, Bowman and others have warned against complacency, accelerated Q3 growth may need further tightening, inflation trending to 3% not 2%... they've not endorsed the 2024 fixed income move with almost 4 cuts priced into the curve relative to their recent SEP forecast of just 2.
Israel is now hunting Hamas in tunnels after encircling Gaza City.
The UST did not name China a currency manipulator but does want more transparency on their intervention
Bloomberg - US Presses China for More Yuan Transparency
For greater detail on the overnight moves as well as a focus on the day ahead see The Morning Hark in your inbox around 7.15GMT (2.15 EST) whilst watch out for Read on the Trading Floor by 17.00GMT (12.00EST) following the market's reaction to Powell's speech and much more.
Have a great day, and keep smiling!
Podcast for the Commute
J.P. Morgan Global FX - US Macro & Market Update
The Day Ahead
EUR (07:00): Germany HICP
EUR (09:00): ECB 1- and 3-Year CPI Expectations
BoE Bailey (09:30)
PLN (15:00): NBP announcement
CAD (18:30): BoC Summary of Deliberations
ECB Speak ... Makhlouf (09:00), de Cos (12:30), Enria (14:00)
Fed Speak ... Cook (10.15), Powell (14.15), Williams (18:40), Barr (19:00), Jefferson (21:45)
Stay informed throughout the day with our new commentary feed (‘Intraday Market Colour’) highlighting key notes, topics du jour, and HarksterHQ’s market updates around key data points and headlines.
Available on the Harkster Research Platform.
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