Morning Call Script - 10 June 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• USD has started the week on the front foot as US fixed income drifts wider, carrying on the post NFP move. The shock EU election results have weighed on EUR-crosses. 

  • Nikkei 39000, CSI 3574, Crude $ 75.70, Brent $79.80, Gold $2295, XBT 69.5k, ETH 3685, EUR 1.0750, GBP 1.2715, AUD 0.6585, JPY 157.10, CNH 7.2700, US2s at 4.90% and US10s at 4.45%.

• After heavy defeat in European elections, Macron called for a surprise general election. Scholz's SPD in Germany also suffered a record defeat. 

  • Reuters - Macron calls shock French elections after far-right rout

  • Reuters - Explainer: What's at stake in Macron's shock snap election call?

  • Bloomberg - Macron’s High-Risk Vote Attempts to Halt Le Pen’s French Advance

  • Bloomberg - Scholz’s SPD Suffers Record Rout in Germany’s EU Vote

• Elsewhere in the news over the wkd

  • Bloomberg - ECB Divergence From Fed Would Fuel Inflation, Holzmann Says

  • Bloomberg - UK’s More Frequent Rainy Spells Make Economy Data Harder to Read

For greater details on the overnight news stories, current macro themes, and a comprehensive look at the week ahead, look out for today’s edition of The Morning Hark. Landing in the inbox of PRO subscribers around 7.15GMT (2.15 EST).

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Have a great day, and keep smiling!

Podcast for the Commute

• DB CIO - ECB pivots, Fed decision awaits

The Day Ahead

• NOK (07:00): Core Inflation Rate

• SEK (07:00): GDP

• USD (18:00): 3yr note auction

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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The information provided in this post is for general information purposes only. No information, materials, services, and other content provided in this post constitute solicitation, recommendation, endorsement or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.