Morning Call Script - 11 Apr 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• 3bps tail on the US 10 year auction, the 3^rd biggest on record

  • The Boock Report - 10 yr auction was bad

  • ZeroHedge - Yields Soar After Catastrophic 10Y Auction Shocks With 3rd Biggest Tail On Record

• Softer inflation in China with YoY rate printing 0.1% and below the previous 0.7% as well as the expected 0.4%. MoM was down 1% vs exp -0.5% and prior +1%. 

  • Bloomberg - China Consumer Price Gains Fade With Industry Stuck in Deflation

• Biden warns of an imminent attack on Israel from Iran proxies, oil 1% higher

  • WSJ - U.S. Warns of Imminent Attack on Israeli Assets by Iran or Proxies

• BoJ vs US fixed income = 152.95... Kanda says recent Yen moves are rapid, Suzuki won't rule out steps to respond to excessive moves

• TSMC beat on earnings 

  • Nikkei Asia - TSMC's Q1 revenue rise beats market expectations on AI boom

  • FT - Taiwan’s chip industry heads overseas amid supply chain shift

• Market's overnight sees the USD consolidate its post CPI gains - Nikkei 39445, CSI 3515, Crude $86.40, Brent $90.60, Gold $2340, XBT 70.5k, EUR 1.0745, JPY 152.95, GBP 1.2545, AUD 0.6520, CNH 7.2530, 10s at 4.53%

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Have a great day, and keep smiling!

Podcast for the Commute

• WSJ - What Arizona's Abortion Ban Means for the 2024 Election

The Day Ahead

• NOK (07:00): Mainland GDP

• EUR (13:15): ECB

• USD (13:30): PPI

• USD (13:30): Initial Claims

• EUR (13:45): ECB Press Conf

• Fed's Williams (13:45), Collins (17:00) and Bostic (18:30)

• USD (18:00): 30year auction

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