Morning Call Script - 12 Dec 2023

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• A holding pattern ahead of US CPI with the USD a touch softer 

  • FX - 1.0770, JPY 145.50, GBP 1.2575, AUD 0.6590 and CNH 7.1850

  • FI - 2s @ 4.70%, 10s @ 4.21%

  • Equities - Nikkei @ 32780 and CSI 300 @ 3427

  • Commodities - Brent $72, Crude $76.60 and Gold $1990

• Bloomberg - Unchanged Consumer Prices to Give Fed Room to Consider Rate Cuts

• Reuters - Epic Games wins antitrust case against Google over Play app store

[Paid Subscribers] For greater detail on the overnight news stories as well as a focus on the day ahead, see The Morning Hark in your inbox around 7.15GMT (2.15 EST).

Look out for the final Fed Preview of the year, in the inbox of PRO subscribers around 14:00 GMT. It will focus on what's priced, the markets base case view and conclude with a 3-pronged scenario analysis. If the market expects Powell to push back against 2024 cuts, where's the hawkish surprise going to come from?

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Have a great day, and keep smiling!

Podcast for the Commute

• BNP Paribas - A race between the ECB and the Fed?

The Day Ahead

• GBP (07:00): UER and Earnings excl Bonus

• EUR (10:00): ZEW 

• USD (13:30): CPI

• USD (18:00): 30y bond 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.