Morning Call Script - 12 Jan 2024
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
A list of Chinese data releases overnight
YoY Inflation -0.3% vs exp -0.4% and prior -0.5%.
MoM Inflation 0.1% vs exp 0.2% and prior -0.5%
PPI YoY -2.7% vs exp -2.6% and prior -3%
Balance of Trade $75.3bln vs exp $74.75bln and prior $68.4bln. Led by higher-than-expected exports 2.3% vs exp 1.7% and prior 0.5%.
US 30y auction - decent demand stopping 0.1bps through with dealers left with just 14.5%, the lowest since August last year.
Fed's Mester - March too soon for a rate cut (BBG), Barkin looking to be convinced that inflation is headed to target and Goolsbee sees progress on inflation, his rate cut forecast close to median.
Brent ($79) and Crude ($73.75) up over 2% as US/UK and their allies launch missile attacks on Houthi targets
FX - USD drifting softer (EUR 1.0980, GBP 1.2775, AUD 0.6700 and JPY 145.05) inline with the US2s rally from 4.39% post CPI to open this mng ~4.28%.
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Podcast for the Commute
The Inflation Guy / Mike Ashton - Ep. 94: This Month’s CPI Report - New Year, New Ewww
The Day Ahead
GBP (07:00): GDP and IP
EUR (07:45): French CPI
EUR (08:00): Spanish CPI
USD (13:30): PPI
Fed Speak: Kashkari (15:00)
Have a great day, and keep smiling!
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