Morning Call Script - 14 June 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Fool me once, shame on you, fool me twice.... BoJ are dovish once again, not living up to expectations. USDJPY is back testing 158.00 as BoJ won't start trimming their bond buying program until July. They will layout their tapering plan for the next one to two years at that meeting.

  • Reuters - Bank of Japan to trim bond buying, keeps rates steady

  • Bloomberg - Bank of Japan’s Delay to Bond Buying Cuts Nudges Down the Yen

• Elsewhere, it was quiet outside of the moves in Nikkei and JPY... 

  • Nikkei 38850, CSI 3515, Crude $78.20, Brent $82.35, Gold $2305, XBT 66.7k, ETH 3500, EUR 1.0735, GBP 1.2750, AUD 0.6625, JPY 157.97, CNH 7.2715, US2s at 4.73% and US10s at 4.27%.

• Finally in the news overnight... 

  • Reuters - Elon Musk wins Tesla shareholder approval for $56 billion pay package, touts his ability to 'deliver' 

  • Bloomberg -  France’s Left Unites to Challenge Macron, Le Pen for Power

  • Bloomberg -  Labour Party Is Right to Make Private Equity Pay Fair Tax

  • FT - Mexico’s outgoing president pushes ahead with plan to fire 1,600 judges

Look out for tomorrow’s concise weekend read, recapping what the street consumed over the week, which articles were of focus and which topics were researched. Macro narratives will be interwoven with recommended reading as well as “Top 10 reads of the past week” and "Top 5 podcasts of the past week". Landing in the inbox of PRO subscribers around lunchtime.

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Have a great day, and keep smiling!

Podcast for the Commute

• JPM Global Data Pod Weekender: Can you hear me now?

The Day Ahead

• SEK (07:00): CPI

• EUR (07:45): French Inflation Rate

• ECB speak - Guindos (10:00), Lane (10:00), Schnabel (14:30) and Lagarde (18:30)

• USD (15:00): Michigan Consumer Sentiment and Inflation Expectations

• Fed speak - Goolsbee (19:00)

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.