Morning Call Script - 14 Mar 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Another quiet overnight session, with the mkt struggling for catalysts - Nikkei 38840, CSI 3574, Crude 79.75, Brent 84.00, Gold 2168, XBT 73.5k, EUR 1.0940, GBP 1.2794, AUD 0.6618, CNH 7.1980, JPY 147.90, 10s at 4.20%.

• Same stories dominate the press - Trump/Biden, BoJ, Real Estate, Gold and Crypto

  • Bloomberg - These Will Be the Winners and Losers When Bank of Japan Ditches Negative Rates

  • WSJ - U.S. Probes Hamas’s Use of Crypto Before Oct. 7

  • Bloomberg - Rogoff Says Biden, Trump Favor ‘Blowing Up’ US Debt

  • Bloomberg - Gold’s Record-Setting Pace Is Exuberantly Rational

  • Reuters - Germany is only halfway through property crisis, says Commerzbank real estate boss

• Can a stronger set of US data, PPI + retail sales take US 2s back through 5%...? Maybe then we'll see a USD move?

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Have a great day, and keep smiling!

Podcast for the Commute

• Barclays - Can the Fed take credit for declining inflation?

The Day Ahead

• ECB's Elderson (09:30), Knot (12:00) and de Guindos (18:00)

• USD (12:30): Initial Claims

• USD (12:30): PPI

• USD (12:30): Retail Sales

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