Morning Call Script - 15 Dec 2023
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
Chinese data - PBoC left the 1yr MLF at 2.50% but did inject/offer $112bln of 1yr loans for commercial lenders to access. Elsewhere, Industrial Production was better than expected at 6.6% (exp 5.6%), retail sales were weaker 10.1% than the forecasted 12.5% but they were up from prior 7.6%.
Quiet APAC session after the CB storm. G10 FX is where we left it before heading to bed / London Xmas parties / watch the Europa league if your a die hard Liverpool fan (BBC - Union Saint-Gilloise 2 - 1 Liverpool)
FX - EUR 1.0985, JPY 141.90, AUD 0.6700 and CNH 7.1145.
FI - US 2s 4.43% and 10s @ 3.95%
Commodities - Crude $72, Brent $76.80 and Gold $2035
Triple witching the dominant risk event for the day's session with some light interest in European morning around PMIs.
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
Grant's Interest Rate Observer - A Currency Affair with special guest Brent Donnelly.
The Day Ahead
EUR (08:15): France Dec Flash PMI
EUR (08:30): German Dec Flash PMI
EUR (09:00): Eurozone Dec Flash PMI
GBP (09:30): Dec Flash PMI
USD (13:30): NY Empire State Manufacturing Index
USD (14:15): Industrial Production
USD (14:45): S&P Global Dec Flash PMI
CAD (17:40): BoC Macklem
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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