Morning Call Script - 16 Apr 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Chinese Q1 GDP beat expectations 5.3% vs exp 5% and previous 5.2%. However, the strong Q1 looks unsustainable as March figures for both Industrial Production and Retail Sales were well below the street's forecasts. Industrial Production: 4.5% vs exp 5.4% (prior 7%). Retail Sales: 3.1% vs exp 4.5% (prior 5.5%).

  • Bloomberg - Chinese Economy’s Strong Start to 2024 Is Already Fading

  • Reuters - China's Q1 GDP growth solid but March data shows demand still feeble

  • Nordea - China: Keeping up appearances

• Fed's Daly - "The worst thing to do is act urgently when urgency is not required"

  • Bloomberg -Fed’s Daly Says No Urgency to Cut, Policy in a Good Place

• Markets Overnight, JPY breaks 154.00 and PBoC loosens their grip on Yuan - Nikkei 38530, CSI 3535, Crude $86.00, Brent $90.60, Gold $2385, XBT 63k, EUR 1.0618, JPY 154.30, GBP 1.2435, AUD 0.6420, CNH 7.2730, 10s at 4.62%

  • Bloomberg - China Loosens Grip on Yuan by Weakening Fix Amid Dollar Strength

  • Bloomberg - Japan’s Tepid Warning on Yen Fuels Renewed Weakness Ahead of IMF

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Have a great day, and keep smiling!

Podcast for the Commute

• Schroders - The Value Perspective with Russell Napier

The Day Ahead

• GBP (07:00): UK Unemployment

• EUR (10:00): German ZEW

• USD (13:30): Housing starts

• USD (14:15): Industrial Production

• BoE's Bailey 18:00 

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