Morning Call Script - 16 Feb 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• The ripple effect of Tuesday's CPI has disappeared and after some mixed US data yesterday afternoon, USD has drifted softer overnight. 

  • Atlanta Fed GDPNow has dropped to 2.9% from prev 3.4% 

• Nikkei continues its charge to ATH ... up 1.2% to 38,620

• Horrific by election results for Sunak as Labour have taken two seats in traditional conservative "strongholds". Voter turnout was low but the swings in key conservative seats will be extremely worrying for Conservative HQ and pile more pressure on Rishi. Will he be forced to turn to the right of his party as he gets out flanked by PopCons and Reform... 

  • Reuters - Britain's Labour Party deals double blow to PM Sunak's Conservatives

• Tensions remain high in ME as the invasion of Rafah looms despite calls from global leaders for a 6week ceasefire 

  • WSJ - Biden-Netanyahu Relationship at Boiling Point as Rafah Invasion Looms 

• RBNZ's Orr - "we've got more work to do"... threading the needle between more hikes and pivoting to towards cuts. As a result the repeat of his "higher for longer" stance has had little impact on the flightless bird and left NZDUSD (0.6100) and AUDNZD (1.0700) relatively unchanged.

  • Bloomberg - Orr Says RBNZ Still Needs to Anchor Inflation Expectations

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

• MS - What the US election could mean for NATO

The Day Ahead

• GBP (07:00): Retail Sales

• ECB Schnabel (08:45)

• USD (13:30): PPI

• USD (15:00): Univ Mich Consumer Sentiment 

• Fed's Barr (14:10) and Daly (17:10)

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.