Morning Call Script - 16 May 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Wall street left us at ATH and APAC continued the party overnight. The mkt has raced into short USD trades given the correction in US10s to 4.32% and Sept is now fully priced for a Fed cut with July in play.    

  • Nikkei 38755, CSI 3650, Crude $ 79.00, Brent $ 83.20, Gold $2390, XBT 65.8k, EUR 1.0880, GBP 1.2684, AUD 0.6680, JPY 153.95, CNH 7.2140, 10s at 4.32%.

  • Steno Research - TRADE ALERT: TRADING THE CPI REPORT

  • Bloomberg - Sorry Inflation Doomers, We're Heading in the Right Direction

• Japanese GDP disappointed even low expectations. -0.5% vs exp -0.4% QoQ

• Aussie employment rate drifted higher to 4.1% vs exp 3.9%. Under the hood there was a rotation from full time jobs (-6k vs prior 26.6k) to part time (44.6k vs prior -32.5k). 

  • ING - Australia: Mixed news from the labour front

• In other news overnight

  • FT - Vladimir Putin arrives in China to shore up close ties with Xi Jinping

  • Bloomberg - Fed’s Goolsbee Praises Disinflation, Says More Progress Needed

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Have a great day, and keep smiling!

Podcast for the Commute

• MS - The Narrow Scope of US Tariffs on China

The Day Ahead

• NOK (07:00): Norway GDP

• GBP (09:00): BoE Financial Stability Report

• BoE Grenne (12:00)

• Bundesbank Nagel (12:30)

• USD (13:30): Philly Fed, Initial claims and Building Permits

• USD (14:15): Industrial Production

• Fed Barr (15:00), Harker (15:30), Mester (16:30) and Bostic (20:50)

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. 

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