Morning Call Script - 16 Oct 2023
Overnight asset drivers & the impending data calendar
What’s Moved Overnight
Weekend dominated by the events in Israel/Palestine, with the former preparing what looks to be a considerable ground assault to the North. ILS (3.9800/3.9900) approaching an 8 year low versus the USD, oil remaining above $90 whilst Nikkei was down as much as 2%, following Friday's weakness in Europe / US.
Reuters - Gaza border crossing set to reopen as Israeli troops prepare ground assault
FT - I can't just sit and do nothing: Israeli society mobilises after Hamas attack
Reuters - Explainer: What impact can the Israel-Hamas war have on oil?
WSJ - Violence Surges in the West Bank Following Gaza Attack on Israelis
Axios - Israel-Hamas war: Biden considers Israel visit after Netanyahu extends invite
Axios - Biden on "60 Minutes": Israeli occupation of Gaza a "big mistake"
ING Commodities Feed - Oil market remains nervous
Coindesk - Hamas Crypto Ties May Lend Energy to Sen Warren's Money Laundering Bill
European equity futures are flattish ahead of today's open whilst broader G10 markets were also subdued... EURUSD 1.0525, USDJPY 149.40 and AUDUSD 0.6325.
A lot of CB chatter this week, but the highlight will be Fed Chair Powell's speech on Thursday (the eve of their blackout window) to the economic club of NY.
ECB's de Cos told the (FT) that the recent sell off in global duration, led by the US has supported their pause.
Have a great day, and keep smiling!
Podcast for the Commute
The Day Ahead
GBP (09:30): BoE Pill
USD (13:30): NY Empire State Manufacturing
Earnings: Charles Schwab
NZD (22:45): CPI
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