Morning Call Script - 17 June 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Fool me once, shame on you, fool me twice.... Like the BoJ consistently missing hawkish expectations, Rory's epic collapse at the US Open leaves fans distraught globally. 

  • The Guardian - Bryson DeChambeau wins thrilling US Open to leave Rory McIlroy in agony

• Data dump from China.... PBoC 1yr MLF remains at 2.5%, UER unchanged at 5%, IP softer than expected (5.6% vs exp 6%) but retail sales beat (3.7% vs exp 3%)

  • FT - Chinese industrial output growth slows as property crisis weighs on economy

• Overall a quiet Wellington open.... Nikkei 38050, CSI 3535, Crude $78.20, Brent $82.35, Gold $2320, XBT 66.5k, ETH 3587, EUR 1.0703, GBP 1.2680, AUD 0.6600, JPY 157.44, CNH 7.2690, US2s at 4.73% and US10s at 4.25%.

• Elsewhere in the news over the wkd... 

  • Reuters - ECB in no rush to discuss French bond rescue, sources say

  • Bloomberg -  Emerging-Market Bond Rally Threatened as Hawkish Flags Multiply

  • FT - Rachel Reeves to seek ‘improved’ UK-EU trade terms if Labour wins election

  • ING - Battle of the bad news stories – Brazil or Mexico?

For greater details on the overnight news stories, current macro themes, and a comprehensive look at the week ahead, look out for today’s edition of The Morning Hark. Landing in the inbox of PRO subscribers around 7.15GMT (2.15 EST).

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Have a great day, and keep smiling!

Podcast for the Commute

• Saxo - Has Apple and OpenAI made a groundbreaking deal?

The Day Ahead

• ECB speak - Lane (09:00), Lagarde (10:00) and Guindos (12:30)

• Fed Harker (18:00)

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.