Morning Call Script - 17 May 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Another quiet overnight session. Dollar drifting back stronger from its post CPI wides....

  • Nikkei 38720, CSI 3630, Crude $ 79.30, Brent $8355, Gold $, XBT k, EUR 1.0855, GBP 1.2655, AUD 0.6665, JPY 155.80, CNH 7.2315, 10s at 4.37%.

• Mixed Chinese data. IP beat expectations (6.7% vs exp 5.5%) but retail sales missed (2.3% vs exp 3.8%)

  • Bloomberg - China Rebound Gets More Lopsided as Factories Hum, Shoppers Lag

• USDJPY grinding back towards 156.00. Disappointing price action for USD sold post CPI. Rather than continue to taper, BoJ maintained their JGB buying amounts overnight. However, expectations are growing for a June hike. 

  • Bloomberg - BOJ Keeps Bond Buying Unchanged After Surprise Cut on Monday

  • Bloomberg - BOJ May Raise Rates as Soon as June, Ex-Chief Economist Says

• ECB Schnabel spoke with Nikkei, July interest cut does not look warranted so quickly after a June cut.

  • ECB - Isabel Schnabel: Interview with Nikkei

• Limited economic data to print today, only CB speakers to keep us active.

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

• Schroders - The Value Perspective with Sonja Laud (CIO @ Legal and General Investment Management)

The Day Ahead

• ECB's Guindos (08:20)

• BoE's Mann (09:00)

• EUR (10:00): Final Inflation Rate for April

• Fed's Waller (15:15)

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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