Morning Call Script - 17 Oct 2023
Overnight asset drivers & the impending data calendar
What’s Moved Overnight
A "relief" rally as Friday's fear has yet to be realised, allowing some participants to reduce risk hedges. Asian equities followed Wall Street's positive close (S&P Futures 4366)...
FX has taken its lead from equities with high beta pairs "bouncing" from recent lows. AUD now 0.6355, GBP 1.2200, EURCHF 0.9500. AUD also got a lift from the surprisingly "hawkish" RBA minutes
Tension remains localized with ILS having breached 4.00, domestic equity index down 9% on the month and Oil > $90.
The humantarian crisis and diplomatic efforts continue as Biden looks set to visit Israel on Wednesday and then travel to Jordan to meet Arab leaders.
Finally in Europe, with Tusk on track to return to power, ING believe Change of power in Poland should unlock investment potential of the economy
Have a great day, and keep smiling!
Podcast for the Commute
Morgan Stanley Thoughts on the Market - Are Higher Rates Permanent?
The Day Ahead
GBP (07:00): Unemployment rate and Average Earnings
EUR (10:00): ZEW
GBP (10:05): BoE Dhingra
USD (13:30): Retail Sales and Industrial Production
CAD (13:30): Inflation Rate
Fed Speak: Williams (13:00). Bowman (14:20) and Barkin (15:45)
Earnings: GS, BofA and Johnson & Johnson.
Stay informed throughout the day with our new commentary feed (‘Intraday Market Colour’) highlighting key notes, topics du jour, and HarksterHQ’s market updates around key data points and headlines.
Available on the Harkster Research Platform.
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