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Morning Call Script - 19 Sept 2023
Overnight asset drivers & the impending data calendar
Equities: softer APAC session following yesterday's slide on Wall Street. Having been closed for the Japanese holiday, Nikkei caught down to the broader AI/Chop move, after reports TSMC has told vendors in its supply chain to delay/slow deliveries (Reuters, ZeroHedge). Shares in ASML declined 2.5% yesterday, making it the worst performer in Stoxx50 Index.
China: Developer Country Garden won approval from creditors to extend repayment on the last batch of onshore bonds (BBG)
FX: languishing ahead of the CB heavy data calendar... EURUSD 1.0680, USDJPY 147.75, GBPUSD 1.2375, AUDUSD 0.6430 and NZDUSD 0.5915. RBA minutes had little impact on the AUD but were on the "dovish side" (WSJ)
A podcast for the commute... UBS Around the Horn - Monthly Fixed Income roundtable with UBS Asset Management
EUR (10:00): HICP Inflation
USD (13:30): Housing Starts and Building Permits
CAD (13:30): Inflation Rate
USD (18:00): 20year Treasury Bond Auction
CAD (19:00): BoC Kozicki Speech
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