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)

• US: Hollywood strikes, UAW threatening to widen strikes (WSJ) and now a government shutdown looking very likely according to Ted Cruz (Washington Examinier, ZeroHedge, WSJ)

• 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

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• 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

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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