Morning Call Script - 22 Feb 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Nvidia revenue beats ($22.1bln vs exp $20bln) and forecasts further acceleration (AI retooling just beginning?). Net profit was $12.29 billion, compared with $1.41 billion a year earlier.

  • WSJ - Nvidia Sales Reach New Heights as Company Forecasts Bigger AI Boom

  • Reuters - Nvidia stock surges as revenue forecast tops estimates, AI demand continues

  • Fortune - Nvidia’s China sales are down to a ‘mid-single digit percentage,’ as U.S. controls restrict exports of the $1.7 trillion chipmaker’s leading AI chips

• Hawkish Fed minutes showed a broad unease with mkt pricing, leverage and asset prices

  • WSJ - Fed Minutes Show Unease Over Premature Cuts

  • FT - Wavering investors come around to Fed’s outlook on interest rates

  • BMO - January FOMC Minutes... Fear of Cutting Too Quickly

• BoK unchanged at 3.5%

  • Bloomberg - BOK’s Rhee Pushes Back Against Early Rate Cut Talk on Board

• Nikkei new ATH, closes up over 2% at 39140 and above the 1989 high.

  • Nikkei Asia - Japan's Nikkei Stock Average closes above 1989's all-time high

  • FT - Japan’s Nikkei 225 index eclipses record high after 34 years

• Can we call that movement? I guess FX is not where we left it, but it's not far off.... EUR 1.0840, AUD 0.6570, GBP 1.2650, JPY 150.25, Gold 2030, Crude 78.20, 10s @ 4.31% and XBT 51700.   

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Have a great day, and keep smiling!

Podcast for the Commute

• MS Thoughts on the Market - An Atlantic-Sized Divide in Monetary Policy

The Day Ahead

• EUR (08:15): France Composite Flash PMI

• EUR (08:30): German Composite Flash PMI

• EUR (09:00): Eurozone Composite Flash PMI

• GBP (09:30): Composite Flash PMI

• EUR (10:00): Inflation Rate

• TRY (11:00): TCMB

• EUR (12:30): Monetary Policy

• USD (13:30): Initial Claims

• USD (14:45): S&P Composite Flash PMI

• Fed Speak - Jefferson (15:00), Harker (20:15), Cook (22:00) and Kashkari (22:00)

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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