Morning Call Script - 24 May 2024

Overnight asset drivers & the impending data calendar

Due to the May bank holiday there will be no HarksterPro publications on Monday.

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What’s Moved Overnight

• Back into range. Nvidia can't do it all on its own. 

  • SPX was down ~75bps despite Nvidia mkt cap growth. The mkt has quietly unwound the 'soft' CPI rally in fixed income.

  • USD held onto its recent gains as US2s drift out to 4.95%. 

• Core Japanese inflation was inline with expectations at 2.2%. Headline down to 2.5% from prior 2.7%.

  • WSJ - Japan Consumer Inflation Grows at Slower Pace in April

• With momentum lacking, a calm has settled over the markets. 

  • Nikkei 38700, CSI 3625, Crude $76.80, Brent $81.40, Gold $2333, XBT 67590, ETH 3800, EUR 1.0808, GBP 1.2690, AUD 0.6600, JPY 157.08, CNH 7.2590, 10s at 4.47%.

• News elsewhere overnight

  • Coin Desk - Ether ETFs Clear Major Hurdle, Though SEC Hasn't Cleared Them for Trading Yet

  • Bloomberg - Fed’s Bostic Says Policy Is Taking Longer to Slow Growth

  • Bloomberg - SEC Opens Door for US Spot-Ether ETFs in Landmark for Crypto

• Long wkd ahead in UK as well as mid term breaks for schools. 

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

• JPM - EM Fixed Income: Are we all hiding in the same place?

The Day Ahead

• EUR (07:00): German GDP Q1 Final

• GBP (07:00): Retail Sales

• ECB's Schanbel (08:00)

• CAD (13:30): Retail Sales

• USD (13:30): Durable Goods

• Fed's Waller (14:35)

• USD (15:00): Michigan Consumer Sentiment

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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