Morning Call Script - 24 Oct 2023
Overnight asset drivers & the impending data calendar
What’s Moved Overnight
Crypto... 18-month high for XBT as speculation roams across FinTwit of an impending Blackrock ETF...
Reuters - Bitcoin soars to 1-1/2-year high on ETF bets... "Blackrock's iShares ETF is on a list of ETFs on the website of clearing house DTCC, driving the most recent round of speculation that its approval is imminent."
The Block - Bitcoin ticks above $35,000 as spot ETF hype builds
Bond rally ... US10s 4.85% on the London open after tipping > 5% yesterday... oversold technicals, some key tweets, round of profit taking, consensus position getting squeezed, now that 5% target has traded, the risks of some two-way price action increase. Ultimately it will take a material downturn in US data in the coming months and quarters to support a trend reversal in US10s. #datadependent
BoJ re-entered the bond market, smoothing yields as they near the YCC band.
FX dull relative to crypto ... EUR 1.0678, GBP 1.2265, JPY 149.73 and AUD 0.6355. Asian equities mixed, Nikkei small up, HSI down 85bps.
Israel / Hamas ... 2 more hostages have been freed. Renewing/revitalising diplomatic efforts to free the remaining hostages and delay any ground incursion.
Have a great day, and keep smiling!
Podcast for the Commute
FiveThirtyEight - Our First-Ever House Speaker Draft
The Day Ahead
GBP (07:00): UK August ILO unemployment rate
EUR (08:15): Oct flash PMI for France
EUR (08:30): Oct flash PMI for Germany
AUD (09:00): RBA Bullock
EUR (09:00): Oct flash PMI for Eurozone
GBP (09:30): Oct flash PMI
EUR (13:30): ECB Lagarde
USD (14:45): Oct flash PMI for US
USD (18:00): 2 Year Auction
Earnings... Microsoft and Alphabet
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Available on the Harkster Research Platform.
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