Morning Call Script - 25 Apr 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• META disappointed the MAG7 bulls, bursting the recent positive/recovery momentum. $200bln was knocked off their market cap and it dragged correlated assets lower given the surging cost of AI. Today's earning releases from Intel, Alphabet and Microsoft will be key for the AI theme to regain ground. 

  • Reuters - Meta shares sink on higher AI spending, light revenue forecast

• USD stronger overnight as USDJPY grinds towards 156.00, the mkt clearly testing/searching to find MOF's trigger lvl. 

  • Nikkei 37625, CSI 3525, Crude $82.90, Brent $88.20, Gold $2317, XBT 64k, EUR 1.0710 , JPY 155.70, GBP 1.2470, AUD 0.6508, CNH 7.2690, 10s at 4.65%.

• Quiet economic data set in Europe, so the main focus of the trading day will be US GDP.

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Have a great day, and keep smiling!

Podcast for the Commute

• MS - European Markets React to Upcoming U.S. Election

The Day Ahead

• ECB's Schnabel (08:00)

• TRY (12:00): TCMB

• USD (13:30): GDP Adv Q1

• USD (13:30): Initial Claims

• USD (15:00): Pending Home Sales

• USD (16:00): Kansas Fed Index 

• Bundesbank's Nagel (16:15) and Mauderer (16:45)

• USD (18:00): 7yr auction

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. 

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