Morning Call Script - 25 Jan 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• RRR boost fed into the CSI overnight... +1.6% to 3330. 

  • Reuters - China cuts bank reserves to defend markets, spur growth

• Tesla done 6% on growth warnings - more comp in high end sector of EV market and their next "cheaper" crossover vehicle wont be launched until summer of 2025

  • Reuters - Tesla warns of slowing growth before new model launch next year

  • Bloomberg - Upbeat Musk Can’t Soothe Tesla Investors’ Fears About Growth

• Focus turns to the ECB... Lagarde to deliver the same message from Davos... "too soon to declare victory", April unlikely... see you in June

  • ING - January’s ECB Cheat Sheet: Giving markets the cold shoulder

  • Steno Signals - EUR Liquidity Watch: Trading the forecast errors

  • Bloomberg - ECB to Hold Interest Rates as Lagarde Beats Back Cut Bets

• Biden beats Trump to the key UAW endorsement

  • Bloomberg - Biden Secures Sought-After UAW Nod After Turn on Picket Line

• FX choppy range continues, with USD a touch stronger overnight - EUR 1.0880, JPY 147.80, AUD 0.6575, NZD 0.6110 and CNH 

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Have a great day, and keep smiling!

Podcast for the Commute

• MS Thoughts on the Market - What Matters Most to Markets in the U.S. Election

The Day Ahead

• SEK (07:00): PPI

• EUR (09:00): German IFO

• NOK (09:00): Norges

• TRY (11:00): TCMB Meeting

• ZAR (13:00): SARB Meeting

• EUR (13:15): ECB Meeting

• USD (13:30): GDP, Durable Goods, Initial Claims

• EUR (13:45): Lagarde's Press Conf

• JPY (23:30): Tokyo Core CPI

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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