Morning Call Script - 26 Apr 2024
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
Earnings growth comes in the cloud - Microsoft revenue and cloud sales beat expectations on robust AI demand. Alphabet (+12% post mkt) set to pay a cash dividend for the first time and boosted its share buyback program by $70bln. Intel disappointed.
Tokyo CPI - sharp drop in inflation as a result of lower education costs
Core YoY: 1.6% vs exp 2.2%, Headline: 1.8% vs exp 2.6%
Bloomberg - Tokyo Inflation Slows Sharply on Education Subsidy Impact
BoJ unchanged with quarterly outlook expecting CPI to remain around 2%.... now focus shifts to Ueda's press conf.
Markets overnight.... waiting for MOF?
Nikkei 38050, CSI 3575, Crude $83.90, Brent $89.40, Gold $2335, XBT 64.2k, EUR 1.0725, JPY 156.15, GBP 1.2505, AUD 0.6535, CNH 7.2585, 10s at 4.70%.
We enter a post BoJ vacuum with London set to enjoy a light data session before the Fed's all-important Core PCE Price Index (exp 0.3% MoM). Heightened tensions in fixed income world after yesterday's hotter than expected Core PCE Prices 3.7% QoQ vs exp 3.4%.
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
Schroders - The Value Perspective with Chris Rule
The Day Ahead
ECB's Guindos (09:00)
USD (13:30): Core PCE
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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