Morning Call Script - 28 Feb 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• We've got life... well in one market at least. NZD off over 1% and trading down to 0.6100 after RBNZ reaffirmed their OCR at 5.5% and #higherforlonger guidance. As a result the RBNZ come back to the pack, with the potential of two more hikes not only removed but the RBNZ in fact trimming their forecast peak for rates to 5.6% from 5.7%. May meeting dropped from a 47% chance of a hike to 6% as RBNZ in fact now see the risks to inflation as being more balanced. A tough session for NZD bulls having priced in a 20% chance of a hike for the meeting.

  • Reuters - NZ central bank holds rates, tones down hawkish stance

• In a sign of the times as well as market opportunity, Apple has closed its EV division and will reassign the ~ 2000 engineers to their AI projects.

  • Bloomberg - Apple's Scrapped Car Project Means AI and Headset Bets Are More Urgent

  • FT - Was Toyota’s bet on hybrid cars right all along?

• Elsewhere, little headline news from APAC to spur much movement... EUR 1.0827, AUD 0.6515, JPY 150.60, CSI 300 @ 3488 , Nikkei 39190, 10s 4.29%, Gold $ 2030, Crude $ 78.50.

Watch out for Read on the Trading Floor, landing in the inbox of PRO subscribers around 17.30GMT (12.30EST).

This piece will focus on the key market narratives trending on Harkster.com. What users of our platform are consuming, what themes are top of mind and the key risk events they're researching. It will also document the top 10 links and podcasts consumed by our users over the previous day.

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Have a great day, and keep smiling!

Podcast for the Commute

• JPM Global Data Pod Research Rap - Inflation monitor: Sticky around 3%

The Day Ahead

• EUR (10:00): Consumer Inflation Expectations

• USD (13:30): GDP 2^nd estimate

• USD (13:30): PCE Prices Prelimin

• ECB's McCaul (14:00)

• BoE's Mann (15:30)

• Fed's Bostic (17:00), Collins (17:15), Williams (17:45)

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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