Morning Call Script - 29 Jan 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Red Sea... Biden vows to retaliate after the American causalities in Jordan

  • Axios - GOP hawks press Biden to target Iran directly over U.S. soldiers' deaths in Jordan

  • FT - Three US servicemen killed in drone attack in Jordan

  • Bloomberg - Oil Climbs After Separate Attacks Escalate Middle East Tensions

• Mirroring moves that occurred in the West during the GFC, China tightens security lending to help shore up their embattled market. The short sale ban has supported Chinese stocks overnight (CSI 3315) which gave positive momentum to the rest of the region (Nikkei 36040). Another step in a coordinated attempt to support the market after the media reports of the prospect of a potential $278bln stabilisation fund as well as the 50bps RRR cut. 

  • Bloomberg - China Tightens Securities Lending Rule to Support Stock Market

  • Reuters - China pledges to take more forceful measures to support market confidence

  • Nikkei Asia - China stimulus measures greeted with skepticism by foreign investors

• Haley is still in the race, committing to super Tuesday

  • Bloomberg - Haley Commits to Staying in 2024 GOP Race Through Super Tuesday

• Plenty of headlines but limited action - EUR 1.0845, AUD 0.6593, JPY 147.95, Crude $78.40, Brent $83.75, XBT $42.1k, US10s 4.13%

• Corp T+2 day... watch for USD demand in between 12:00 and 16:00GMT 

For greater details on the overnight news stories, current macro themes, and a comprehensive look at the week ahead, look out for today’s edition of The Morning Hark. Landing in the inbox of PRO subscribers around 7.15GMT (2.15 EST).

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Have a great day, and keep smiling!

Podcast for the Commute

• Steno Research - Macro Sunday #34 - The Red Sea is WORSENING

The Day Ahead

• SEK (07:00): GDP

• ECB Speak (13:10): Luis de Guindos

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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