Morning Call Script - 30 May 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• USD maintains its strength as yields tick higher    

  • Nikkei 38000, CSI 3600, Crude $79.20, Brent $ 83.50, Gold $ 2335, XBT $68k, ETH 3770, EUR 1.0795, GBP 1.2695, AUD 0.6600, JPY 157.15, CNH 7.2680, US2s at 4.99% and US10s at 4.61%.

• Williams / Beige Book / Bostic

  • Bloomberg - Fed’s Bostic Says Many Inflation Measures Moving to Target Range

  • Reuters - US firms grow more pessimistic on economic outlook, Fed survey shows

  • Bloomberg - Fed’s Beige Book Points to Modest Growth in US Economy, Prices

• In the news overnight

  • Bloomberg - RBA Sees Some Households Struggling, Suggesting Rate-Hike Limits

  • WSJ - Google to Invest $2 Billion in Malaysia for AI, First Data Center

  • Reuters - SNB's Jordan sees upward risk to central bank's inflation forecast

  • Reuters - BHP walks away from $49 billion pursuit of mining rival Anglo

• Looking ahead, the 2^nd estimate of US Q1 GDP the headline act on the data calendar. In EM, the market will be watching SA not just for the SARB decision but as the election votes are counted. 

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Have a great day, and keep smiling!

Podcast for the Commute

• MS - Global Questions About the US Elections

The Day Ahead

• SEK (07:00): GDP

• EUR (08:00): Spanish Inflation Rate

• CHF (08:00): GDP

• EUR (10:00): Consumer Inflation Expectations

• USD (13:30): GDP, Initial Claims, Core PCE Prices

• ZAR (14:00): SARB RateDecision

• Fed Williams (17:05) and Logan (22:00) 

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