Morning Call Script - 31 May 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Mkt's remain in a holding pattern, patiently waiting for PCE    

  • Nikkei 38400, CSI 3590, Crude $77.70, Brent $81.75, Gold $2340, XBT 68300, ETH 3740, EUR 1.0820, GBP 1.2720, AUD 0.6630, JPY 156.70, CNH 7.2570, US2s at 4.94% and US10s at 4.55%.

• Tokyo Core CPI 2.2% vs prior 1.8%. Headline on the screws at 1.9% YoY.

  • Bloomberg - Tokyo Inflation Picks Up, Keeping BOJ on Track for Rate Hike

• Chinese NBS Manufacturing disappointed... 49.5 vs exp 50.5

  • FT - Chinese factory activity falls in hit to economic momentum

• Fed’s Logan / Williams... still on track for 2% but progress has slowed

  • Bloomberg - Fed’s Logan Says Policy May Not Be as Restrictive as Believed

• Trump's sentencing set for July 11th, 4 days before GOP convention

  • Reuters - Donald Trump becomes first US president convicted of a crime

  • Bloomberg - Donald Trump Becomes First Former US President Guilty of Crimes

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

• FiveThirtyEight - Reaction Podcast: Trump Found Guilty

The Day Ahead

• EUR (07:45): French Inflation Rate

• NOK (09:00): UER

• EUR (10:00): Inflation Rate

• CAD (13:30): GDP

• USD (13:30): Core PCE

• Fed's Bostic (23:15) 

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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