Read on the Trading Floor - 28 May 2024
Today’s focus… quiet markets
Macro Themes At Play
Theme 1 - Tumbleweed
Theme 2 - HarksterAI Survey
Theme 3 - What's being read on our platform today
Theme 4 - Podcasts to fill the activity void
Theme 1 - Tumbleweed
Quiet start to the last week of May. Limited data calendar, participation capped by school holidays and with themes well known and priced, the most we can hope for this week is some fun around month end rebalancing and of course the Fed's favourite inflation indicator PCE. Tomorrow is Corp t+2 month end, which has historically seen USD demand but the broader AM month end signals are coming in the opposite direction as US assets outperformed in May and produce USD to sell to rebalance holdings. For a full week ahead preview, see my colleagues The Morning Hark May 28th publication.
Elsewhere crypto is under pressure as traders see potential supply from Mt Gox, Case Shiller national house price index up 6.5% YoY, Israel's latest moves trigger global concerns and finally T+1 is here for equities. Will it impact FX volumes? Will they migrate to match equity settlement?
Advisor Perspectives - S&P Case-Shiller Home Price Index: New All-Time High in March
ZeroHedge - Mt. Gox Moves $9.6 Billion Worth Of Bitcoin - Are Creditors Finally Being Repaid?
Steno Research - The Week At A Glance: Another hawkish EUR-flation surprise?
Axios - White House assessing if Israel violated "red line" with Rafah strike
Axios - Israel gave mediators updated proposal for Gaza hostage-ceasefire deal
Bloomberg - Fed’s Favorite Underlying Inflation Gauge Is Seen Cooling
Bloomberg - About the ‘T+1’ Rule Making US Stocks Settle in a Day
Theme 2 - HarksterAI Survey
As we continue to evolve our AI program, we would be grateful if you could complete the following questionnaire. It should only take a few minutes of your time.
Theme 3 - What's being read on our platform today
Brent Donnelly am/FX - Sprinboks and FinTwits
Econostream - ECB’s Centeno: Anticipation Effect of First Rate Cut Already Impacting People
WSJ - Saudi Arabia to Raise $10 Billion to $20 Billion in Fresh Aramco Stock Sale
Man Institute: Views from the Floor - After the Gold Rush: Why Have Miners Been Left Behind by the Gold Rally?
NY Fed - Do Exchange‑Traded Products Improve Bitcoin Trading?
Understanding AI - Johansson's beef with OpenAI points to unclear laws on voice cloning
ZeroHedge - Nvidia Is Worth More Than All Of These Companies Combined
BNYM Short Thoughts - Focus on r* Returns
Theme 4 - Podcasts to fill the activity void
Whether your on the beach, enjoying a well-deserved break, commuting home or stuck on the desk waiting for the session to end... here's some excellent podcasts to fill the activity void
Compound Quality - The Art of Quality Investing
The Macro Trading Floor - How Macro Traders Navigate Uncertainties
MS - Higher Risk, but Lower Volatility? We Are Tapping on the Brakes. . .for Now
Bloomberg - How a Professional Sports Bettor Really Makes Money
Steno Research - Macro Monday & Copper Tourism? Guest: Freya Beamish
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 Harkster Research Platform.
The information provided in this post is for general information purposes only. No information, materials, services, and other content provided in this post constitute solicitation, recommendation, endorsement or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.