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The Twitter Space MORNING BLAST WITH @PiQSuite AND @MrMBrown Join Michael and Ryan for an explosive daily market preview. hosted by PiQSuite. Stay informed and prepared with the daily market preview by @PiQSuite and @MrMBrown, offering insightful market news and analysis in partnership with @PepperstoneFX. Engage with a fully customizable and free-to-access platform for market information aggregation, ensuring you are equipped with expert analysis and essential updates for strategic decision-making in the trading space.
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Questions
Q: What platform offers a free information aggregation service for market news?
A: PiQSuite provides a customizable and free platform for market information.
Q: Who are the hosts that conduct the daily market preview for insights?
A: Michael and Ryan, known as MrMBrown, present the daily market preview.
Q: Which financial service company is partnered with the space?
A: PepperstoneFX is proudly partnered with the space for market-related services.
Q: What value can participants expect from joining the space?
A: Participants gain access to expert market analysis and valuable market insights.
Highlights
Time: 02:15:40
Market Insights and Updates Receive daily updates and insights on the market trends.
Time: 02:25:10
Partnership with PepperstoneFX Explore the benefits of the partnership with @PepperstoneFX for market services.
Time: 02:35:55
Expert Market Analysis Gain valuable insights from the expert analysis provided by @PiQSuite and @MrMBrown.
Key Takeaways
- Access a fully customizable and free information aggregation platform for market news.
- Engage in a daily market preview for valuable market insights and updates.
- Benefit from a partnership with @PepperstoneFX for market-related services.
- Stay informed with @PiQSuite and @MrMBrown for expert market analysis.
Behind the Mic
Morning Greetings
Good morning, good morning. Good morning beastie boys, get us going. It's Friday the 27 September. Mister Brown is logging in. It's the morning blast. Hello. G'day. You right?
Technical Issues
Well, no, actually it's been a very interesting morning so far. My computer's not working so well apparently. Straight off the bat. Straight off the bat I'm going to call you a liar because that is not interesting in the slightest. RiT people have decided that this morning is 730 on a Friday morning is the perfect time that I need to install some sort of windows eleven type program. So I haven't actually been able to do any work for an hour, which is good. Oh gosh. Yeah. Every hour in the morning that is taken up by this is an hour of my drinking time that's being eaten into is the problem.
Legal Disclaimers
Well, we get your drinking time, not mine. I'll give you a clue. Let's get through the legals. Nothing discussed on this basis session constitutes trade or investment advice or infers any kind of endorsement like PiQ Global Limited traders PiQ or piq suite and that includes the affiliates and hosts, which is mister I have it problems and I'm gonna moan about them. Brown and mister handsome face paisy. There you go.
Family Matters
Oh, your brother joined or something? Whee. no, my parents. My parents decided to stop after me. I'm taking that. I wonder why. I'm taking that as they fool. Yeah, well that's the top's in. It's downhill from here. That's. That's my argument and I'm sticking to it. Oh dear.
Market Updates
Right, should we crack on to. Yeah, go on. Why not? Right, let's get cracking then. Good morning all. Happy Friday. It was a relatively positive day for equities yesterday. The s and P up by about four tenths of 1%, closing at a new record high, while the tech sector led the way with the Nasdaq up by around three quarters of 1%. We did, though, see the treasury curve flatten for the first day in about a week or so.
Economic Data Insights
After some better than expected us economic data, yesterday sparked a little bit of a hawkish repricing of policy expectations, with the two year yield rising by around six basis points on the day and the two tends tightening to around 15 basis points. That data comprised the August durable goods orders report, which showed that orders were flat on a month on month basis last month, which was much better than the two spot 7% decline that economists had been expecting. We also had the final read on third quarter GDP, which pointed to the economy growing by 3% on annualised quarter on quarter basis, unrevised from the second estimate.
Employment Figures
But that is better than economists have been expecting. A modest downward revision had been foreseen, and we also have best than expected jobless claims, with initial claims remaining at 218,000 in the week to the 21 September, and continuing claims at one spot eight to 8 million. And of course, that continuing claims print pertains to the September non farm payrolls survey week.
Currency Market Behavior
In terms of markets elsewhere, the dollar was broadly softer on the day against most peers. Those supportive end of month and end of quarter flows from Wednesday's session. It was a bit early, somewhat evaporated yesterday, with the dollar index trading around four tenths of 1% lower to a low of around 100 spot five, with other g ten s gaining pretty broadly, with the Aussie and the kiwi outperforming rallying by around about 1% apiece.
Commodity Market Updates
We also saw cable trade back north of the 134 figure in the commodity space. It remains a by the rumor sell the fact trade in the crude space amid weather events in the Gulf of Mexico, with WTI down by around 3% yesterday, the biggest fall in three weeks, trading to $67.60 a barrel and we in gold. Meanwhile, we saw a fresh record high for the 6th day in a row, with the yellow metal up by around three quarters of 1%.
Additional Financial Insights
And for those who keep an eye on it, silver also gained ground yesterday, trading to its highest level since 2012. In terms of other news flow and data from yesterday, there's a few bits and bobs worth reporting. Firstly, we had 123-4567 fed speakers yesterday. I thought this was a. Thought this was an episode of Sesame street for a second.
Central Bank Speculations
No, no, we haven't gone there yet. We had seven Fed speakers yesterday and none of those seven made any remarks on monetary policy whatsoever. Commiserations to henners at Newskwark, who spent about an hour putting together a very comprehensive preview of all of those speeches and then none of them actually said anything. So poor him speaking. Yeah, well, indeed, keep the interim busy sticking with central banks. We had some Reuters sources reports on the ECB yesterday noting that the October decision is, quote, wide open, with the governing council's doves likely to push for a rate cut following weak economic data.
Market Reactions to Economic Data
Of course, this morning we have had much cooler than expected CPI figures from France and Spain, and that has seen the market push its expectations of a 25 basis point cut next month towards the 80% mark. Elsewhere yesterday in the chip space, the Department of Justice in the United States they have launched a probe into super micro SMCI, that is the alleged accounting violations that came out in the wash a few weeks ago. The DOJ are now in the early stages of formally probing that case. And then in terms of overnight attention has been on Japan, we obviously had your favorite economic indicator, Ryan, the Tokyo CPI print.
Economic Indicators and Leadership in Japan
I love that one. Inject that one directly into my veins. Indeed, a fairly significant slowdown inflation. Two spot 2% on annual basis in September, down from the prior two spot 6%. Meanwhile, we also had, and probably more importantly, the LDP leadership election in Japan. For those who are unaware that LDP have been in power in Japan pretty much since the day dots, to be completely honest with you, when Japan became a democracy, the new leader of the LDP becomes the new prime minister of the country. And I'm now going to have to pronounce some japanese names, so please forgive me.
Transition of Leadership in Japan
I'm glad I can take that one. Away because the chap who used to be the defense minister, a guy called Isheba, he is as well. You cop out because that's exactly what I was going to do. You don't have to pronounce his full name then, though. Well, I haven't actually got his full name because it wasn't in the Bloomberg. Headlines because that's exactly how I was going to do it. So Ishiba has become the new leader. He is very much a continuity candidate around, particularly monetary policy and the actions of the bank of Japan.
Policy and Economic Impact Discussion
And he won that contest, I should say, against another chap called Takaiichi. And he is a very big advocate of the BoJ, bringing their rate hikes to an end and actually easing policy. Both the yen and the Nikkei have been on a bit of a roller coaster ride overnight. Dollar yen stuffening north of the 146 handle when it went to a runoff between those two candidates. So I'm not going to name again. And then the yen rallying about three big figures or so when the election result was announced. And we see Dollar yen briefly dipping back below the 143 figure as we speak.
Market Fluctuations and Observations
So fairly significant move there. Similar in the Nikkei. We were up by about 3% at one point. The Nikkei now trading around 3% lower. Obviously the Nikkei is pretty much just a proxy for the yen in terms of how it is traded overnight. That is pretty much it from me in terms of the last day or so. So, Ryan, your geopolitical headlines and you don't have to say any japanese names, hopefully.
Geopolitical Updates
Well, then yes, I like to think it's evolved from just being just geopolitical headlines. But yes, thank you very much for that. So start off as usual from our very good friends at News Cork. I did actually see Mister Mehl Patel clicked in just now, so he might be now on anonymous, but I don't know. But anyway, so to begin with, a couple of headlines from those great guys over there at News Cork just got bored. Yeah.
Middle Eastern Affairs
Oh, he just got bored. Yeah. Very, very lightly. So we'll start in the Middle east as always, because it's always the fun and games over there. The israeli PM Netanyahu said that he had a meeting on Thursday to discuss the us ceasefire initiative and they will continue the discussions in the coming days. Trump has said that he would make a deal with Iran if he's elected. Good for him.
U.S. Political Commitments
US President Biden said he will strengthen Ukraine's position in future negotiations by expediating funding during his term and will deal with Ukraine's future defense needs. This kind of ties in with something from Andrew, our friend Andrew Hart, a nice little morning note. He notes that Biden has announced that the US will send long range munitions to Ukraine. Long range weapons have been denied in the past over fears that Ukraine would use them to strike Moscow.
International Tensions
And Russia has warned in the past any nation providing these long range missiles would be a declaration of war. So that's something to keep an eye on. Just going back to some news Cork headlines. Former US President Trump said he will meet with Ukrainian President Zelenskyy today and that although he had some disagreements with Zelensky, he'll see a quote. We'll see what happens.
Chancellor Reeves on Ukraine and Budget Plans
And when asked if Ukraine should hand over some land to Russia and moving back to Europe, well, moving back to this green and pleasant land, UK Chancellor Reeves said she's not very green and. Pleasant this morning, is it? Well, it's not too bad here. But Chancellor Reeve says prepared to water down the planned budget raid on non doms amid fears it may fail to raise money. Yes, basically, she had an idea, they hadn't thought it through. They said, well, actually, your idea is not going to do anything but damage. And so, yeah, she's walked that back.
China's Market Movements
Just moving back into Andrew's note, obviously, he's noted that China's huge moves this week with CSI 300 up 17%, the Hang Seng mainland prop index up 38%, and the Hong Kong the Hang Seng sorry tech index up 28%, all within a few days. Obviously this is because they are, as we said before, they're throwing the wok at the situation. Bear in mind, as Andrew points out, that short China equities was the second most crowded trade in the September fund manager survey that bank of America put out. You know, perhaps there's some short covering there. Long us was the most crowded for anyone that's interested. Also a reminder that China is closed all next week for a holiday, which is some saying that's why we're seeing all these measures front run in front of that today or this week.
Possible Port Strikes in the US
Sorry. Also he's noticed something that I've brought up a few times this week, or actually that's a lie over the past three weeks, which is this port, possible port strike in the US, where it looks like it's going to be all of the east coast and large amount of the Gulf of Mexico and perhaps sympathy strikes on the west coast. And obviously that is tomorrow, midnight tomorrow us time is when we find out what's going to go on with that. The ports that are kind of guaranteed to close if this goes ahead, they handle 68% of all containerized exports and roughly 56% of containerized imports according to the industry data.
Impact of the Port Strike on Supply Chain
Like I said, if this sympathy strike happens on the west coast, that will literally be all of the containerized ports in the US shut in and it would be the first port strike since 1977. And obviously we had the seventies secondary inflation spike on the back of that. So potentially we're going to be running into some major supply chain incidents and that would be a bit of an inflation tailwind. And as I said three weeks ago, this seems to be well under the radar. And it seemed considering we are only less than 48 hours away from this possibly happening, to me, it's not getting anywhere near the coverage that it should.
China's Economic Measures
So definitely keep it on your mind. Just looking for this morning, looking on Piq suite, that awesome platform, check it out if you haven't already, China obviously throwing some more rate cuts and some liquidity injections and stuff overnight. It's just kitchen sink wok, wherever you want to call it, being thrown at the issue. We've also had Shanghai and Shenzhen lifting key home purchase curbs to boost the market as well. So it's very much the dunno what the Chinese for whatever it takes is, but it feels like that's their moment.
US Chip Funding and Production Data
Now, just looking to us industry and chips, intel and the US to finalize the 8.5 billion in chips funding by year end. That's the FT reporting that it's going to be direct funding for the chip maker from the us government based on the Chips act and all that stuff that they're doing. And finally, just a little bit data we're seeing some people getting. Picking up on Toyosa's latest production data, where it fell in August for the 7th straight month. Production fell 11% in August, declining for the 7th straight month. Drag lower by typhoon and certification scandal in Japan, which put an output on.
Impact on Vehicle Production
So I put a pause on output for a couple of sports utility vehicles and in the US and just general manufacturing in Japan. So output for August slumped to 709,000 vehicles and production in its home market tumbled 22%. And that's it. That's it for me, I reckon. I reckon it's back to you. Back to you in the studio. Thank you, mate.
Economic Docket Overview
Well, the studio is a meeting room at the moment, but nevertheless, we move on. It is, you'll be pleased to know, a relatively light economic docket to close out the week today. There is absolutely nothing of note throughout the remainder of the european session this morning, at least in terms of economic data, although there are some ECB speakers that are worth just keeping an eye on, including lane, Cipollone, rain and Nagel, who will all be making remarks throughout the morning.
North American Economic Releases
I'm no better with european names than I am with the japanese ones in terms of economic releases. It is all crammed into about an hour and a half in the early part of the north american session this afternoon, we kick things off at 01:30 with the personal income and spending figures from the United States. And of course, this includes the core PCE deflator on a month on month basis for August. That's expected to hold steady at zero spot 2% on annual basis. We're set to see that tick higher to two spot seven for a prior two spot 6%.
Labor Market Focus for Fed Policy
I'm not going to say that inflation doesn't matter anymore, but core PC doesn't matter anymore. The Fed have told us that they have adequate confidence inflation returning towards the 2% target on a sustainable basis over the medium term. And obviously they have demonstrated that confidence by delivering a 50 basis point cut at the September FOMC. Consequently, Ryan, as you rightly just said, it is all about the labor market when it comes to the near term direction of Fed policy. And of course, we have the September employment report due next Friday, exactly the same time, 01:30 next Friday afternoon.
Canadian GDP and Consumer Sentiment
And that is going to be a much, much bigger driver of where policy heads next in the United States in terms of other things to keep an eye on today. We also have canadian GDP due this afternoon. The economy expected to have grown by zero spot 1% on a monthly basis in July compared to the stagnation that we saw in June. Of course, expectations are pretty high that the BoC deliver a 50 basis point cut next month. A miss there could further cement those expectations.
Final Consumer Sentiment Report
And then lastly, at three today in terms of data, we have the final read on consumer sentiment from the University of Michigan. That index expected to tick higher to 69 spot three for a prior 69. Although it is just worth mentioning that we had the conference Board consumer confidence index earlier in the week and there was quite a chunky downside miss on that data.
Current Market Conditions
So just do bear in mind that there could be a little bit of follow through in the Umich number. Last. By no means least, there are a handful of fed speakers today, including Collins, Coogler and Bowman. Although if yesterday is anything to go by, then monetary policy comments could be thin on the ground. Ok. Oh, hang on. So, mid yawn. Sorry, I didn't get many hours sleep last night. Thank you very much.
Upcoming Developments
Just quickly, I just read at the bottom of Andrew's note, which might be worth flagging, that Andrew is going on holiday tomorrow to Spain. And the last three times he's been to Spain, we had. Well, three times previously he's been Spain. We've had nine eleven s and P came off 20% in 2009. And in August 2015, the PBOC devalued to one. So, yeah. Oh, for fuck's sake.
Concerns About Andrew's Trip
Can we have a whip to stop him going? Yeah, right, exactly. Who's he flying with? Ring the Border force? Hopefully not on Boeing. Let's give. But, yeah, no, it's been a great week. Thank you so much for everyone to listen, just for your guide, regarding Piq's Twitter feed, our little piq elves, they've got day off.
Promotions and Offers
I'm just too generous like that. So if you do want to follow the market moving news and data, I suggest you get onto Piq suite and watch it all live there, obviously, or just follow me. Well, you're on the markets channel on the market tweets channel on Piq suite, so, yeah, you can do that. See, mate, I'm thinking of everything. So do that. Just a heads up as well, obviously.
Coupons and Pricing Changes
We've been really pushing this like some twelve month coupon codes and stuff. They will expire. Well, they're not expired. They will turn into six month codes probably next week when our prices get jacked up. So not only are you getting twelve months for free at the moment, if you sign up using the code blast, but you are also being locked in at ten pounds a month rather than whatever it is, in twelve months time.
Final Notes and Farewell
And it's definitely going up to 30 pounds a month in a week or so time. So get involved, you know, take us for all we're worth. Have access to it for a year. On me. Do it. Do it. Michael, thank you, as always. Am I seeing you for a beer later on? I expect so. If I can actually get any work done with this laptop, then I think.
Discussion and Closing Remarks
That'S an excuse to bring the laptop to the pub. Meet me and Mister Hewson. Anyway, we can talk about this off air, guys. Have a great week again, Mike. Thank you so much, listeners. Thank you so much. Remember, if you can't be good, be careful.
Final Warnings
If you can't be careful, buy a pram. If you are trading today, keep it tight. And now we've got me and Michael with our awkward silence, so we don't cut off the end of the show. So we will see you on Monday. See you, mate. Thanks, guys. Five, four.
Goodbyes
See ya. Bye.
