 Okay, very good morning. It is Thursday the 26th of August hope you're doing well and Was just doing some preparation for this briefing and it is really quiet as you can imagine ahead of drone power speaking on Friday But I definitely wanted to add some value to this session And so what I thought I could do is a common question I get is about how do you kind of form a Macro view on markets that can be something that you can in action on a day-to-day basis or of a more longer term investment Point of view and then also, how do you understand? What are the key themes in markets and how markets are generally positioned for a big forthcoming event like drone power? For example speaking at Jackson Hole, so just one thing that I think is really Easily accessible and that you guys can do and this can really help students who are studying looking to improve their knowledge of How markets work and constructing kind of macro views on markets for the purpose of interviews and things like that two traders who are just trading day-to-day and investing in the market and that is Utilizing a lot of the big bank podcasts now I'm not sure if you have come across this but every big financial institution has a podcast if not several podcast channels and these include a lot of those big banks that a lot of you might be applying to for example, and so just running through a couple of these and If you were just to search any big bank name, so here I've just got a couple examples, so Morgan Stanley They release a podcast on a daily basis. These are really short sharp Audio clips they typically only range from three to four minutes Talking about a hot topic in markets on that day But what they do is they get internal senior people from various different desks who would be relevant for that subject So it could be the head of rates. It could be the head of a EMFX for example, so on and so forth if you switch over If you were to look at Goldman Sachs, they have a weekly podcast They put out and this would be again senior people from their asset management division from their trading team so on and so forth and you go over to JP Morgan their Chief global strategist the JP Morgan asset management puts out a weekly call about his ideas for the week ahead Main topical points that they're looking at so you know one of the tips I would say that's definitely served myself. Well is that sure I can have my own Views formed from my own research and reading for example But I'd say the secret is really is I listen to what a lot of other people are saying What is their viewpoint? How are they constructing their arguments and so therefore it helps me have more robust idea about what's going on and not only that if you're a student if you're applying to one of these banks then it is definitely Beneficial to know what that banks view is and so they talk about this a lot on their podcast So there's a variety of different benefits of doing this and as you can see even this week ahead one from JP on a weekly basis. It's only seven to ten minutes long So they're quite short sharp sound bites, but definitely a will get you up to speed make you more Fundamentally aware of what's going on if you're trading, but for a student This is when you need to immerse yourself in the conversations to understand the types of terminology They're using the types of themes They're talking about and the types of views that these banks have That will serve you well when you come under pressure in an interview situation for example So, yeah, just thought I'd put that out there As a bit of interest and there's another good one as well Barclays word on the street is another one I like particularly because of will Hobbs who's the chief investment officer at Barclays He's really excellent and they put out a weekly podcast every Thursday morning. I think it comes out But anyway, let's get straight back to markets and talk about what's going on this morning And as I've already alluded to it's very quiet and I really do think today is an exercise of patience So if you're not a patient person, I would say you're probably better off having a day off and enjoy some of the last Days of the summer sunshine and then come back tomorrow In terms of the clothes on Wall Street last night, it was marginally positive So two tenths high in the S&P about one tenth higher respect to be each in the Nasdaq and the Dow Overnight in Asia, we had a bit of a pullback in Chinese stocks snapping a recent streak of gains Hong Kong China pulling back tech shares in particular seeing the degree of the bulk of the volatility in the downside And also China ever grand groups profit warning also dented property developers and bank stocks there domestically overnight and the South Korean Cosby just a point to be aware of not this Translates into anything really Impactful for Western markets, but they have become the first of major Asian central banks to raise rates overnight I believe to point seven five percent Elsewhere the dollar index is pretty flat that's pretty much reflected in the major pairs Gold and oil are a touch lower albeit The latter has seen a slight uptick as European players have come back into the market finding support around its pivot at 67 But yeah, pretty quiet overall. So really then it's about the day ahead and What have we got on the docket? I'm pretty quiet this morning None of this data is really major and so we look ahead to the ECB minutes, which we'll get at 12 30 London time investors are looking out for any clues as to what the ECB Will do with its pandemic emergency purchase program at its ninth of September meeting and Then we have the second estimate of Q2 US GDP Not really expecting that to be much of a of a game changer to be honest A it's the second reading and B Most people are more concerned about power tomorrow than they are about some very minor changes on that headline reading compared to the advanced reading Weekly jobless claims again, also not expected to be too dramatic just to hold the line if you'd like At 350,000 from the previous 348,000 But one of the things that I am quite keen to watch later on today is feds bullard and feds Kaplan Neither of which are voters on the FMC, but both of which are a more of a hawkish Disposition and I think then just given the timing could be quite a good insight to see then are they still willing to hold that hawkish view and Certainly bullard has been someone before who's talked about the commencement of tapering as soon as October He's very much much more on that more aggressive side of starting quicker Kaplan was similar However, if you remember pretty much this time a week ago last Friday He had up until that point being one of the most forceful Supporters of starting to reduce support for the economy But he said that he may need to adjust that view of the Delta variant of the coronavirus slows economic growth materially and With some of the softening that we're seeing in some of the data metrics As well as some of the supply issues that we're still seeing with the bottlenecks as well Then it'd be interesting to see if he Again starts to soften that call for tapering a little bit and if that is the case I definitely think and just reading around the various Bank consensus is at the moment. I think that as much as all of the kind of Build up towards power on Friday. I actually think it could be fairly dull in terms of what he actually does say I don't think he's going to come out with any type of definitive details here on tapering and just given What that might mean then is by not saying too much that might actually come as a relief to market And be a net positive short-term on the daily session on Friday where you might have a case of a relief No explicit detailing or acceleration on this conversation as yet that might come in the September Fed meetings So therefore stocks just kind of continue to march on their merry old way to record highs again The dollar might soften a touch and support the pairs And the lights of sort Oil and gold get supported, but we'll go into that more tomorrow But that is it and so yeah, as I said, they're not really any any way of news for me to talk about but hopefully some of that podcast explanation was It was useful Feel free to check those out as well as don't forget to check out the Amplify podcast is called market watch. That's the one you need to listen to Of course, that's from me and the head of trading peers current which you can access on Apple Spotify and someone. All right, take care guys. Have a good session ahead