LEAD: open with index moves and the day’s dominant narrative. Establish what’s driving sentiment in one paragraph.
DRIVER #1: drill into the first key driver — usually a data print (CPI, PPI, NFP) or a central-bank speech. Quote the speaker if available, attribute to source. Tie the print to market reaction (yields, currencies, equities).
“Direct quote from the central figure of the day, if any. Keep it tight — one or two sentences that capture the policy stance or market interpretation.”
DRIVER #2: the second narrative of the day — could be a sector rotation, a single-stock story, a geopolitical development, or a currency move. Tie it to the broader theme established in the lead.
FIXED INCOME / FX: brief paragraph on bond yields, the curve, and major currency pairs. The yen, euro, and DXY usually deserve a sentence each.
COMMODITIES: crude, gold, copper — short paragraph noting price action and the driver (OPEC, USD, demand outlook).
INTERNATIONAL: European/Asian markets in one paragraph. Avoid going deep; the U.S. is the lead.
VOLATILITY / POSITIONING: VIX, options flow, dealer gamma — the technical/positioning angle. Useful to show the structural backdrop behind the index moves.
LOOK-AHEAD: what’s on the calendar next week (data releases, Fed speakers, earnings). End with the binary question the market is asking itself going into the new week.
Written by James Wright, Economy Correspondent
