Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew April 27 2022

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  A bad day for Risk - relief today?

Good Morning,

It was a horrible day for stocks as Nasdaq has the worst day since 2020 and loses 3.9%. The S&P 500 looses 2.8% and the Dow 2.4%.

There was a flurry of bad news starting with Tesla falling on worries that Elon Musk may have to sell parts of his holding to pay for the Twitter purchase, sending the stock down 12% and weighing risk sentiment. The FAANG stocks all fell more than 3%, Amazon 4.5 and Nvidia 5.6%.

Russia announced to halt Natgas deliveries to Poland and Bulgaria  - just now reports come in that service is renewed though, Poland has announced to deliver tanks to Ukraine, Germany has decided to provide heavy weapons after long wavering.

China is testing for Covid in Beijing and there are fears there could be a similar lockdown to Shanghai if there are high case numbers.

After the Bell, Google slightly missed expectations on lower add sales attributed to the Ukraine war while Microsoft could exceed them.

Credit Suisse posted a loss of 273 million Swiss franc, Deutsche Bank exceeds expectations

Earnings today are Meta, Boeing, Spotify, Ford, Paypal, T-Mobile before the big day tomorrow with Twitter, Amazon, Apple Intel, Mastercard Robinhood, McDonalds, Gilead

In the FX markets, volatility is back with the EURUSD 1 month at 9%, EURUSD is at a 2 year low, 1.0650 and 1.0580, 1.05 and 1.0350 are worth having an eye on. The USD Index is looking to test the 2020 high above 103. GBPUSD fell below 1.26. The Aussie was bested by the highest inflation number in 20 years, good for a jump from 0.7130 to 0.7180.

Gold and Silver held up well given the USD strength and are trading at 1899 and 23.55, Bitcoin fell to 38500.

Oil is supported by worries on deliveries in Ukraine and hopes on Chinese stimulus and Trafigura Group will stop all purchases of crude oil Rosneft by May 15.

As there is little economic data out today, except for he German Consumer sentiment at 8, I would expect the traders focus to be on Oil,, Ukraine and China as well as earnings numbers



The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.