Senior Relationship Manager
Summary: Dax ahead of resistance - will we make it
Good Morning,
Markets were a bit jittery yesterday, the S&P made it to the green while the Nasdaq and the Dow lost. The Dow gave up 1% and the Nasdaq 0.3%. The most notable move was Tesla, falling 6.5%. It seems that building inventories spooked investors. Tesla pulled tech lower and we saw some profit taking after the strong quarter. Amazon, Nvidia and Microsoft each lost app 1.3% Apple 0.16% and AMD app 3%. Energy had a good day after the Opec cuts.
Technically we have room to the upside for US Indexes as Kim Cramer points out European Indexes are also at key levels
Next to the Oil production cuts, fairly poor US data weighed on the one hand but also hinted at less inflationary pressure. 2 Year Yields fall to 4.00 and the USD Index to 102.20. The Canadian dollar posted the largest gain in two months to trade at 1.3434. Bitcoin found buyers at 27500 and is now at 28000.
EURUSD is just below 1.09 at 1.0890, GBPUSD is 1.2400 and USDJPY 132.85. Gold and Silver are at 1980 and 23.80 needing a boost to break resistances.
We are not expecting tier 1 data today, without major surprises it could be a quiet day to digest the sharp moves of the last few days – no guarantees
Headlines:
Australia kept rates on hold
New York will be wild today with Donald Trump arriving to face criminal charges.
Credit Suisse will hold their final annual general meeting in Zurich today.
Finland is officially joining NATO
Richard Branson's Virgin Orbit Holdings Files For Chapter 11 Bankruptcy Protection
Economic Data
German Exports
US Producer Prices
US Factory Orders
Wednesday
International PMI
German Idustrial Orders
Thursday:
German Idustrial Output
Swiss FX reserves
US Jobs data
Friday:
Good Friday
Non Farm Payrolls
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Steen Jakobsen,
Chief Investment Officer
As globalisation turns to fragmentation, China seems set on playing a role in the global economy, while simultaneously working towards proofing its own economic situation from external shocks and crises.
Redmond Wong,
Market Strategist
The recent bank runs and ensuing challenges are reminicent of something we've seen before. Will it end like the S&L crises of 1986 and 1995?
Chris Dembik,
Head of Macroeconomic Research
Equity markets need to recalibrate to another - fragmented - global world. What's your view on equities in this market - are they going up or down?
Peter Garnry,
Head of Equity Strategy
With every development comes new opportunites, some of which could be in India. Have you considered the country as a part of your diversification strategy?
Charu Chanana,
Market Strategist
A collar is an option strategy that allows some protection while maintaining some upside potential. What investment would you like to use a collar strategy for?
Hans Oudshoorn,
Trainer Academy
There are arguments to be made for many commodities to have upside. Which are you paying the most attention to this quarter?
Ole S. Hansen,
Head of Commodity Strategy
In a very challenging macro environment, which currencies do you think will come out on top?
John J. Hardy,
Head of FX Strategy