Morning Brew April 2023

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