Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew August 18 2023

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Yields Pause - Adyen falls 40%

Good Morning,

Equities lost in a nervous session yesterday and in the last week, the US 500 is down 2.2%, the Wallstreet 30 -2.3% and the USTech100 -2.3%. the GER40 is at -1.5%

Dutch payments processor Adyen fell almost 40% yesterday on an earnings miss that acc to Reuters caused valuations to be questioned causing the company to lose 40% in Market capitalization.

CISCO could gain app 3% after good earnings, Walmart fell 2.2% despite beating expectations.

10 Year US Yields fell to 4.24 and the 2 Year is below 5% again, Althea points out that bonds can still be a good addition to the portfolio: Keep calm and consider bonds

In FX, the USD Index is hovering above the 200d Movind average, the Index is 103.35 and the moving average at 103.18. URUSD remains below 1.09 at 1.080 and GBPUSD 1.2740 ahead of the UK Retails sales at 8 this morning. Gold is holding at 1892 and Silver rose to 22.80.

Bitcoin was trading under pressure and fell to 26k

Peter wrote a good summary on state of green transformation energies and states: despite the commitment from governments and capital being made available for green investments, the returns across many green transformation stocks have been bad. The power point slides and hopes of the green transformation have certainly met a harsh reality in financial markets. If investors continue to bid down prices of green energy stocks then it will at one point begin to reduce available supply of capital because capital is always seeking the highest risk-adjusted returns.


China Evergrande Group has filed for protection from creditors in a U.S. bankruptcy  Since mid-2021, companies accounting for 40% of Chinese home sales have defaulted acc to Reuters.

What do we look at going forward?

Today, UK retail sales and EU Inflation will be key, next week will be a slow week for data but I doubt that will the same for markets as we are expect the BRICS meeting in south Africa, the Jackson Hole summit and lots of nervousness. Stimulus measures from China to boost spending and investment are expected, if the PBOC does not cut rates next week, it would be a surprise. The data comes in the night to Monday.

It will also be interesting if the sell off in Adyen spills over to other shares with high valuations

Friday August 18

Data: UK Retail sales, HICP

Earnings: Palo Alto Networks, Deere, Estee Lauder

Monday August 21

Data: China 1 and 5 year Rates


Physically Settled Futures

  • CLU3 will expire 22 Aug 2023 at 15:00 GMT
  • KCU3 will expire 22 Aug 2023 at 15:00 GMT
  • PAU3 will expire 23 Aug 2023 at 15:00 GMT
  • ZOU3 will expire 23 Aug 2023 at 15:00 GMT

Expiring CFDs

  • COFFEENYSEP23 will expire 21 Aug 2023 15:00 GMT
  • PALLADIUMSEP23 will expire 22 Aug 2023 15:00 GMT



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.