Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew August 3 2023

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Summary:  Will the nervousnes persist?


Good Morning,

In US Trading, the US downgrade by Fitch caused more reaction than initially thought. US Yields rose and the 10 year crossed north of the 4% and broke above the resistance at 4.10. TheS&P 500 fell more than 1% for the first time since May and suffered the largest loss since April. The Dow lost 0.98%, the S&P 1.38% and the Nasdaq 2.17%.

With yields soaring, the USD gained in strength and the USD Index rose to 102.65. EURUSD Fell to 1.0940, GBPUSD 1.2698 and USDJPY rose to 143.60. Gold and Silver fell to 1934 and 23.60.

Nvidia dropped nearly 5%, Meta 2.6% Tesla 2.66% and Apple 1.5%.

Today , US Rates will be closely watched for signs of increased nervousness, the Bank of England is expected to hike by 25 basis points and the rest sees 50 basis points, after market close Apple and Amazon will be reporting.

Will the nervousness about US Debt persist or fade to the background?

Some Good reads ont eh Topic: 


Thursday August 3rd

Data: AU Retail Trade, Bank of England Rate decision, International Services PMI,

Earnings: Warner Bros, Wayfair, Conocophilips. Expedia,. Moderna, Hasbro, Amazon, Apple, Coinbase, AirBNB, Cloudflare,

Friday August 4th

Data: DE, Industrial Orders, Consumer goods, UK PMI, US Nonfarm Paytrolls

Earnings:Nikola, Fisker, Enbridge,

 

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