Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew December 8 2021

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  FOMO pushes year end Rally

Good morning,

Equities remained strong yesterday and had one of their best day yesterday of the year with the Dow +1.4%, the S&P 500 +2.07% and the Nasdaq +3.03%. Apple rose 3.5%, Tesla 4.2% Alphabet 2.8 and Nvidia was the star of the day with plus of 8%. Volatility dropped with the VIX falling 19% on the day.

Driver behind the move was a combination of decent corona news and fear on missing out of a possible year end rally.

Yesterdays economic data was quite interesting, the ZEW was stronger than expected at 29.9 vs an expectation on 25.5 supporting the Dax.

In the US, labor costs were higher at and thus productivity lower than expected. Costs were up 9.6% versus 8.3% expected and productivity -5.2%

The Dax had an amazing run the last few days, recovering from below 15000 to 15800. To the upside, the next level of interest it the 16050 level that would open the room for 16300.

The US Dollar gained against the EUR and the GBP yesterday but failed to hold on to them, EURUSD is now at 1.1290 and GBPUSD at 1.3250. Gold and Silver can rise to 1790 and 22.50.

Bitcoin and ETH are stable, torn between risk on sentiment and regulatory fears in the US and Australia.

China reported a lower trade surplus than expected as imports rise even stronger than expected, meanwhile China Evergrande shares hit a new low on reports of missed payments and Kaisa was suspended from trading for missing a coupon.

The call between Putin and Biden did not rattle markets.

Today there are no real economic data releases, focus will be on the overall risk sentiment and approaching the release of the US CPI on Friday we can expect comments from various central bankers about tapering and a possible rate hike cycle. The Bundestag will  confirm Olaf Scholz as the next German chancellor – formally ending the era Merkel.

Trade safely

Physically Settled Futures:

FPZ1 will expire 9th December 2021 at 16:00 GMT

ADZ1, BPZ1, DXZ1, E7Z1, EADZ1, ECZ1, JGB1Z1, JYZ1, M6BZ1, M6EZ1, MJYZ1, MPZ1, NEZ1, PJYZ1, RAZ1, RFZ1, RPZ1, RYZ1, SEZ1, SFZ1 will expire at 10th December 2021 16:00 GMT

Expiring CFDs:


USDINDEXDEC21 will expire 9th December 2021 at 16:00 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.