Erik Schafhauser Zürich

Morning Brew February 19 2024

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Good Morning to a semi -busy week after an interesting one behind us.

Bare in mind that today is a US Market holiday

Friday, equities had closed a little lower and driven by the higher PPI. The S&P 500 lost  0.48%, the Dow 0.4%, and the Nasdaq 0.8%. Compared to a week ago, the US500 and the US30 are up 1%, the US tech 100 NAS 0.5, the GER40 0.4%, the Switzerland 20 +0.4%. The Japan 225 is neat the 1989 highs and looking to either form a double top or break higher.

Most interesting Stocks on Friday were Super Micro Computer at -20%, down Roku down 24% and Coinbase up almost 9%.

EUSUSD is currently trading at 1.0785, GBPUSD 1.2625 and USDJPY 150.00. Gold ans silver gained significantly on Friday but are giving up some ground this morning to trade at 2022 and 23.14 after lows of 1984 and 21.93 last week.

China is back from the Lunar holiday and reports  high spending at levels higher than 2019, the PBOC left rates unchanged this morning,

Focus this seek seems to be fully on Nvidia earnings as can be seen in the nervous moves in AI related stocks. Cathie Woods stated that while she believed the AI Boom is real, she was still selling Nvidia, on Saturday the earnings by Berkeshire Hathaway will be closely watched.

The Earnings are being releases on Wednesday after the close, making the evening the most important time of this week – the FOMC will also be releases.

Today has the potential to be a quiet day with the US on holiday, but geopolitical risk remain high and an article on Bloomberg on a possible looming credit event  could cause nervousness.

Monday

- Data Sweden CPI, US Holiday
- Earnings:

Tuesday
- Data, China Rates, Canada CPI,
 - Earnings: BHP, Air Liquide, Medtronic, Wallmart. Palo Alto, Home Depot

Wednesday
- Data, EU Consumer confidence,  Fed Minutes
- Earnings: HSBC, Rio Tinto, Glencore, Analog Devices, NVIDIA; Synopsis, BAE Systems

Thursday
- Data International PMI, Turkey Rate decision, US Initial jobless claims,
- Earnings: Zurich Insurance, Nestle, AXA, Booking.com, Intuit, Mercedes, Iberdrola,

Friday
- Data DE GDP, IFO,

- Earnings: Deutsche Telekom, Allianz

Saturday: Berkshire Hathaway Inc

Expiries

Physically Settled Futures

CLH4 will expire 20 Feb 2024 at 16:00 GMT

KCH4 will expire 20 Feb 2024 at 16:00 GMT
PAH4 will expire 21 Feb 2024 at 16:00 GMT

 

 

Expiring CFDs

COFFEENYMAR24 will expire 19 Feb 2024 at 16:00 GMT

OILUSMAR24 will expire 16 Feb 2024 at 16:00 GMT

PALLADIUMMAR24 will expire 20 Feb 2024 at 16:00 GMT

COTTONMAR24 will expire 21 Feb 2024 at 16:00 GMT

 

Quarterly Outlook

01 /

  • Upending the global order at blinding speed

    Quarterly Outlook

    Upending the global order at blinding speed

    John J. Hardy

    Global Head of Macro Strategy

    We are witnessing a once-in-a-lifetime shredding of the global order. As the new order takes shape, ...
  • Equity outlook: The high cost of global fragmentation for US portfolios

    Quarterly Outlook

    Equity outlook: The high cost of global fragmentation for US portfolios

    Charu Chanana

    Chief Investment Strategist

  • Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Quarterly Outlook

    Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Jacob Falkencrone

    Global Head of Investment Strategy

  • Commodity Outlook: Commodities rally despite global uncertainty

    Quarterly Outlook

    Commodity Outlook: Commodities rally despite global uncertainty

    Ole Hansen

    Head of Commodity Strategy

  • Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    Quarterly Outlook

    Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    John J. Hardy

    Global Head of Macro Strategy

  • Equity Outlook: The ride just got rougher

    Quarterly Outlook

    Equity Outlook: The ride just got rougher

    Charu Chanana

    Chief Investment Strategist

  • China Outlook: The choice between retaliation or de-escalation

    Quarterly Outlook

    China Outlook: The choice between retaliation or de-escalation

    Charu Chanana

    Chief Investment Strategist

  • Commodity Outlook: A bumpy road ahead calls for diversification

    Quarterly Outlook

    Commodity Outlook: A bumpy road ahead calls for diversification

    Ole Hansen

    Head of Commodity Strategy

  • FX outlook: Tariffs drive USD strength, until...?

    Quarterly Outlook

    FX outlook: Tariffs drive USD strength, until...?

    John J. Hardy

    Global Head of Macro Strategy

  • Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Quarterly Outlook

    Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Althea Spinozzi

    Head of Fixed Income Strategy

Content disclaimer

None of the information provided on this website constitutes an offer, solicitation, or endorsement to buy or sell any financial instrument, nor is it financial, investment, or trading advice. Saxo Bank A/S and its entities within the Saxo Bank Group provide execution-only services, with all trades and investments based on self-directed decisions. Analysis, research, and educational content is for informational purposes only and should not be considered advice nor a recommendation.

Saxo’s content may reflect the personal views of the author, which are subject to change without notice. Mentions of specific financial products are for illustrative purposes only and may serve to clarify financial literacy topics. Content classified as investment research is marketing material and does not meet legal requirements for independent research.

Before making any investment decisions, you should assess your own financial situation, needs, and objectives, and consider seeking independent professional advice. Saxo does not guarantee the accuracy or completeness of any information provided and assumes no liability for any errors, omissions, losses, or damages resulting from the use of this information.

Please refer to our full disclaimer and notification on non-independent investment research for more details.

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900 Hellerup
Denmark

Contact Saxo

Select region

International
International

All trading and investing comes with risk, including but not limited to the potential to lose your entire invested amount.

Information on our international website (as selected from the globe drop-down) can be accessed worldwide and relates to Saxo Bank A/S as the parent company of the Saxo Bank Group. Any mention of the Saxo Bank Group refers to the overall organisation, including subsidiaries and branches under Saxo Bank A/S. Client agreements are made with the relevant Saxo entity based on your country of residence and are governed by the applicable laws of that entity's jurisdiction.

Apple and the Apple logo are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.