Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew January 31 2022

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Markets bounce after a week of heavy losses

Good Morning

We are going into an interesting week with key central bank decisions, lots of economic data and the first nonfarm Payroll of the year. The FOMC meeting last week has markets nervous and looking for clues on the course going forward.

After opening weak, US Index closed strong on Friday: Dow up 1.65%, S&P+ 2.43%, Nasdaq +3.13%, the biggest news  were Apple, +7%  Visa +10.6% , Western Digital and Caterpillar fall 7.3% and 5.2% on disappointing outlooks Chevron Corp missed Wall Street estimates and offered a weak outlook for this year's oil and gas production, shares fall 3.5%.

Main drivers were bargain hunting and weaker than feared  US data, as well as a statement by Minneapolis Fed President Kashkari that a rate hike pause after a likely hike in March was possible. That indicted to many that the Fed would remain flexible in it`s approach. The overall expectation remains at close to 5 hikes this year.

10 Year Yields remain at 1.8% after a high of 1.85 on Friday, the US Index falls to 97.11 from 97.40 on Friday. Gold and Silver fell on Friday but especially Gold could hold above the 1782 support, currently 1788 and Silver trades at 22.40.

EURUSD remains near last weeks lows at 1.1165 while GBPUSD at 1.3420. EURGBP is trading at 0.8315 and at a strong support from since 2016, Thursday will be a big day with both central bank meetings.

Oil remains strong supply worries and high geopolitical tensions

As the Turkish Central bank continues to manage the exchange rate against the USD, Turkish President Erdogan dismissed the head of the statistics office on a reported disagreement over inflation.

Reuters reports that Russia is setting up a roadmap on Crypto regulation as Bitcoin remainsarround 37000.


We have launched a basked of Companies with strong female leadership set up by Peter Garnry:

Why women leadership?

Today we are launching our next equity theme basket focusing on women leadership. Why would do we need a women leadership basket? We are currently running an investor theme focus on ESG and the percentage of woman in companies’ executive team is part of the social aspect of companies. Recent research (here and here) also shows that there are mostly positive impact on company performance from having a more gender diversified executive team. This research from S&P Global also show that publicly listed companies with more women in the leadership team performs better.

Ecomnomic Data:

Monday: Germany GDP Turkey Trade Balance, Italy GDP, EU GDP, Germany CPI, US CPI,

Tuedsday: UK Houseprices, Germany Retail Sales Switzerland Retail Sales, France PMI, Germany PMI and Unemployment, EZ PMI, Canada GDP, US PMI, ISM Manufacturing PMI

Wednesday: EZ HICP, ADP Employment

Thursday: International PMIs, EU PPI , UK rate decision, EU Rate decision, US Employment data and factory orders

Friday: Germany Industrial Orders, EU retail sales, US Nonfarm Payroll


Tuesday: Keyence Corp,  United Parcel Service, Exxon Mobil Corp US PayPal Advanced Micro, Starbucks Gilead Chubb

Wednesday :Alibaba Novo Nordisk Alphabet Sony Mitsubishi T-Mobile Meta QUALCOMM AbbVie Thermo Fisher Novartis AG

Thursday: Roche Ford Eli Lilly Shell  ConocoPhillips , Estee Lauder Cos Inc

Friday:: Bristol-Myers Squibb,  Sano FP




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.