Morning Brew July 12 2022
Senior Relationship Manager
Summary: Risk off and strong USD dominate
Tomorrow I will not be in the office and not updating the report.
The USD continues to gain, up a full point from yesterday looking at the USD Index – now near the 20 year high.
EURUSD is testing parity at 1.0015. GBPUSD broke below the 1.19 and hit a 2year low. USDJPY is trading at 137.45, Bitcoin falls below 20k again. Gold and Silver fall to 1729 and 18.90 Gold fell to a fresh nine-month low.
Indexes closed lower yesterday and continue the slide, the Dow ended down 0.52%, the S&P 1.15%, and the Nasdaq 2.26%, at the moment, they loose another 0.8%. That is also the case for the European Indexes. Twitter lost 11% and Tesla 6.5% . Volumes in Equities were about 25% below the average.
Today there is little on the economic agenda, only the German ZEW at 11 is of real interest.
The German IG Metall is demanding wages to rise by 8% given the high inflation while German Economy is struggling with the weak Euro and high inflation.
For next weeks ECB rate decision the sentiment has shifted to expect a hike of 0.3% with a probability of 85%, nevertheless EUR remains weak.
Crude Oil is down 2% on growth worries.
Watch for political news and comments to move markets today rather than economic data so sharp moves could come at any point in time.
Tomorrow the US CPI Will be the key event at 14:30, besides that, the UK GDP and the German CPI at 8:00 as well as the EU industrial production will be watched closely.
- Tuesday 12 July: Tryg, DNB Bank, PepsiCo
- Wednesday 13 July: Fastenal, Delta Air Lines
- Thursday 14 July: Fast Retailing, Ericsson, SEB, EQT, JPMorgan Chase, Morgan Stanley, Cintas
- Friday 15 July: Investor, Sandvik, EMS-Chemie, UnitedHealth, Wells Fargo, Charles Schwab, BlackRock, Citigroup, Progressive, US Bancorp, PNC Financial Services
- Monday 18 July: Bank of America, IBM, Goldman Sachs, Nordea
- Tuesday 19 July: Johnson & Johnson, Novartis, Lockheed Martin, Netflix, Atlas Copco, Volvo, Halliburton, Assa Abloy, Hasbro, Yara International
- Wednesday 20 July: Tesla, Abbott Laboratories, ASML, CSX, Nidex, Biogen, Baker Hughes, Kone, Volvo Car, Aker, Dassault Aviation, United Airlines, ASM International, Alfa Laval
- Thursday 21 July: Roche, Danaher, AT&T, Blackstone, SAP, Intuitive Surgical, ABB, Freeport-McMoRan, Kinder Morgan, Nucor, DR Horton, Nokia, Essity, Seagate Technology, MarketAxess
- Friday 22 July: Verizon, NextEra Energy, American Express, Schlumberger, Twitter, Danske Bank, Norsk Hydro
- Monday 25 July: NXP Semiconductors, Kuehne + Nagel, Philips, Ryanair
- Tuesday 26 July: Alphabet, Visa, LVMH, Coca-Cola, McDonald’s, UPS, Texas Instruments, Raytheon Technologies, Unilever, Christian Dior, General Electric, UBS Group, General Motors, Archer-Daniels-Midland, Southern Copper, DSV, UniCredit
- Wednesday 27 July: Microsoft, Meta, Bristol-Myers Squibb, Qualcomm, AMD, Equinor, GSK, ServiceNow, Rio Tinto, Mondelez, Boeing, Airbus, 3M, Kering, Humana, Mercedes-Benz, Ford Motor, Kraft Heinz, Shopify, BASF, Danone, Fanucm Enphase Energy, Spotify, Garmin
- Thursday 28 July: Apple, Nestle, Pfizer, Merck, L’Oreal, Shell, Comcast, Intel, Linde, TotalEnergies, Sanofi, Honeywell, Anheuser-Busch InBev, Keyence, Volkswagen, Air Liquide, Schneider Electric, Banco Santander, Valero Energy, Stellantis, Neste, BAE Systems, Arcelor Mittal
- Friday 29 July: Amazon, Exxon Mobil, P&G, Mastercard, Chevron, AbbVie, AstraZeneca, Sony, Caterpillar, Colgate-Palmolive, BNP Paribas, Twilio, Pinterest
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