Morning Brew March 29 2023

Good Morning,

The two key news over night are that Alibaba will be broken up it six single units which was very well received by traders as it was interpreted as a sign receding regulatory pressure, shares rise by app 15% .

UBS announced the return of Sergio Ermotti to steer the new behemoth through the takeover of Credit Suisse, Ralph Hamers will step down. Ermotti was the CEO of UBS from 2011 to 2020 and lead UBS through the recovery after the global financial crisis. In early trading UBS is seen to gain app 3%.

Deputy Bank of Japan Governor stated a change to the Yield Curve Control were in in scope.

Yesterday, Indexes had closed slightly lower but are making the losses up this morning. The USD Index gains a little off the lows as yields come off the lows. The 2 Year rises to 4.1% and the USD Index follows to 102.60.  As EURUSD remains at 1.0830, GBPUSD 1.2320 and USDJPY 132. Gold and Silver are stable at 23.10 and 1962, Bitcoin 27500.

The agenda remains thin and markets news driven but as we see above, that still leaves them interesting.

Remain nimble.

Wednesday, 29 March

• Australia CPI (Feb)
• Bank of Thailand rate decision
• German GfK Consumer Confidence (Apr)
• UK BOE Mann speaks
• US House FSA hearing on SVB

Thursday, 30 March

• Germany CPI (Mar P)
• US Initial Jobless Claims (25-Mar)
• US GDP (Q4 T)
• US Treasury Secretary Yellen and Fed’s Barkin speak

Friday, 31 March

• Japan Jobless Rate (Feb)
• Japan Tokyo CPI (Mar)
• China PMIs (Mar)
• UK GDP (Q4 F)
• France CPI (Mar P)
• Italy CPI (Mar P)
• Eurozone CPI (Mar P)
• US PCE (Feb)
• US Univ. of Michigan Sentiment (Mar F)

Earnings on watch this week:

• Wednesday: Constellation Software, Cintas, Paychex
• Thursday: Kweichow Moutai, Great Wall Motor, H&M