Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew May 15 2024

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Key Data with Indexes near records and huge volumes - US CPI and Retail Sales at 14:30 CET


Good morning,

The Nasdaq hit a record high close yesterday as the higher than expected PPI was ignored.

The Dow rose 0.3%, the S&P 0.5%, and the broader  Nasdaq 0.75%, most interesting stocks were again the meme stocks line AMC and GME, Tesla gained 3% on the increased tariffs imposed by the Biden administration and Alibaba lost 6% after an 86% drop in profit. Nvidia is again above 900.

Volumes were huge at more than 13 bio vs an average neat 10.

Many Indexes are near all time highs again despite Interest seemingly settling at least high for longer if not higher for longer. I am not sure this makes a lot of sense but there are some possible explanations:

  • Traditionally, Stocks fall when the Fed cuts rates, we may me delaying that.
  • Higher inflation devalues the USD and raises the price tag on tangible assets like stocks, gold and silver and copper.
  • Election years are usually good for Equities

US Yields are a little lower at 4.42 and the USD Index has gropped below 105 to trade at 104.92. EURUSD has risen above 1.08 (1.0825) GBPUSD is testing the 1.26 and  USDJPY 156.25. Gold and Silver are strong at 2360 and 28.62, copper is above 500 and Platinum has risen above 1000.

Today we are expecting the EU GDP, US Retail Sales and most likely as highlight the US CPI,
the CPI  M/M  is expected at 0.4%, Y/Y 3.4%, the Core CPI M/M is expected at 0.3%, Y/Y 3.6%, 

There is very little focus on the Retail Sales which may be dangerous. Retail Sales are an important indicator. The release will be at the same time as the CPI and is expected at 0.4%. As the excess savings from the Covid period have run out and the high interest rate eats away disposable income it could be an interesting read.

There seems to be a lot of buying power around and if data supports the sentiment, we could see new records today. If the mood sours, there may well be selloffs. 

Safe trading!

Key Data: 


- Data Sweden PPI, EU GDP, US CPI& Retail Sales, Neil Kashkari & Michelle Bowman speak
- Earnings: Cisco,

- Data JP GDP, AU Unemployment Rate, Initial Jobless claims & Philly Fed, Michael Barr , R. Bostic & Partick Harker Speak
- Earnings: Walmart, JD.Com Under Amour

- Data China Retail Sales, EU HICP



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.