Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew November 2 2022

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  And Nothing Else Matters

Good Morning

Ahead of the FOMC rate decision tonight, higher than expected job openings in the US – a number normally not closely watched – spooked traders hoping for dovish tones. US 10 Year Yields rose to above 45 again and the USD Index gained while equities gave up gains. US Indexes closed lower, with the Dow Jones slipping 0.24%, the S&P 500 0.41% and the Nasdaq 0.89%.

The overall expectation among analysts polled by Reuters is that we are likely to retest the USD Highs again, only 32% expect the Dollar to decline from here.

There seems to be some expectation for an intervention out of the BoJ around the FOMC so the Yen is on the move.

Looking at the FOMC, the expectation for a 75 BPS hike stands at 99%, takin the implied rate to 3.8%. The peak rate at the moment is seen at 5% in May 23 and any shift there will have a significant impact on market sentiment.


The rate decision is at 19:00 tonight due to the daylight savings time difference and the Press conference by Jerome Powell at 19:30.




Uber up 12% on good results

Reports that China may be considering loosening Covid restrictions boosted sentiment

HKEX has issue a notice that HKEX, including Stock Connect and its derivatives market will be suspended at 13:55 local time and there is no After-Hours Trading Session.

Oil prices rose more than 1% on Wednesday after industry data showed a surprise drop in U.S. crude inventories

Germany is likely to decide on subsidies to industry and households to deal with high energy costs


Economic data:

Wednesday: EU PMI, DE unemployment, FOMC Rate decision

Thursday: UK PMI and Rate decision, EU Unemployment, US PMI,

Friday; EU PMI, US Nonfarm Payrolls


Wednesday: Novo Nordisk, GSK, Booking, Qualcom, CVS,

Thursday: ConocoPhillips Cigna Corp, Amgen, Paypal, Starbucks, EOG, DBS, 



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.