Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew November 29 2022

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Good Morning,

After trading risk off yesterday, we are seeing optimism this morning, the driver on the one hand that the situation in China seems to be calming down and the police in on top of the protests, on the other there are rumors that the government may change its stance on covid and ease restrictions.

After giving up app 1.5% yesterday, equities make back 0.5% over night, the US500 is trading at 3975 ang the GER40 at 14440.

The USD Index rose to 106.75 yesterday to fall to 106.40. EURUSD trades 1.0360 and GBPUSD 1.1990. Gold and Silver 1751 and 21.20. Japanese Retail Sales can rise the 8th consecutive month, USDJPY falls to 138.60.

Cryptocurrency lender BlockFi has filed for bankruptcy after the FTX collapse, there is no really significant impact on Bitcoin, trading at 16400

Toyota increased output by  23% in October

Moscow became the Nr. 4 offshore trading centre for yuan

If China does indeed announce a change in policy, we could see a surge in risk sentiment, otherwise markets are likely focus on US Consumer confidence and the German CPI to assess depth of the the ECB`s dilemma.

Key events:

Tuesday DE CPI, EU Consumer Confidence, CA GDP,  US Consumer Confidence

Wednesday: CH KOF, AT HCIP, DE Unemployment, EU HICP, US GDP

Thursday: International PMI

Friday: US Nonfarm Payrolls



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