Morning Brew November 29 2023

Good Morning

Investment Legend Charlie Hunger passed away at 99 years old.

============= Watch out for Futures Expiries today============

Fed Governor Christopher Waller said he was "increasingly confident" that the current central bank benchmark interest rate will prove adequate to lower inflation to the Fed's 2% target. This statement pushed tey year yields lower to 4.28 now.

This boosted equities a little and weakened the dollar a little more. The US500 is trading at 4558 now, the US tech100NAS at 16022 and the GER40 at 15992.

The Dollar Index fell to the lowest since August to 102.63 now, EURUSD is at 1.10 spot on, GBPUSD is at 1.2720 and USDJPY 147.09.

Gold had a very strong day yesterday and rose to 2044 on breaking the resistance at 2015 while Silver is trying to breach the 25. Traders are watching if Gold will close a month above the 2000 mark for the first time in history. We have 38 hours and 2% room.

Oil also gained 2% and copper 1% after Panama is shutting a major copper mine. Bitcoin breached the 38000 to an 18 month high.

Amazon.com announced a new AI chip for its cloud computing service but failed to excite traders, shares drop 0.5% while Tesla was the big winner yesterday, up 4.5%.

Koen started a great new format on Options that focusses on volatilities: This guide lists expected movements and implied volatility rankings of stocks with upcoming earnings, key indices, and ETFs. It’s useful for investors, options traders and those interested in post-earnings moves.

From a longer term perspective, Peter wrote on the cyber security industry has been the second best performing theme in equity markets this year driven by strong demand and higher profitability. CrowdStrike reports earnings today with analysts remaining bullish expecting revenue growth of 34% and new record on free cash flow.

With non-top tier data on the agenda, speeches by Thomas Barkin (16:00 CET) Loretta Mester (19:45cet) and the Feds Beige Book at 20:00 will be closely watched but the PCE deflator tomorrow will be the key decisive factor in the month end.

Key Events:

Wednesday
- Data  EU Consumer Confidence, Germany CPI, US GDP 2^nd Estimate
- Earnings Snowflake, Okta, Pure Storage, Dollar Tree,

Thursday
- Data China PMI, Norway GDP, Swiss KOF , France CPI, Germany Unemployment, EU Inflation, US PCE & Initial Jobless Claims, Canada GDP
- Earnings Royal Bank of Canada, Dell, Marvell

Friday
- Data Japan Unemployment Rate, China Caixin PMI, International PMI, Canada Unemployment rate
- Earnings National Bank of Canada, Bank of Montreal,

Expiries

Physically Settled Futures

FLGZ3 will expire 28 Nov 2023 at 16:00 GMT

GCZ3 will expire 29 Nov 2023 at 16:00 GMT

HGZ3 will expire 29 Nov 2023 at 16:00 GMT

KEZ3 will expire 29 Nov 2023 at 16:00 GMT

SILZ3 will expire 29 Nov 2023 at 16:00 GMT

SIZ3 will expire 29 Nov 2023 at 16:00 GMT

TNZ3 will expire 29 Nov 2023 at 16:00 GMT

TTFMZ3 will expire 28 Nov 2023 at 10:00 GMT

UBZ3 will expire 29 Nov 2023 at 16:00 GMT

XCZ3 will expire 29 Nov 2023 at 16:00 GMT

XWZ3 will expire 29 Nov 2023 at 16:00 GMT

Z3NZ3 will expire 29 Nov 2023 at 16:00 GMT

ZBZ3 will expire 29 Nov 2023 at 16:00 GMT

ZCZ3 will expire 29 Nov 2023 at 16:00 GMT

ZFZ3 will expire 29 Nov 2023 at 16:00 GMT

ZLZ3 will expire 29 Nov 2023 at 16:00 GMT

ZMZ3 will expire 29 Nov 2023 at 16:00 GMT

ZNZ3 will expire 29 Nov 2023 at 16:00 GMT

ZTZ3 will expire 29 Nov 2023 at 16:00 GMT

ZWZ3 will expire 29 Nov 2023 at 16:00 GMT

HOZ3 will expire 30 Nov 2023 at 16:00 GMT

RBZ3 will expire 30 Nov 2023 at 16:00 GMT