Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew October 22 2021

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Market is orienting itself ahead of key earnings

Good Morning,

Yesterday was a bit of a consolidation day, the Dow Jones fell on IBM losing more than 9% after disappointing results, the S&P and the Nasdaq were positive, Bitcoin retreated off the highs and is currently trading at 62850. Targets of 80.000 and 100.000 keep being mentioned while a decent number of analysts reiterate they consider the crypto currency as worthless. The BITO traded at much lower volumes yesterday causing a lack of anticipated demand. Tesla could add more than 3% and traded at 900 for the first time (after the split) The Vix continued to fall and traded at a new low from since before corona.

The USD index traded quietly even though the 5 year break even rate rose to an all time high. EURUSD trades at 1.1630, GBPUSD at 1.3800. TRY fell to record lows after a further rate cut, currently we are trading 9.50 against the USD. Gold and silver are near yesterday’s levels at 1787 and 24.17.

The big question remains to which extent the current spikes in inflation are transitory or not and it seems the doves are currently in the stronger position.

Other headlines:

UK retail sales fell more than expected, at -1.3% vs -0.4% expected.

Nearly 20% of cars sold in the EU in Q3 were electric

A Meeting between Biden and Xi is in the process of being agreed,


China Evergrande Group has supplied funds to pay interest on a U.S. dollar bond


On the Binance platform, bitcoin was affected by a flashcrash, dropping to 8500 briefly, the drap was apparently caused by a tech issue. 


Even Japanese Inflation came positive again for the first time since March 2020.


Key events today will be the Markit PMIs throughout the day, France 9:15, Germany 9:30, EU 10:00 UK 10:30 and the US 15:45, at 14:30 Canadian retail sales could be interesting for Loonie traders.


Next week, most of the FAANGs report earnings: Facebook, Apple, Amazon, and Google-owner Alphabet


Have a great weekend and trade safely.



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.