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Morning Brew April 18 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Earnings Key
Good morning,
Tomorrow I will be off and not publish a Morning Brew, remain nimble of keep your leverage in check!
With little news from the middle east and little impulse from rates, earnings were in focus. The lower-than-expected orders reported by ASML weighed on the chip sector as expected – even if Peter sees the setback as only temporary. Nvidia lost 4% and AMD 6% and the NASDAQ gave up 1.15%, the S&P 500 lost 0.6% and the Dow 0.1%.
Travelers lost 7.4%, JB Hunt 8.1% Prologis 7.2% and US Bancorp 3.6% on an earnings misses.
TSMC exceeded expectations this morning with Net profit 3.5% above expectations.
10-year Yields are a little lower at 4.56% and the USD Index 105.84. EURUSD rose to 1.0680, GBPUSD 1.2426 and USDJPY 154.26. According to Reuters, Japan, Korea and the US are discussing the weak Yen and Won so there could be interesting moves.
Metals remain interesting but are currently waiting for the next big move:
Ole wrote an interesting article on copper yesterday
- Copper's long-term upside potential continues to strengthen
- Prices near two-year highs despite current dollar strength and reduced rate cut expectations
- Mining companies need higher prices to meet expected demand growth
- Hedge funds recently doubled their net long futures position
while Kim Cramer’s Corner focused on Gold and Silver. Gold has potential for 2497 but only if it manages a break above the 2432, a close below USD 2,319 could trigger heavy selling in gold. For Silver, a break above USD 29.03 could likely ignite a new rally towards USD 30.64-31.16, Key support is 27.59
The U.S. House of Representatives will have its vote on aid for Ukraine and Israel as soon as Saturday in an interesting test on the operability of the House.
For the next two days there is a limited amount of data but many speakers, interesting earnings and Israeli action looms in the middle east.
Thursday
- Data AU Labormarket, US Initial Jobless Claims, Philly Fed, Bostic, Lindner & Nagel speak
- Earnings: Nordea, ABB, Investor AB. Elevance Health, Netflix, Blackstone.,
Friday
- Data Japan CPI, UK Retail Sales, Golsbee & Joachim Nagel speak
- Earnings: American Express, Schlumberger, Procter & Gamble
Expiries
Physically Settled Futures
KCK4 will expire on 19 Apr 2024 at 15:00 GMT
ZOK4 will expire on 22 Apr 2024 at 15:00 GMT
CLK4 will expire on 22 Apr 2024 at 15:00 GMT
CCK4 will expire on 23 Apr 2024 at 15:00 GMT
CTK4 will expire on 23 Apr 2024 at 15:00 GMT
OJK4 will expire on 23 Apr 2024 at 12:15 GMT
Expiring CFDs
OILUSMAY24 will expire on 18 Apr 2024 at 15:00 GMT
COFFEENYMAY24 will expire on 18 Apr 2024 at 15:00 GMT
COTTONMAY24 will expire on 22 Apr 2024 at 15:00 GMT
COCOANYMAY24 will expire on 22 Apr 2024 at 15:00 GMT