Morning Brew April 3 2023

Good morning,

We saw quite some moves yesterday.

Tesla reported fairly ugly deliverables causing the share to drop almost 5% and pulling the overall market lower. The higher for longer narrative came into play as well – so far US fundamental data remains strong.

Yields rose to the highest since Autumn and pulled indexes lower. The Dow lost 1%, the Nasdaq 100 lost 0.94% and the  S&P 500 shed 0.75%. The Dax gave up 1.15%.

The USD saw some profit taking above the 105 and the USD Index fell to 104.75, EURUSD is 1.0775, Cable 1.2580 and USDJPY remains at 151.56 under continuing threat of intervention.

Oil rose and pulled Gold and Silver along – Silver had a great day rising above 26 to trade at 26.35 now. Gold is 2280 and oil is 85.20 in the US Line. For Silver the next level is 26.75 and Gold 2289 and 2312 acc to Kim Cramer.

Today we await a good deal of data and Powells speech alongside continuing tensions in the middle east and Ukraine, trade safely.

We will release the outlook for Q2 later today, it is a great read! You will be notified as soon as it is out.

The big question will be what the driver for the next few months will be and between the upcoming elections, higher for longer and the AI Bubble, there is a lot to talk about.

To read on last months performance and the drivers, Søren Otto Simonsen wrote a great summary:

As we conclude the first quarter of 2024, the financial performance fired on all cylinders in March. Global equities rose by 3% in a month where all regions posted positive results.

Wednesday

- Data International PMI, EU Inflation, ADP Payrolls, ISM Services PMI, Powell speaks,

Thursday
- Data More PMI, initial Jobless claims, Barkin speaks,

Friday
- Data:  De Industrial Orders, US Nonfarm Payroll, Unemployment Rate