Morning Brew August 28 2023
Erik Schafhauser
Senior Relationship Manager
Summary: Data Dependancy will be put to the test this week - UK Hooliday Today
Good Morning,
The Jackson Hole speech by Jerome Powell had the least market impact of any in a long while. He kept his tone and the message: the fed will remain hawkish until we see the economy cooling and inflation in check.
The big tree Indexes were up a little less than 1% and ended the week mixed, the Nasdaq and the S&P gained 2.3% and 0.8% respectively, the Dow lost 0.4%.
Yields seesawed and the 10 year is now at 4.22. EURUSD is back above the 1.08 figure, Cable 1.26 and USDJPY 146.40. Gold and Silver are trading at 1915 and 24.15. Bitcoin is settling in at 26000 looking for the next piece of news to make or break the mood.
Key events are happening in China where shares of China Evergrande Group resumed trading after almost one and a half years, the stock lost as much as fell as much as 87%, currently -78%.
China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market. It also approved 37 retail investment funds. The blue chip Index gained 1.5%.
As the key message from central bankers was data dependency, this week will be busy. We are expecting a lot of international data starting tomorrow with the German Consumer Confidence an culminating in the Nonfarm Payroll on Friday. Expiries (see below) and month end adjustments are also to be expected and we have key technical levels to watch. As Kim Cramer is back from holiday, we can expect his technical corner to air another episode.
As of now, of the major central banks only the Bank of England and the Swedish Riksbank are expected to hike in September, the Fed is seen to pause with 80% probability and the ECB has a slight 55% call for no action but for both, rate futures currently see one more hike before year end.
Have a great week
Monday 28 August
- Data Japan Unemployment Rate, Leading Indicator
- Earnings: BYD, Fortescue Metals
Tuesday 29 August
CFD EXPIRY
- Data: German GfK Consumer Sentiment US Consumer Confidence,
- Earnings: CITIC, Xiaomi , Bank of Nova Scotia, Bank of Montreal
Wednesday 30 August
EXPIRY FOR MANY FUTURES
- Data KOF Indicator, DE CPI, US GDP,
- Earnings PetroChina Co, Bank of China, Salesforce
Expiries
Physically Settled Futures
- FLGU3 will expire 29 Aug 2023 at 15:00 GMT
- TTFMU3 will expire 29 Aug 2023 at 09:00 GMT
- HGU3 will expire 30 Aug 2023 at 15:00 GMT
- KEU3 will expire 30 Aug 2023 at 15:00 GMT
- RRU3 will expire 30 Aug 2023 at 15:00 GMT
- SILU3 will expire 30 Aug 2023 at 15:00 GMT
- SIU3 will expire 30 Aug 2023 at 15:00 GMT
- TNU3 will expire 30 Aug 2023 at 15:00 GMT
- UBU3 will expire 30 Aug 2023 at 15:00 GMT
- XKU3 will expire 30 Aug 2023 at 15:00 GMT
- XWU3 will expire 30 Aug 2023 at 15:00 GMT
- Z3NU3 will expire 30 Aug 2023 at 15:00 GMT
- ZBU3 will expire 30 Aug 2023 at 15:00 GMT
- ZCU3 will expire 30 Aug 2023 at 15:00 GMT
- ZFU3 will expire 30 Aug 2023 at 15:00 GMT
- ZLU3 will expire 30 Aug 2023 at 15:00 GMT
- ZMU3 will expire 30 Aug 2023 at 15:00 GMT
- ZNU3 will expire 30 Aug 2023 at 15:00 GMT
- ZSU3 will expire 30 Aug 2023 at 15:00 GMT
- ZTU3 will expire 30 Aug 2023 at 15:00 GMT
- ZWU3 will expire 30 Aug 2023 at 15:00 GMT
- HOU3 will expire 31 Aug 2023 at 15:00 GMT
- RBU3 will expire 31 Aug 2023 at 15:00 GMT
Expiring CFDs
- 10YUSTNOTESEP23 will expire 29 Aug 2023 at 15:00 GMT
- COPPERUSSEP23 will expire 29 Aug 2023 at 15:00 GMT
- CORNSEP23 will expire 29 Aug 2023 at 15:00 GMT
- GASOLINEUSSEP23 will expire 29 Aug 2023 at 15:00 GMT
- HEATINGOILSEP23 will expire 29 Aug 2023 at 15:00 GMT
- SILVERSEP23 will expire 29 Aug 2023 at 15:00 GMT
- SOYBEANOILSEP23 will expire 29 Aug 2023 at 15:00 GMT
- SOYBEANSSEP23 will expire 29 Aug 2023 at 15:00 GMT
- WHEATSEP23 will expire 29 Aug 2023 at 15:00 GMT
- CHINA50AUG23 will expire 30 Aug 2023 at 02:00 GMT
- HK50AUG23 will expire 30 Aug 2023 at 02:00 GMT
- SINGAPOREAUG23 will expire 30 Aug 2023 at 02:00 GMT
- TAIWAN95AUG23 will expire 30 Aug 2023 at 02:00 GMT
- OILUKOCT23 will expire 31 Aug 2023 at 15:00 GMT