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Morning Brew January 17 2024
Erik Schafhauser
Senior Relationship Manager
Summary: US Yields drive Marktes
Good Morning
US Yields remain the market driver, 10 year yields broke to above 4% to trade at 4.06, this pulls the USD Index higher to currently 103.56, above the 200day moving average. EURUSD falls below the 1.09 to 1.0855, GBPUSD 1.26 and USDJPY 147.80. Gold and Silver fall to 2018 and 22.67, Bitcoin 42800
Equity indexes are under pressure with the the US 500 at 4744, the US 30 37237, the US Tech 100 Nas at 16715 and the GER40 16410. .
Chris Waller stated the US was within striking distance of the 2% inflation goal, but the central bank should not rush towards cuts in its benchmark interest rate until it is clear lower inflation will be sustained.
Goldman Sachs reported very good earnings and the stock ended up 0.7% while Morgan Stanley lost 4.2% on weaker than expected numbers.
AMD gained 8.3%, Nvidia 3%. Apple falls 1.2% on the discounts for iPhones in China for IPhones, this leaves Microsoft the world`s most valuable company. Boeing remained under pressure
Spirit Airlines fell 47% on news that a merger with JetBlu was violating anticompetitive laws.
Chinese Data came weak overnight, the GDP fell short of expectations with 5.2% vs 5.3% expected and Retail Sales at 7.4% vs 8% expected key events now are the UK CPI at 8:00 CET, EU HICP at 11, expected at 2.9% and the US retail sales at 14:30 CET with a rise of 0.4% expected.
Besides these data releases, the Middle East and Davos remain in focus. Among others, Javier Milei, Christine Lagarde, Emmanuel Macron and David Cameron will address the forum.
Wednesday
- Data China GDP, Retail Sales, UK CPI, EU HICP, US Retail Sales,
- Earnings: Alcoa, Charles Schwab, US Bancorp,
Thursday
- Data Initial Jobless Claims, Philly Fed,
- Earnings: TSMC,
Friday
- Data Japan CPI, UK Retail Sales EU Consumer Confidence,
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