Morning Brew - July 29th

Good Morning,

The Fed did a fairly good job of not spooking the market yesterday, they are talking about tapering but have not yet fixed a date. Immediately the Jackson Hole conference end of August was identified as a possible date for the presentation of a plan. Powell said in his news conference that rate increases were "a ways away" and that the job market still had "some ground to cover.

There was little reaction from the markets, most noteworthy the USD decline. The USD Index fell to 92.15, EURUSD rose to 1.1855, Cable to above 1.3930 and Gold as well as Silver rise to 1818 and 25.30.

Equities were fairly quiet with the Nasdaq ending 0.7% higher and the Dow +0.4%, the S&P 500 lost 0.02%. Facebook and PayPal fell 3.5% and 8% on good earnings but weak outlook, Boeing gained 5%

The Chinese securities regulator met with banks representatives yesterday to calm the markets and succeeding to some extent but on the week, Chinese Equities remain negative.

Today is another busy day with lots of economic data, most important probably the US GDP and the initial jobless claims at 14:30 and possibly the German CPI at 14:00 CET. Many companies report earnings : Amazon Hoya, Airbus, Anheuser Busch, Nestle, Volkswagen, Murata Manufacturing Royal Dutch Shell AstraZeneca Tota lEnergies Sanofi Keyence Oriental Land State Bank of India ,,Sberbank Rossii PAO  LG Chem Ltd, DSV, Samsung Electronics ,Enel ,American Tower Corp, Ambev Southern, Merck Intercontinental, Northrop Grumman, Altria Group, Keurig Dr Pepper ,Comcast, S&P Global ,Mastercard, Twilio, Vertex Pharmaceuticals, Edwards Lifesciences, T-Mobile US, Gilead Sciences, Atlassian Corporation

We are expecting the Robinhood IPO, the Instrument is available online now under ticker HOOD:xnas. We are accepting Limit G.T.C orders only until 1st trading day for both Shares and CFDs. Shorting expected to be available tomorrow.

Joe Biden affirmed a “Buy American” Policy for public spending.

(Refinitiv)