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Morning Brew June 14 2024
Erik Schafhauser
Senior Relationship Manager
Summary: A Quiet Day?
Good morning
S&P 500 and the Nasdaq can post the 4th daily record close while the traditional blue chips are not going anywhere. THE US Tech 100 Nas is now trading at 19600, the US 500 at 5433 – both up 3.2% and 1.7% for the week while the US 30 and the GER40 are down 0.5% and 1.3%.
Nvidia rose 3.5%, Apple added a further 0.55% and is now the most valuable company in the world at 3.29 trillion US Dollars, Tesla gained on the approval of the pay package for Elon Musk. Volumes were low at more than 20% below the 20-day average.
An interesting divergence happened in the FX market, where the USD Index rose while yields fell. This is in part due to a weak yen after the undecisive Bank of Japan pushed the Japanese currency to 157.95. 10 Year Yields retreated to 4.27 and the USD Index is at 105.30. EURUSD is back at 1.0735 and GBPUSD 1.2750
Bitcoin and Ethereum are trading at 66700 and 3505, down app 4% for the week, Gold and Silver are at 2309 and 29.09, above the recent lows.
The G7 Meeting continues with relations to China on the Agenda and the Pope will join for the first time to discuss AI.
It is hard to predict what will drive the day, we have little in terms of data and planned top news, it could either be a very quiet day or we could see sharp moves when larger orders hit a thin market. We have a good deal of expiries, check your positions if you trade expiring products!
Kim wrote on the technical for the Eurostoxx and the Dax and Ole commented on Oil:
DAX and EuroStoxx50 keep sliding lower. Can they turn around? For the Dax, daily close above 18,785 is required for DAX to establish a new uptrend with upside potential to 19,250–19,300. Key support is at 18,235
Oil prices steady amid divergent OPEC and IEA demand projections Prices have recently bounced from an early June price slump that was driven by aggressive hedge funds selling after the OPEC+ alliance announcing plans to gradually unwind last year’s extra voluntary output cuts, starting October
Today:
Sweden, and France CPI , EU Trade Balance, US Import and Export Prices, University of Michigan, Golsbee speaks (20:00 CET)
Monday: China Retail Sales, Italy CPI,
Expiries
Physically Settled Futures
ADM4 will expire on 14 Jun 2024 at 15:00
BPM4 will expire on 14 Jun 2024 at 15:00
CUSM4 will expire on 14 Jun 2024 at 04:00
E7M4 will expire on 14 Jun 2024 at 15:00
ECM4 will expire on 14 Jun 2024 at 15:00
JYM4 will expire on 14 Jun 2024 at 15:00
M6AM4 will expire on 14 Jun 2024 at 15:00
M6BM4 will expire on 14 Jun 2024 at 15:00
M6EM4 will expire on 14 Jun 2024 at 15:00
NEM4 will expire on 14 Jun 2024 at 15:00
RFM4 will expire on 14 Jun 2024 at 15:00
RYM4 will expire on 14 Jun 2024 at 15:00
SFM4 will expire on 14 Jun 2024 at 15:00
CDM4 will expire on 17 Jun 2024 at 15:00
MCDM4 will expire on 17 Jun 2024 at 15:00
KCN4 will expire on 18 Jun 2024 at 15:00
Expiring CFDs
COCOANYJUL24 will expire on 20 Jun 2024 at 15:00
COFFEENYJUL24 will expire on 20 Jun 2024 at 15:00
COTTONJUL24 will expire on 20 Jun 2024 at 15:00
OILUSJUL24 will expire on 18 Jun 2024 at 15:00
PLATINUMJUL24 will expire on 19 Jun 2024 at 15:00
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