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Morning Brew June 26 2023
Erik Schafhauser
Senior Relationship Manager
Summary: Markets take Russia Scare in Stride
Good Morning,
After the Russian scare on Saturday, markets are fairly calm this morning and looking for direction.
The Mutiny by the Wagner Group brought the fact that there is a war in Europe back to the forefront of people`s minds but the fast resolution helped calm sentiment again. The question remains what the implication will be and if there is any damage to Putin`s reign.
This Morning, Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them acc to Reuters News
US Equities ended the week lower after 5 weeks of consecutive gains on huge volumes traded, the 20 day average is 11.7 Billion shares and Friday we traded 15.9 billion. The US 500 is at 4353, 1.4% lower than a week ago, the UStech100 trades at 14915, also 1.4% lower vs last weeks Monday and the GER40 15852 or -2.2% on the week. Nvidia lost 2% on Friday but is still up 188% on the year, Tesla was -3% Friday but up 108% this year.
Rates are stable across the board and the USD Index is in mid range at 102.70 – EURUSD trades at 1.0910, GBPUSD 1.2730 and USDJPY 143.40. The Turkish Lira crossed the 25 and Gold and Silver recover off the lows to 1925 and 22.75.
The news Blackrock Bitcoin ETF causes the Crypro currency to het a 12 Month high where it is currently hovering.
Japan will not rule out any options available to respond appropriately to excessive currency moves according to Masato Kanda. Japan often intervenes verbally before taking action.
The biggest scheduled news this week are the Fed Minutes on Wednesday, the Chinese PMI and the US PCE on Friday.
As we have seen on Saturday, there are ample causes for volatility around and overall it might be a good idea to bet on the outlier with limited risk.
Trade safely.
Monday June 26
German IFO
Tuesday June 27
US Durable Goods, New Home Sales
Canada CPI
Wednesday June 28
EPanes Discussion incl. J Powell, C Lagarde and A: Bailay
Thursday June 29
Japan Retail Sales
Sweden Central Bank
US Initial Jobless Claims & GDP, Bostic speaks
Friday June 30
China PMI
UK GDP
DE Unemployment
Swiss KOF
EU HICP
Core PCE