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Morning Brew June 27 2023
Erik Schafhauser
Senior Relationship Manager
Summary: China grows - watch the Central Banker Meeting in Portugal
Good Morning,
While markets were cautious yesterday and indexes closed lower and Big Tech suffered most. Alphabet and Tesla were downgraded by analysts and fell 3.3% and 6% respectively, Nvidia dropped 4.5%.
Kim Cramer writes DAXseems destined to test key support at around 15,625. If DAX closes below that support a down trend has been confirmed.
The USD is fairly stable this morning, EURUSD is above 1.09 at 1.0920, GBPUSD 1.2733 and USDJPY 143.50 – the USD Index 102.60. ECB`s Kazak was on the wire with rather hawkish tones stating the ECB would hike past July.
Gold is holding up at 1927 and Silver is rising to test the 23 figure.
News of the day is an announcement by Chinese Premier that 2nd Quarter growth is expected to be app 5% - higher than expected. This is perceived well by traders and overnight, equities gain app 0.2-0.3%.
The Turkish Lira continues it`s decline – now 26 Lira are needed to buy one USD.
Peter Garnry pointed out yesterday that European defense companies continue to see strong orders intake as Europe is significantly increasing its defense spending in a response to the war in Ukraine.
Todays driver will be the US Durable goods, Canadian Data overall sentiment possibly affected by events in Russia and the Central Bank Forum in Portugal even if the highlight is only tomorrow.
Trade safely
Tuesday June 27
US Durable Goods, New Home Sales
Canada CPI
Wednesday June 28
Panel 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