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Morning Brew March 13 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Mixed signals on a slow day for data
Good morning,
I would not say to expect a boring day today but it is devoid of major planned events withteh UK GDP and the Key Earnings behind us.
This morning, President Vladimir Putin warned the West on Wednesday Russia was technically ready for nuclear war and that if the U.S. sent troops to Ukraine, it would be considered a significant escalation of the conflict, according to Reuters.
Yesterday was a bit of a strange day that proves, markets are tricky to read. A higher than expected CPI number caused yields and the USD Index to rise but completely failed to hamper risk sentiment in equities.
10 Year Yields are 4.14 and the USD index, EURUSD 1.0927, GBPUSD 1.2790 and USDJPY 147.70. Gold and Silver took a hit off the highs to trade 2158 and 24.15 while Bitcoin holds at 72500.
Indexes rose and the S&P hit a new record. The Dow gained 0.6%, the S&P 500 1.1% an the Nasdaq 1.5%. Oracle gained more than 10% and Nvidia is back at above 900 to 918 having gained 7.16% yesterday. On the other side of the spectrum, Boeing is under pressure as the company continues to struggle with quality issues. Toyota in Japan has agreed to the largest wage increase in 25 years.
Biden and Trump are basically certain to be their candidates nominees in the election in November.
Traders in the yen are getting ready for a possible policy shift by the Bank of Japan, in a very busy central bank week ahead:
19th Australia , Japan
20th Indonesia, Czech Brazil US
21st Switzerland, Turkey UK h
The bank of Japan has a probablitlly of 46% to raise rates to 0 for the first time in a generation of Traders and we expect decent yen volatility:
Peter wrote a very good fundamental piece on diversification that is perfect for a day like today without key events.
Investors with only one or a few stocks in their portfolio are taking too much risk. This article looks at why and how diversification can maximize your potential for long-term gains by reducing risk.
Koen published the next Episode of his Option talks:
Episode 11 of 'Saxo Options Talk': refining strategies with stretched synthetic stock using options
Wednesday
- Data UK GDP,
- Earnings:, Foxconn. Snam, Geberit, Lennar, VW, Adidas, E.On, Dollar Tree,
Thursday
- Data Sweden CPI, US Initial Jobless Claims, US Initial Jobless Claims, PPI
- Earnings: AiA, Hapag Lloyd, Verbind Adobe, Wheaton PM,. Dollar Tree, RWE, Swiss Life, Rheinmetall
Friday
- Data France & Italy CPI, US Industrial Production
- Earnings: Vonovia, Jabil