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Morning Brew May 25 2023
Erik Schafhauser
Senior Relationship Manager
Saxo Morning Brew
Based on Bloomberg information, Nvidia is set for the largest ever jump in value for a stock ever. As of now, Nvidia shares are at 380 after a close at 305, implying a gain in value of USD 219 Bio. The second largest move was apple on November 10 2022 where the gain came to USD 190 Bio. This will likely be the market news of the day unless we see a move in the debt ceiling negotiations.
Both democrats as well as republicans were cautiously optimistic and the Fed Minutes show the FOMC Members agreed the need for more hikes was “Less certain”. Nevertheless, US interest rates rose. Cause was the debt ceiling on the one hand, hawkish fed speakers on the other and also the fact that Fitch put the US on a negative watch. T-Bills for early June rose to 7%.
Equities fell overall with the US 500 now 4133, the US 30 32740 and the US TECH 100 13787, the GER40 fell to 15850 further weighed by disappointing IFO data out of Germany.
Bank Shares are worth watching as HSBC is questioning it`s global presence and Citi cancelled the sale of it`s operations in Mexico
With rising rates, the USD gains strength across the board, EURUSD is trading at 1.0733, GBPUSD 1.2350 and USDJPY 139.50. Gold and Silver are trading at 1955 and 23.00.
Watch for any news around the debt ceiling as the likely market mover and keep an eye on tech after the stellar move in Nvidia.
Thursday 25 May
Germany GDP (Q1, final), United States GDP (Q1, 2nd est.), United States Initial Jobless Claims (May 20)
Pending Home Sales (Apr)
Friday 26 May
Japan Tokyo CPI (May), Australia Retail Sales (Apr, prelim), United Kingdom Retail Sales (Apr)
United States Personal Income and Consumption (Apr), Core PCE Price Index (Apr), UoM Sentiment (May, final),
Earnings; Costco, Dollar Tree, Best Buy, Gap, Meituan, NetEase