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Morning Brew November 28 2022
Erik Schafhauser
Senior Relationship Manager
Summary: China protest spark risk off
Good Morning,
Risk sentiment is being hit by the protests in China along with fears or the communist party reaction. As corona cases reached a new high in China, protests against restrictions flared up in several cities. These are the strongest protests since Xi took power. China's industrial firms saw overall profits decline further
The Hang Seng sell more than 4% at the peak before recovering, global indexes are down app 0.5%, The Dax Future is trading 14490, the S&P at 4010 and the Nasdaq 11691. Metals and oil are lower and the USD gains strength – despite falling yields.
After the calm last week, the highlight of this week will be the nonfarm payroll on Friday unless there is a major surprise with China being the likely source.
The USD Index is slightly above 106 and EURUSD 1.0360, GBPUSD at 1.2075 and USDJPY 137.90 against the trend. Gold and silver are 1752 and 21.25.
Monday: Eurozone M3, UK CBI Retail Sales, U.S. Fed Bullard at MarketWatch
Tuesday: JP Employment Data DE CPI, EU Consumer Confidence, US Consumer Confidence
Wednesday: CH KOF, AT HCIP, DE Unemployment, EU HICP, US GDP
Thursday: International PMI
Friday: US Nonfarm Payrolls