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Morning Brew November 8 2022
Erik Schafhauser
Senior Relationship Manager
Summary: Unclear picture in to the election
Good Morning,
Markets paint a bit of an unclear picture ahead of the mid term elections. Indexes closed higher yesterday, near 15 for the big three. Apple, Amazon and tesla dropped while Microsoft, Alphabet and Meta rose. Volume was fairly low with 10.5 bio shares traded in the US vs an average of 11.8%.
FX remained very interesting with the USD Index falling to 110 before recovering to near 110.50 while 10 year yields actually rose to 4.22.
EURUSD is at near parity, GBPUSD at 1.1485 and USDJPY 146.70. Gold and Silver are at 1670 and 20.67.
There is no major economic release today, there are some earnings but I would assume the key to be news around the election causing volatility.
Results are not expected until 1 or two in the morning (CET) and may well take days if there are tight calls.
Asian stocks are weighed by fears China may not reopen soon as new coronavirus cases surged in Guangzhou and other Chinese cities.
Expect nervous trading until there are clear directional impulses.
Headlines:
Joe Biden warned that a Republican victory could weaken the country's democratic institutions
Donald Trump is expected to announce a third run at the white house this month.
Elon Musk supported Republicans in the mid term election, this was seen as the reason for the tesla share`s decline yesterday.
Economic data:
Tuesday: Nothing
Wednesday: Japan Trade Balance, China PPI and CPI,
Thursday: US CPI and Labor Data
Friday; DE HICP, UK GDP, Uni of Michigan sentiment
Earnings:
Tuesday: NTT, Mitsubishi, Nntendo, Deutsche Post, Mayer, Münchner Rück, Walt Disney, Occidental Petroleum, Constellation Energy
Wednesday: Honda Motor , Manulife Financial, Siemens Healthineers, TC Energy,
Thursday: Deutsche Telekom, Allianz, Merck, Tokyo Electron, Engie, Becton Dickinson, AstraZeneca, Brookfield Asset Management, National Grid, TransDigm
Friday: SoftBank Group, Cie Financiere Richemont