Morning Brew October1 2021
Senior Relationship Manager
Summary: Looks looks a slow start in to Q4
The debt ceiling was extended yesterday but the infrastructure deal was delayed due disagreements in the democratic party, dampening the mood in the stock markets. Dow and S&P lost 1.6 and 1.2% while the Nasdaq fared better at only -0.44%, Asian stocks follow, along with Europe where the Dax and the the Eurostoxx future are both down more than 1.3%.
The USD Index remains high despite the fact that 10 year Yields fell to 1.48%, Gold and Silver could recover off the lows, Gold could rise above 1750 and Silver the 22 level, EURUSD remains below the 1.1600 at 1.1574 and GBPUSD trades at 1.3450
Oil remained high and there was quite a bit of interest in call options on oil at 200 in Dec 2022, which would mean more than a 100% increase in one year.
Ole Hansen was featured in Carsten Bondes` Podcast to give his view on commodities:
Today EU Inflation at 11 and US consumer spending, inflation and factory activity data at 14:30 will be significant, the most important data point during my holiday is likely to be the US Nonfarm Payroll in 1 week.
I am looking forward to seeing you in two weeks and am very curious which levels I will return to.