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Morning Brew October 24 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Correction or bump in the road?
Good morning.
Yesterday we saw a bit of profit taking or correction, Indexes gave up some ground, Gold and Silver corrected and the Vix rose. After the strong previous moves this is not necessarily a significant shift but maybe merely a consolidation.
Key news were the Bank of Canada cutting rates by 50 BPS as expected, a fairly dovish Beige Book and very good results by Tesla.
Tesla rose 12% after hours to 232 on higher than expected profits driven by cost cut. The Beige Book showed a slowdown and was seen as the reason for the 50 BPS cut in September, on the release US Yields declined off the highs.
McDonalds closed 5% lower on the E.coli outbreak, Sergio Ermotti said yesterday he was happy with the integration progress, Unilever beat expectations yesterday.
Today we are awaiting international PMI:
9:00 France
9:30 Germany
10:00 EU
10:30 UK
15:45 US
US Initial jobless claims and earnings by Earnings American Airlines , UPS, Nasdaq,.
Precious metals are interesting to watch as Gold and Silver are recovering off the lows, we were as low as 2709 and 33.45 yesterday but have recovered to 2731 and 34.06
Trade carefully!
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Friday
- Data Japan CPI, DE IFO, US Durable Goods Ordres
- Earnings, Colgate Palmolive
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