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Morning Brew September 26 2024
Erik Schafhauser
Senior Relationship Manager
Summary: SNB and US Data, Fed Speakers and Optimism on China
Good morning.
Heading into the SNB Rate Decision at 9:30 and Key US Data at 14:30
Yesterday we saw some exhaustion in recently strong assets without any key news.
The Dow ended the day down 0.70%, the S&P 500 0.2% while the Nasdaq was basically unchanged. Noteworthy is that the Hong Kong Mainland Property Index rose 9% today, that indicates rather strong optimism for the existing or imminent stimulus measures – watch the commodity space.
The USD Index rose back to 100.80, US 10 Year Yields are little changed at 3.78. EURUSD is 1.1150, USDJPY 144.70 and GBPUSD 1.3345. Gold and Silver are at 2661 and 31.95. Gold had the 4th consecutive record day yesterday.
EURCHF and USDCHF are 0.9480 and 0.85 heading into the SNB rate decision. The Analyst expectation is a 25 basis point cut, traders are trading 54/46 odds of a 25/50 cut.
Later in the day, we are expecting the US Initial Jobless claims, the final GDP reading and the Durable goods orders.
The next really big thing is the US PCE tomorrow even if the Fed hinted it was focusing on the labor market – it cannot ignore inflation.
Besides Data, there are several Fed speakers and
Thursday
- Data SNB , US Initial Jobless Claims, GDP & Durable Goods orders,
- speakers: Collins, Williams, Kashkari, Selensky visits the US
Friday
- Data EU Consumer confidence, US PCE, Canada GDP
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