Good Morning May 25

Saxo Bank

Good Morning

Equities continue their recovery, receding inflation worries are being cited as the driver, also the Fed Balance sheet keeps expanding. Several Fed speakers mention that they see rising inflation as transitory and not lasting.

25 ERS Index

Gold remains stronger than silver with Gold at 1875, near the recent  highs and silver at 27.50. the USD Index is near recent lows, 89.66 is the level to watch. Treasury Yields remain under pressure, the 10 year is at 1.6063

Bitcoin has stabilized and remains heavily disputed on social media, currently near 38,000.

25 ERS RTRS

Singapore GDP Rose  grew 1.3% YoY in the first quarter, vs 0.9% expected

The US says it  expects strong backing from the G7 for it`s proposed 15%-plus global minimum corporate tax.

Vonovia is looking to take over Deutsche Wohnen, this would create one of the largest global real estate companies.

German GDP as well as US Consumer Confidence and New Home sales are the key events today.

Economic Events for the next few days:

Date

Time CET

Country/Region

Relevance

Indicator Name

Period

Reuters Poll

25 May 2021

02:00

Singapore

High

GDP Final YY

Q1

0.9%

25 May 2021

08:00

Germany

High

GDP Detailed QQ SA

Q1

-1.7%

25 May 2021

08:00

Germany

High

GDP Detailed YY NSA

Q1

-3.3%

25 May 2021

09:00

Indonesia

High

7-Day Reverse Repo

May

3.50%

25 May 2021

09:00

Indonesia

High

Deposit Facility Rate

May

2.75%

25 May 2021

09:00

Indonesia

High

Lending Facility Rate

May

4.25%

25 May 2021

10:00

Germany

High

Ifo Business Climate New

May

98.2

25 May 2021

10:00

Germany

High

Ifo Curr Conditions New

May

95.5

25 May 2021

10:00

Germany

High

Ifo Expectations New

May

101.4

24 May 2021

13:00

Ghana

High

Prime Interest Rate

May

14.50%

25 May 2021

14:00

Brazil

High

IPCA-15 Mid-Month CPI

May

0.55%

25 May 2021

14:00

Hungary

High

Hungary Base Rate

May

0.60%

25 May 2021

14:00

Hungary

High

O/N Deposit Rate

May

-0.05%

18 May 2021

14:30

Chile

High

GDP YY

Q1

0.5%

17 May 2021

15:00

Russia

High

Unemployment Rate

Apr

5.4%

25 May 2021

16:00

United States

High

Consumer Confidence

May

119.4

25 May 2021

16:00

United States

High

New Home Sales-Units

Apr

0.970M

25 May 2021

18:00

Russia

High

Industrial Output

Apr

6.5%

24 May 2021

18:00

Nigeria

High

Interest Rate

25 May

11.50%

26 May 2021

04:00

New Zealand

High

Cash Rate

26 May

0.25%

26 May 2021

08:45

France

High

Business Climate Mfg

May

106

26 May 2021

15:30

Kenya

High

Central Bank Rate

May

7.00%

27 May 2021

03:00

South Korea

High

Bank of Korea Base Rate

May

0.50%

27 May 2021

03:30

Australia

High

Capital Expenditure

Q1

2.0%

27 May 2021

14:30

United States

High

Durable Goods

Apr

0.7%

27 May 2021

14:30

United States

High

GDP 2nd Estimate

Q1

6.5%

27 May 2021

14:30

United States

High

Initial Jobless Clm

22 May, w/e

425k

28 May 2021

01:30

Japan

High

CPI Tokyo Ex fresh food YY

May

-0.2%

28 May 2021

01:30

Japan

High

CPI, Overall Tokyo

May

28 May 2021

01:30

Japan

High

Jobs/Applicants Ratio

Apr

1.10

28 May 2021

01:30

Japan

High

Unemployment Rate

Apr

2.7%

28 May 2021

08:45

France

High

GDP QQ Final

Q1

0.4%

28 May 2021

08:45

France

High

GDP QQ Final

Q1

0.4%

28 May 2021

08:45

France

High

CPI (EU Norm) Prelim YY

May

1.8%

28 May 2021

09:00

Switzerland

High

KOF Indicator

May

136.0

28 May 2021

11:00

Euro Zone

High

Consumer Confid. Final

May

-5.1

28 May 2021

13:00

Brazil

High

IGP-M Inflation Index

May

4.00%

28 May 2021

13:00

Angola

High

Interest Rate

31 May

28 May 2021

14:30

United States

High

Consumption, Adjusted MM

Apr

0.5%

28 May 2021

16:00

United States

High

U Mich Sentiment Final

May

82.9

28 May 2021

22:00

Colombia

High

Interest Rate

May

31 May 2021

01:50

Japan

High

Industrial O/P Prelim MM SA

Apr

31 May 2021

03:00

China (Mainland)

High

NBS Manufacturing PMI

May

31 May 2021

08:00

Denmark

High

GDP QQ Prelim

Q1

31 May 2021

08:00

Denmark

High

GDP YY Prelim

Q1

31 May 2021

08:00

Denmark

High

Unemployment Rate

Apr

31 May 2021

09:00

Turkey

High

GDP Quarterly YY

Q1

31 May 2021

09:00

Switzerland

High

Official Reserves Assets CHF

Apr

(Refiniti

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