Morning Brew -May 27

Saxo Bank

Good Morning

Inflation worries and tapering discussions drove US Interest rates off the lows, This caused the USD Index to rise back above the 90 level, EURUSD below 1.22 Gold to 1898 and Silver to 27.65. Indexes Fall slightly but without large moves. Tomorrows release of the PCE at 14:30 CET will bring the next real impulse it seems.27 ERS USD Index

(refinitiv)

There are lots of news but none sufficient to have  a clear directional impact.

China's  Industrial Earnings Growth slowed down in April  due to high commodity prices while the U.S. Trade Representative stated the US faced  "very large challenges" in its trade and economic relationship with China.

27 ERS IndexesLenovo Group on Thursday posted a better-than-expected rise of 512% in fourth-quarter profit

Nvidia Corp forecast second-quarter revenue above analysts' estimates on Wednesday, but shares fell 1% after-hours

The ECB is looking to launch it`s crypto currency in 2025.

Peter Garnry on EU Banks:

European banks have a considerable upside potential over the coming year if the mean reversion in the German 10-year yield continues amid rising global inflation. A steeper yield curve and positive yields in Europe could take European banks' price-to-book ratio back to the recent historical average of 0.8x and then beyond. The industry has improved over the past years with Deutsche Bank being put forth as an example of Europe's banking industry coming out of a long hibernation.

 

Economic Events for the next few days:

Date

Time CET

Country/Region

Relevance

Indicator Name

Period

Reuters Poll

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Refinitiv)

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