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.
(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.
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.
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 | |
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(Refinitiv)
A new fragmented world order can render some of today's infrastructure obselete, but it also calls for massive new investments across the globe, which requires a new set of strategic and tactical investment strategies.
Steen Jakobsen,
Chief Investment Officer
As globalisation turns to fragmentation, China seems set on playing a role in the global economy, while simultaneously working towards proofing its own economic situation from external shocks and crises.
Redmond Wong,
Market Strategist
The recent bank runs and ensuing challenges are reminicent of something we've seen before. Will it end like the S&L crises of 1986 and 1995?
Chris Dembik,
Head of Macroeconomic Research
Equity markets need to recalibrate to another - fragmented - global world. What's your view on equities in this market - are they going up or down?
Peter Garnry,
Head of Equity Strategy
With every development comes new opportunites, some of which could be in India. Have you considered the country as a part of your diversification strategy?
Charu Chanana,
Market Strategist
A collar is an option strategy that allows some protection while maintaining some upside potential. What investment would you like to use a collar strategy for?
Hans Oudshoorn,
Trainer Academy
There are arguments to be made for many commodities to have upside. Which are you paying the most attention to this quarter?
Ole S. Hansen,
Head of Commodity Strategy
In a very challenging macro environment, which currencies do you think will come out on top?
John J. Hardy,
Head of FX Strategy
