Morning Brew July 30

Erik Schafhauser

Senior Relationship Manager

Summary:  Amazon and Robin Hood disappoint - Inflaion in focus


Good Morning

Equities could rise yesterday, the Dow closed up 0.4%, the S&P 0.4% and the Nasdaq 0.1%. Tesla was one of the largest drivers gaining almost 5%. After the bell, Amazon disappointed with revenue and outlook and shares fell as much as 7% in the aftermarket.

Robin Hood disappointed in the IPO, giving up 8%, one of the worst-performing IPOs of companies with a value of more than 10 bio.

Risk came under pressure in the Asian session and Asian shares are suffering the biggest monthly drop March 2020, the Hang Seng loses 10% in July.

Currently the Nasdaq 100 Future is down 1.4%, the S&P500 0.9% and the Dax -0.5.

The USD Index fell to below 92 to currently trade at 91.90, 10 year yields remain subdued at 1.24. Gold and Silver rise to 1828 and 25.55, EURUSD is within reach of the 1.19 at 1.1877, GBPUSD 1.3940 and Bitcoin near the 40000.

Earnings and international CPI and GDP data will be released today, along with a number of 2nd tier earnings.

After US Inflation at 6.1% and German consumer prices up more than 3%- levels not seen since the 1980s and 2008 , the EU HICPat 11 will be of particular interest. Christine Lagarde has stated the ECB would accept an overshoot in inflation but discord can be expected.  The Bundesbank will not be happy to accept broader inflation above 2%.

Earnings today: BNP Paribas SA Hitachi Ltd Takeda Pharmaceutical Co, KDDI, Linde , Aon, Caterpillar, Siemens Healthineers, Charter Communications, Illinois Tool Works Colgate-Palmolive, Exxon Mobil, IDEXX Laboratories , Abbvie Chevron Corp, Johnson Controls Enbridge, Procter & Gamble, Kweichow Moutai.

Local Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

30 Jul 2021

01:30

Japan

Jobs/Applicants Ratio

Jun

1.10

30 Jul 2021

01:30

Japan

Unemployment Rate

Jun

3.0%

30 Jul 2021

01:50

Japan

Industrial O/P Prelim MM SA

Jun

5.0%

30 Jul 2021

07:30

France

GDP Preliminary QQ

Q2

0.8%

30 Jul 2021

08:00

Germany

GDP Flash QQ SA

Q2

2.1%

30 Jul 2021

08:00

Germany

GDP Flash YY NSA

Q2

10.0%

30 Jul 2021

08:00

Denmark

Unemployment Rate

Jun

30 Jul 2021

08:45

France

CPI (EU Norm) Prelim YY

Jul

30 Jul 2021

09:00

Spain

Estimated GDP QQ

Q2

2.1%

30 Jul 2021

09:00

Switzerland

KOF Indicator

Jul

30 Jul 2021

09:00

Switzerland

Official Reserves Assets CHF

Jun

30 Jul 2021

09:00

Austria

GDP Growth QQ Prelim

Q2

30 Jul 2021

10:00

Italy

GDP Prelim QQ

Q2

1.3%

30 Jul 2021

10:00

Italy

GDP Prelim YY

Q2

15.8%

30 Jul 2021

11:00

Italy

CPI (EU Norm) Prelim MM

Jul

30 Jul 2021

11:00

Italy

CPI (EU Norm) Prelim YY

Jul

30 Jul 2021

11:00

Euro Zone

HICP Flash YY

Jul

2.0%

30 Jul 2021

11:00

Euro Zone

HICP-X F&E Flash YY

Jul

0.9%

30 Jul 2021

11:00

Euro Zone

GDP Flash Prelim YY

Q2

13.2%

30 Jul 2021

11:00

Euro Zone

GDP Flash Prelim QQ

Q2

1.5%

30 Jul 2021

11:00

Euro Zone

Unemployment Rate

Jun

7.9%

30 Jul 2021

12:00

Italy

CPI (EU Norm) Prelim MM

Jul

30 Jul 2021

12:00

Italy

CPI (EU Norm) Prelim YY

Jul

30 Jul 2021

14:30

United States

Consumption, Adjusted MM

Jun

0.5%

30 Jul 2021

14:30

Canada

GDP MM

May

30 Jul 2021

16:00

United States

U Mich Sentiment Final

Jul

81.3

Refinitiv

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank (Schweiz) AG
Beethovenstrasse 33
CH-8002
Zurich
Switzerland

Contact Saxo

Select region

Switzerland
Switzerland

All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved, we have put together a general Risk Warning and a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed here or within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law.

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.