Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew April 4 2022

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  The calm before the storm?

Good Morning,

The EU is considering stronger sanctions against Russia on accusations of war crimes and even German politicians are starting to demand an import stop for Russian gas. So far markets are not really reacting. Oil only gains minutely and Equities start the week on a friendly note overall – but gains are only insignificant so far.

The GER40 is trading at 14544 ant the 50 day moving average is the next key resistance at 14624, the US30 34865 and needs to breach the 35k, US500 is somewhat mid range at 4555 an the USTech 100 also in undecided territory at 14882,

EURUSD is off recent highs at 1.1040 with still falling implied Vol, GBPUSD 1.3120 and Gold and Silver looking for clues at 1921 and 24.77.

Bitcoin is hovering below the 47k.

Inflation is becoming a tabloid subject in Germany with Bild publishing lists of price increases at Aldi and publishing tips on how to cook cheaper. This will cause significant pressure on the government to try to influence the ECB.

In the US the 2710 year yield curve has inverted, usually a sign of a recession and the Fed Minutes on Wednesday will be closely watched in that background.

China is showing some flexibility towards US transparency requirements as it is considering to adapt confidentiality rules that would allow Chinese Companies to comply with US reporting requirements.

Amazons new union will start tariff negotiations in May.

Tesla reported record Q1 deliveries but is so far not able to relaunch production in it`s Shanghai factory.

Today we are watching for News arround EU Sanctions and any hint of an energy boycott against Russia, comments on the inverted US Yield cuve by central bankers and in terms of economic data the Turkish CPI at 9, EU Sentix index at 10:30 and US Factory Orders at 16:00

Tomorrow there will be a flurry of international PMIs with EU at 10 and US at 15:45 key.

Physically Settled Futures:

WK2 will expire 6th April at 09:00 GMT
FPJ2 will expire 11th April at 15:00 GMT

Expiring CFDs:

GASOILUKAPR22 will expire 8th April at 15:00 GMT

LEANHOGSAPR22 will expire 12th April at 15:00 GMT



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 (
Full disclaimer (
Full disclaimer (

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


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 series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed 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.