Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew August 16 2022

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

 Good Morning,

Due to an appointment there will be no Morning Brew tomorrow.

Equities had a decent day overall yesterday while  in FX and Commodities we saw a significant risk off more in the wake of the disappointing Chinese data. The Dow gained 0.5%, the S&P 500 0.4%, and the Nasdaq 0.6%.

US Yields fell, nevertheless he USD Index gained to 106.50, EURUSD 1.0155, GBPUSD 1.2037 and USDJPY 133.40. Gold an Silver sold off heavily but could recover slightly off the lows. We are currently at 1780 and 20.15. The Crude Oil contract fell from a high of 94.90 on Friday to a low of 86.85 yesterday on fears of a recession and increasing Saudi production, at the moment we are at 88.70.

A very noteworthy situation is that financial conditions in the US as well as in Europe are actually seen to loosen rather than tighten, meaning that neither the rate hikes by the Fed nor the ECB are currently achieving the goal.

China is supporting private property developers including Longfor Group and CIFI Holdings with loan guarantees

Tencent Holdings plans to sell all or most of its $24 billion stake in food delivery firm Meituan

Walmart and Home Depot earnings will  closely watched today and tomorrow Cisco and Tencent are likely to be the most important.

If the bullish sentiment continues in equities, the US500 can test the 200d MA soon and a break above would call for more room to the upside but keep your risk in control.

Economic Data:

  • Tuesday: UK Employment, EU Trade Balance, German ZEW, US Housing starts and Industrial Production, Canada CPI
  • Wednesday: Japan Trade, UK CPI, EU GDP, US Retail Sales, FOMC MInutes
  • Thursday: EU HICP, Turkey rate decision, US Jobless claims, Philly Fed
  • Friday: UK Retail Sales, Canada Retail Sales.


  • Tuesday: China Telecom, Walmart, Agilent Technologies, Home DepotSea Ltd
  • Wednesday: Tencent, Hong Kong Exchanges & Clearing, Analog Devices, Cisco Systems, Synopsys, Lowe’s, CSL, Target, TJX, ColoplastCarlsberg, Wolfspeed
  • Thursday: Applied Materials, Estee Lauder, NetEase, AdyenNibe, Geberit
  • Friday: China Merchants Bank, CNOOC, Shenzhen Mindray, XiaomiDeere


        Physically Settled Futures:

Cocoa (CCU2) will expire 17th Aug at 15:00 GMT.

Expiring CFDs:

COCOANYSEP22 will expire 16th Aug at 15:00 GMT.

OILUSSEP22 will expire 18th Aug 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.