Senior Relationship Manager
Summary: Data Dependancy will be put to the test this week - UK Hooliday Today
Good Morning,
The Jackson Hole speech by Jerome Powell had the least market impact of any in a long while. He kept his tone and the message: the fed will remain hawkish until we see the economy cooling and inflation in check.
The big tree Indexes were up a little less than 1% and ended the week mixed, the Nasdaq and the S&P gained 2.3% and 0.8% respectively, the Dow lost 0.4%.
Yields seesawed and the 10 year is now at 4.22. EURUSD is back above the 1.08 figure, Cable 1.26 and USDJPY 146.40. Gold and Silver are trading at 1915 and 24.15. Bitcoin is settling in at 26000 looking for the next piece of news to make or break the mood.
Key events are happening in China where shares of China Evergrande Group resumed trading after almost one and a half years, the stock lost as much as fell as much as 87%, currently -78%.
China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market. It also approved 37 retail investment funds. The blue chip Index gained 1.5%.
As the key message from central bankers was data dependency, this week will be busy. We are expecting a lot of international data starting tomorrow with the German Consumer Confidence an culminating in the Nonfarm Payroll on Friday. Expiries (see below) and month end adjustments are also to be expected and we have key technical levels to watch. As Kim Cramer is back from holiday, we can expect his technical corner to air another episode.
As of now, of the major central banks only the Bank of England and the Swedish Riksbank are expected to hike in September, the Fed is seen to pause with 80% probability and the ECB has a slight 55% call for no action but for both, rate futures currently see one more hike before year end.
Have a great week
Monday 28 August
- Data Japan Unemployment Rate, Leading Indicator
- Earnings: BYD, Fortescue Metals
Tuesday 29 August
CFD EXPIRY
- Data: German GfK Consumer Sentiment US Consumer Confidence,
- Earnings: CITIC, Xiaomi , Bank of Nova Scotia, Bank of Montreal
Wednesday 30 August
EXPIRY FOR MANY FUTURES
- Data KOF Indicator, DE CPI, US GDP,
- Earnings PetroChina Co, Bank of China, Salesforce
Expiries
Physically Settled Futures
Expiring CFDs
Quarterly Outlook
Global Head of Macro Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Global Head of Investment Strategy
Quarterly Outlook
Head of Commodity Strategy
Quarterly Outlook
Global Head of Macro Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Commodity Strategy
Quarterly Outlook
Global Head of Macro Strategy
Quarterly Outlook
Head of Fixed Income Strategy