Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew February 16 2024

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Dax at all time highs, Nikkei Tests the 1989 highs

Good Morning

It remains interesting…

Worse than expected US retail sales caused yields and the USD to slip while it boosted sentiment across the board. Indexes closed higher with the Dow +0.9%, the S&P 500 0.6%,and the Nasdaq 0.3%. AI shares were under pressure across the board while Tesla and Coinbase were the winners of the day.

News that Open AI is developing a web search product in challenge to Google caused worries on AI shares while news that Elon Musk increased his holding in Tesla to more than 20% in the last year. Coinbase rose 13% on good earnings.

The GER40 is trading at an all time high the Japan 225 is getting very close to the 1989 highs. Having broken above the 17065, the GER40 now has room to 17250 – 17403 acc to Kim

FX is at interesting levels: while the USD Index is trading at 104.40, EURUSD is testing the 1.08, GBPUSD 1.26, USJPY 150 and USDCHF the 0.88. Silver had a stellar day again after the recent selloff gaining 2.5% yesterday to now test the 23. Oil was the main driver it seems. Gold rose to 2003. Bitcoin rose to 52k and ETH to 2850.

Oil rose back to 78 in the USD Line as geopolitical worries offset demand worries.

Ukrainian President Selinski is visiting Berlin today and the Munich security conference is kicking off.

On the Agenda today is mainly the USPPI at 14:30. Next week, the Nvidia earinigs on Wednesday will clearly be one of the absolute highlights, the economic agenda is fairly thin, the Chinese will be back from their new years celebrations though.

For today we will need to see markets can maintain the momentum built up in the recovery from the high CPI or if we run into profit taking into the week .

- Data US PPI

- Earnings: Eni


Physically Settled Futures

CLH4 will expire 20 Feb 2024 at 16:00 GMT

KCH4 will expire 20 Feb 2024 at 16:00 GMT
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