Erik Schafhauser Zürich

Morning Brew February 24 2023

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Good Morning,

We are in a rather interesting market situation.  A recent Poll on the US500 by Reuters shows quite well the overall uncertainty. The average assumption is for the US500 to close the year at 4200 of approximately 5% above current levels. BUT the gap between the best and the worst target is reported at 40%, the highest since the global financial crisis. 70% of analysts polled see a high chance for a correction.

Our CIO Risk Monitor also shows a high probability of a risk off move.

It wight be worth to consider taking some profits or hedging gains if you are also on the cautious side. If you would like to discuss possibilities to manage risk, please contact us.

Yesterdays data was a mixed bag, Nvidia could gain massively mainly on a strong outlook for AI; the stock gained 14% yesterday and boosted Tech sentiment, the US GDP came slightly lower and the initial Jobless claims confirmed a tight labor market.

The US 500 gained 0.5%, the Nasdaq 0.7 and the Dow 0.3%, the GER40 is back above the 15500.

The USD Index is little changed at 104.50 as the 2 year yield remains high at 4.7% EURUSD is trading at 1.06, GBPUSD 1.2020 and USDJPY at 134.60. Gold and Silver give up ground to trade at 1824 and 21.30

.The incoming Governor of the Bank of Japan spoke rather hawkishly confirming that while the BoJs Yield Curve Control may need review, he gave no sense of urgency.  Japanese Inflation remains high at 4.2%.

Today we are expecting the PCE Price Index expected at 0.4 monthly and 4.3% annually core. The PCE price index reflects changes in the prices of goods and services purchased by consumers in the United States and is a key inflation measure for the Fed.

Trade safely.

 

 

Expiries

        Physically Settled Futures

EMAH3 will expire 24 Feb 2023

FLGH3 will expire 24 Feb 2023

TTFMH3 will expire 24 Feb 2023

HGH3 will expire 27 Feb 2023

KEH3 will expire 27 Feb 2023

RRH3 will expire 27 Feb 2023

SIH3 will expire 27 Feb 2023

SILH3 will expire 27 Feb 2023

TNH3 will expire 27 Feb 2023

UBH3 will expire 27 Feb 2023

XKH3 will expire 27 Feb 2023

XWH3 will expire 27 Feb 2023

Z3NH3 will expire 27 Feb 2023

ZBH3 will expire 27 Feb 2023

ZCH3 will expire 27 Feb 2023

ZFH3 will expire 27 Feb 2023

ZLH3 will expire 27 Feb 2023

ZMH3 will expire 27 Feb 2023

ZNH3 will expire 27 Feb 2023

ZOH3 will expire 27 Feb 2023

ZSH3 will expire 27 Feb 2023

ZTH3 will expire 27 Feb 2023

ZWH3 will expire 27 Feb 2023

HOH3 will expire 28 Feb 2023

LBH3 will expire 28 Feb 2023

LBH3 will expire 28 Feb 2023

RBH3 will expire 28 Feb 2023

SBH3 will expire 28 Feb 2023

 

Expiring CFDs

10YUSTNOTEMAR23 will expire 24 Feb 2023

30YUSTBONDMAR23 will expire 24 Feb 2023

COPPERUSMAR23 will expire 24 Feb 2023

CORNMAR23 will expire 24 Feb 2023

GASOLINEUSMAR23 will expire 24 Feb 2023

HEATINGOILMAR23 will expire 24 Feb 2023

SILVERMAR23 will expire 24 Feb 2023

SOYBEANMEALMAR23 will expire 24 Feb 2023

SOYBEANOILMAR23 will expire 24 Feb 2023

SOYBEANSMAR23 will expire 24 Feb 2023

SUGARNYMAR23 will expire 24 Feb 2023

WHEATMAR23 will expire 24 Feb 2023

CHINA50FEB23 will expire 27 Feb 2023

 

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