Erik Schafhauser Zürich

Morning Brew July 12 2021

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Back in the Game - Risk aversion forgotten


Good Morning and congratulations to Italy as the European Champion in Football.

Risk Off Sentiment prevailed for a day before markets recovered. The main reasons cited were bargain hunting in shares and the fact that the ECB announced to be changing their policy guidance.

Indexes made up the Thursday losses on Friday an held most of those gains over the weekend, the US30 trades at 34815, the US 500 at 4361, the USNAS at 14813 and the Ger 30 at 15660. EURUSD 1.1870 and GBPUSD 1.3887. Gold and Silver are at 1805 and 26.00. Equities had one of their best day in months.

China cut the cash reserves for banks, releasing around 1 trillion yuan ($154.19 billion) in long-term liquidity. Guangdong province plans to build a common data platform that would include  Hong Kong and Macau, including a  data trading market.

The G20 Finance Minister Meeting concluded with little surprises, the way for the 15% minimum Tax is a bit clearer and they issued a warning that a lack of vaccines in developing countries and new variants are  a risk to the global economy.

This week we are expecting the start of the earning season in earnest with DND, Pepsi, JPMorgan, Goldman Sachs and First republic Bank  tomorrow. On Wednesday Bank of America,, PNC, Citi and Blackrock as well as Delta will follow.

In terms of economic events, the list is short but prominent, the U.S. CPI and China's second-quarter GDP should be the most important. Central Bank comments could be significant at all times.

Local Start Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

12 Jul 2021

01:50

Japan

Corp Goods Price MM

Jun

0.6%

12 Jul 2021

01:50

Japan

Corp Goods Price YY

Jun

4.7%

12 Jul 2021

01:50

Japan

Machinery Orders MM

May

2.6%

12 Jul 2021

01:50

Japan

Machinery Orders YY

May

6.3%

12 Jul 2021

08:00

Denmark

CPI YY

Jun

13 Jul 2021

08:00

Germany

HICP Final YY

Jun

2.1%

13 Jul 2021

08:45

France

CPI (EU Norm) Final MM

Jun

0.2%

13 Jul 2021

08:45

France

CPI (EU Norm) Final YY

Jun

1.9%

13 Jul 2021

14:30

United States

CPI MM, SA

Jun

0.5%

13 Jul 2021

China (Mainland)

Exports YY

Jun

23.1%

13 Jul 2021

China (Mainland)

Imports YY

Jun

30.0%

13 Jul 2021

China (Mainland)

Trade Balance USD

Jun

44.20B

14 Jul 2021

04:00

New Zealand

Cash Rate

14 Jul

0.25%

14 Jul 2021

08:00

United Kingdom

CPI YY

Jun

2.2%

14 Jul 2021

09:30

Sweden

CPI MM

Jun

0.1%

14 Jul 2021

09:30

Sweden

CPI YY

Jun

1.3%

14 Jul 2021

13:00

Turkey

CBT Weekly Repo Rate

Jul

19.00%

14 Jul 2021

13:00

Turkey

O/N Lending Rate

Jul

14 Jul 2021

13:00

Turkey

O/N Borrowing Rate

Jul

14 Jul 2021

13:00

Turkey

Late Liquidity Window Rate

Jul

14 Jul 2021

16:00

Canada

BoC Rate Decision

14 Jul

0.25%

15 Jul 2021

03:00

South Korea

Bank of Korea Base Rate

Jul

15 Jul 2021

03:30

Australia

Employment

Jun

30.0k

15 Jul 2021

03:30

Australia

Unemployment Rate

Jun

5.0%

15 Jul 2021

04:00

China (Mainland)

Urban Investment (YTD)YY

Jun

12.1%

15 Jul 2021

04:00

China (Mainland)

Industrial Output YY

Jun

7.8%

15 Jul 2021

04:00

China (Mainland)

Retail Sales YY

Jun

11.0%

15 Jul 2021

04:00

China (Mainland)

GDP YY

Q2

8.1%

15 Jul 2021

08:00

United Kingdom

Claimant Count Unem Chng

Jun

15 Jul 2021

08:00

United Kingdom

ILO Unemployment Rate

May

4.7%

15 Jul 2021

10:00

Italy

CPI (EU Norm) Final MM

Jun

0.2%

15 Jul 2021

10:00

Italy

CPI (EU Norm) Final YY

Jun

1.3%

15 Jul 2021

12:00

Euro Zone

Reserve Assets Total

Jun

15 Jul 2021

14:30

United States

Initial Jobless Clm

10 Jul, w/e

360k

15 Jul 2021

14:30

United States

Philly Fed Business Indx

Jul

28.3

15 Jul 2021

15:15

United States

Industrial Production MM

Jun

0.7%

16 Jul 2021

00:45

New Zealand

CPI QQ

Q2

16 Jul 2021

11:00

Euro Zone

HICP Final MM

Jun

0.3%

16 Jul 2021

11:00

Euro Zone

HICP Final YY

Jun

1.9%

16 Jul 2021

14:15

Canada

House Starts, Annualized

Jun

270.0k

16 Jul 2021

14:30

United States

Retail Sales MM

Jun

16 Jul 2021

16:00

United States

U Mich Sentiment Prelim

Jul

86.5

16 Jul 2021

Japan

JP BOJ Rate Decision

16 Jul

-0.10%

(Refinitiv)


Disclaimer

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 (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank (Schweiz) AG
Beethovenstrasse 33
CH-8002
Zürich
Switzerland

Contact Saxo

Select region

Switzerland
Switzerland

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