Erik Schafhauser Zürich

Morning Brew July 13 2021

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Equities at record highs - Is there more room?


Good Morning

Equities continues their ascent and close at records, the Dow gains 0.36%, the S&P 500 0.35% and the  Nasdaq +0.21%, Ger30 closes above 15700, breaking it’s wedge and now has room to the 16000 technically.All three US Indexes are at record levels. 

Tesla gained 4% yesterday and today we are expecting earnings of  DNB, Pepsi, JPMorgan, Goldman Sachs and First Republic Bank. Based on IBES data, a rise of 66% in overall earnings is expected for the 500 companies in the S&P 500.

According to Reuters calculations, the cost of hedging against a 3-standard deviation move in the SPDR S&P 500 ETF Trust is higher than about 90% of the time over the last five years.

US 10 year Interest Rates rise to near 1.4% and the USD Index to 92.25. Bitcoin remains in the 30k-40k range, currently at 32800. Gold and Silver can gain to 1806 and 26.20 and are a little removed from recent lows.

Besides the earnings, the US CPI should be the main event of the day and we continue to keep a close eye on central banks as the key driver behind the rally, also the US Senate has returned from it’s holiday and working on the infrastructure deal.

 

Local Start Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

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)


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