Morning Brew -July 28

Saxo Bank

Good Morning,

Markets are certainly in an interesting place ahead of the FOMC rate decision tonight. US and European Equities fell yesterday but stabilized over night on good earnings, Chinese stocks remain under pressure the yuan hit its lowest since April and Hong Kong slumped 5%.

China seems to want to end the growth at all cost model in favor of a broader based prosperity. This could be a paradigm shift for the near term future

Big tech in the US reported very good numbers yesterday but Apple warns that the IPhone production may be affected by supply chain issues.

EURUSD rose to 1.1820, the USD Index fell to 92.50, Silver broke lower yesterday but could recover to 24.80, Bitcoin broke above $40,000. Dax remains mid-range at 15530 based int eh Future.

Australia's consumer prices rose at the fastest annual pace in almost 13 year

Asian shares stayed stuck at seven-month lows on Wednesday

Norway's Equinor posted a sharp increase in second-quarter profit and Deutsche Bank beats estimates this morning.

Key today will be the FMC and the outlook on tapering. Neither a change in rates nor immediate tapering is expected any outlook on when the fed may discontinue or reduce its bond purchasing program will make or break the day. It seems, a start of tapering near year end is the general expectation, any hawkish – or dovish surprise could move the markets significantly.

Earnings today are :BASF, Banco Santander, GlaxoSmithKline, Ford, Facebook, Shopify, Pfizer, Boeing, McDonalds, Bristol.-Myers, CME

Local Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

28 Jul 2021

03:30

Australia

CPI QQ

Q2

0.7%

28 Jul 2021

03:30

Australia

CPI YY

Q2

3.8%

28 Jul 2021

03:30

Australia

RBA Weightd Medn CPI QQ

Q2

0.5%

28 Jul 2021

03:30

Australia

RBA Weightd Medn CPI YY

Q2

1.7%

28 Jul 2021

03:30

Australia

RBA Trimmed Mean CPI QQ

Q2

0.5%

28 Jul 2021

03:30

Australia

RBA Trimmed Mean CPI YY

Q2

1.6%

28 Jul 2021

14:30

Canada

CPI BoC Core YY

Jun

28 Jul 2021

14:30

Canada

CPI BoC Core MM

Jun

28 Jul 2021

20:00

United States

Fed Funds Tgt Rate

28 Jul

0-0.25

28 Jul 2021

20:00

United States

Fed Int On Excess Reserves

28 Jul

29 Jul 2021

08:00

United Kingdom

Nationwide house price mm

Jul

29 Jul 2021

08:00

United Kingdom

Nationwide house price yy

Jul

29 Jul 2021

09:30

Sweden

GDP QQ Prelim

Q2

29 Jul 2021

09:30

Sweden

GDP YY Prelim

Q2

29 Jul 2021

09:55

Germany

Unemployment Chg SA

Jul

29 Jul 2021

09:55

Germany

Unemployment Rate SA

Jul

5.8%

29 Jul 2021

11:00

Euro Zone

Consumer Confid. Final

Jul

29 Jul 2021

13:00

Brazil

IGP-M Inflation Index

Jul

29 Jul 2021

14:00

Germany

CPI Prelim YY

Jul

3.2%

29 Jul 2021

14:00

Germany

HICP Prelim YY

Jul

3.0%

29 Jul 2021

14:30

United States

GDP Advance

Q2

8.0%

29 Jul 2021

14:30

United States

Initial Jobless Clm

19 Jul, w/e

30 Jul 2021

01:30

Japan

Jobs/Applicants Ratio

Jun

1.10

30 Jul 2021

01:30

Japan

Unemployment Rate

Jun

3.0%

30 Jul 2021

01:50

Japan

Industrial O/P Prelim MM SA

Jun

5.0%

30 Jul 2021

07:30

France

GDP Preliminary QQ

Q2

0.8%

30 Jul 2021

08:00

Germany

GDP Flash QQ SA

Q2

2.1%

30 Jul 2021

08:00

Germany

GDP Flash YY NSA

Q2

10.0%

30 Jul 2021

08:00

Denmark

Unemployment Rate

Jun

30 Jul 2021

08:45

France

CPI (EU Norm) Prelim YY

Jul

30 Jul 2021

09:00

Spain

Estimated GDP QQ

Q2

2.1%

30 Jul 2021

09:00

Switzerland

KOF Indicator

Jul

30 Jul 2021

09:00

Switzerland

Official Reserves Assets CHF

Jun

30 Jul 2021

09:00

Austria

GDP Growth QQ Prelim

Q2

30 Jul 2021

10:00

Italy

GDP Prelim QQ

Q2

1.3%

30 Jul 2021

10:00

Italy

GDP Prelim YY

Q2

15.8%

30 Jul 2021

11:00

Italy

CPI (EU Norm) Prelim MM

Jul

30 Jul 2021

11:00

Italy

CPI (EU Norm) Prelim YY

Jul

30 Jul 2021

11:00

Euro Zone

HICP Flash YY

Jul

2.0%

30 Jul 2021

11:00

Euro Zone

HICP-X F&E Flash YY

Jul

0.9%

30 Jul 2021

11:00

Euro Zone

GDP Flash Prelim YY

Q2

13.2%

30 Jul 2021

11:00

Euro Zone

GDP Flash Prelim QQ

Q2

1.5%

30 Jul 2021

11:00

Euro Zone

Unemployment Rate

Jun

7.9%

30 Jul 2021

12:00

Italy

CPI (EU Norm) Prelim MM

Jul

30 Jul 2021

12:00

Italy

CPI (EU Norm) Prelim YY

Jul

30 Jul 2021

14:30

United States

Consumption, Adjusted MM

Jun

0.5%

30 Jul 2021

14:30

Canada

GDP MM

May

30 Jul 2021

16:00

United States

U Mich Sentiment Final

Jul

81.3

(Refinitiv)

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