Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew July 9 2024

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Powell Speaks - Tech remains strong


Good Morning,

Yesterday was a fairly slow day with no significant data

Semiconductors were strong with Nvidia +2%, AMD +4% and Intel +6%. The S&P 500 and Nasdaq 100 reached new highs, rising 0.1% and 0.23% respectively, continuing strong US market momentum. The Dow lost 0.08%. Volumes were low at 10 bio shares traded.

FX is calm with the USD index near 105, EURUSD 1.0827, GBPSD 1.2820 and USDJPY 160.85. Gold and Silver traded with decent volatility yesterday and are currently at 2365 and 31.09.

Bitcoin found some buyers again and is now 57500 and ETH 3074 as we may be nearing the ETF approval.

Today is void of significant data but Jerome Powell starts his semi-annual testimony in congress. Will he focus on high or higher for longer or on the progress in the struggle with inflation – that is the big question that will move markets. Rate traders still price in 50 bps cuts from yesterday, unchanged from yesterday.

We published a podcast with Finanz Fabio yesterday on Diversification and other interesting topics -. Listen to it here: https://open.spotify.com/episode/7sRW6jMY3kCEfTy2U3tAAY?si=p...

 

Tuesday
- Data Jerome Powell gives his semi annual testimony in Congress, Michael Barr speak
Wednesday
- Data China CPI & PPI Powell continues his semi annual testimony

Thursday
- Data DE HICP UK  GDP, US CPI & Initial Jobless Claims, Cook & Bostic speak
- Earnings: DNB  Delta Airlines, Pepsi Cola
Friday
- Data Sweden & France CPI US PPI & University of Michigan Sentiment

- Earnings:  Bank of New York Mellon, Citigroup, Wells Fargo, JP Morgan Chace

Physically Settled Futures

WQ4 will expire 9-Jul-2024 at 09:00

FPN4 will expire 11-Jul-2024 at 15:00

 

Expiring CFDs

GASOILUKJUL24 will expire 9-Jul-2024 at 15:00

 

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

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  • Equities: Are we blowing bubbles again

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  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

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  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

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