Morning Brew June 14 2021

Erik Schafhauser

Senior Relationship Manager

Good Morning

Global shares remain friendly and the Buffet indicator (Market Cap/GDP ) solid in Bubble territory at above 130. S&P and Dax trade near all-time highs, the 10 Year rate in the US remains near 3 month lows at 1.45 and the USD Index rises to 90.50. Gold and Silver retreat to 1865 and 27.90. The feeling is that traders are cutting a little risk ahead of the FOMC decision on Wednesday.

Speculators reduced their net long gold positions last week but increased their net long positions in silver.

Elon did it again, stating Tesla will accept Bitcoin again once 50% is mined using clean energy, Bitcoin rises app. 10% to above 39k.

We have lots of data coming up this week bit the US CPI tomorrow and the FOMC Rate decision on Wednesday are the most likely to be important.

In other news, the G7 were quite firm on China, asking the country to respect Human rights and keep the hands off Taiwan, China rejected the statement.

At the meeting friction between the EU and Britain resurfaced with the temporary border agreement running out.

Local Start Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

Unit

14 Jun 2021

11:00

Euro Zone

Industrial Production MM

Apr

0.4%

Percent

14 Jun 2021

11:00

Euro Zone

Industrial Production YY

Apr

37.4%

Percent

14 Jun 2021

13:00

Brazil

IBC-BR EconomicActivity

Apr

0.55%

Percent

14 Jun 2021

14:30

Canada

Manufacturing Sales MM

Apr

-1.0%

Percent

15 Jun 2021

01:55

South Korea

Export Growth Revised

May

Percent

15 Jun 2021

01:55

South Korea

Import Growth Revised

May

Percent

15 Jun 2021

03:30

Australia

Home Price Index

Q1

5.5%

Percent

15 Jun 2021

08:00

Germany

CPI Final MM

May

0.5%

Percent

15 Jun 2021

08:00

Germany

CPI Final YY

May

2.5%

Percent

15 Jun 2021

08:00

Germany

HICP Final MM

May

0.3%

Percent

15 Jun 2021

08:00

Germany

HICP Final YY

May

2.4%

Percent

15 Jun 2021

08:00

United Kingdom

Claimant Count Unem Chng

May

Person

15 Jun 2021

08:00

United Kingdom

ILO Unemployment Rate

Apr

4.7%

Percent

15 Jun 2021

08:00

United Kingdom

Employment Change

Apr

150k

Person

15 Jun 2021

08:00

United Kingdom

Avg Wk Earnings 3M YY

Apr

4.9%

Percent

15 Jun 2021

08:00

United Kingdom

Avg Earnings (Ex-Bonus)

Apr

5.3%

Percent

15 Jun 2021

08:45

France

CPI (EU Norm) Final MM

May

0.4%

Percent

15 Jun 2021

08:45

France

CPI (EU Norm) Final YY

May

1.8%

Percent

15 Jun 2021

10:00

Italy

Consumer Prices Final MM

May

Percent

15 Jun 2021

10:00

Italy

Consumer Prices Final YY

May

Percent

15 Jun 2021

10:00

Italy

CPI (EU Norm) Final MM

May

0.0%

Percent

15 Jun 2021

10:00

Italy

CPI (EU Norm) Final YY

May

1.3%

Percent

15 Jun 2021

12:00

Euro Zone

Reserve Assets Total

May

EUR

15 Jun 2021

14:00

New Zealand

Milk Auctions

15 Jun, w/e

USD

15 Jun 2021

14:15

Canada

House Starts, Annualized

May

280.0k

Number of

15 Jun 2021

14:30

United States

NY Fed Manufacturing

Jun

22.00

Index

15 Jun 2021

14:30

United States

PPI Final Demand YY

May

6.3%

Percent

15 Jun 2021

14:30

United States

PPI Final Demand MM

May

0.6%

Percent

15 Jun 2021

14:30

United States

PPI exFood/Energy YY

May

4.8%

Percent

15 Jun 2021

14:30

United States

PPI exFood/Energy MM

May

0.6%

Percent

15 Jun 2021

14:30

United States

Retail Sales MM

May

-0.8%

Percent

15 Jun 2021

14:30

United States

Retail Sales Ex-Autos MM

May

0.4%

Percent

15 Jun 2021

14:30

United States

Retail Control

May

0.0%

Percent

15 Jun 2021

15:15

United States

Industrial Production MM

May

0.6%

Percent

15 Jun 2021

15:15

United States

Capacity Utilization SA

May

75.0%

Percent

15 Jun 2021

16:00

United States

Business Inventories MM

Apr

-0.1%

Percent

15 Jun 2021

16:00

United States

NAHB Housing Market Indx

Jun

83

Index

16 Jun 2021

00:45

New Zealand

Current Account - Qtrly

Q1

-2.230B

NZD

16 Jun 2021

00:45

New Zealand

Current Account- Annual

Q1

-6.680B

NZD

16 Jun 2021

00:45

New Zealand

Current Account/GDP

Q1

-2.1%

Percent

16 Jun 2021

01:50

Japan

Machinery Orders MM

Apr

2.7%

Percent

16 Jun 2021

01:50

Japan

Machinery Orders YY

Apr

8.0%

Percent

16 Jun 2021

01:50

Japan

Exports YY

May

51.3%

Percent

16 Jun 2021

01:50

Japan

Imports YY

May

26.6%

Percent

16 Jun 2021

01:50

Japan

Trade Balance Total Yen

May

-91.2B

JPY

16 Jun 2021

08:00

United Kingdom

CPI MM

May

0.3%

Percent

16 Jun 2021

08:00

United Kingdom

CPI YY

May

1.8%

Percent

16 Jun 2021

08:00

United Kingdom

RPI MM

May

0.2%

Percent

16 Jun 2021

08:00

United Kingdom

RPI YY

May

3.2%

Percent

16 Jun 2021

08:00

United Kingdom

RPIX YY

May

Percent

16 Jun 2021

08:00

United Kingdom

PPI Input Prices MM NSA

May

1.1%

Percent

16 Jun 2021

08:00

United Kingdom

PPI Input Prices YY NSA

May

Percent

16 Jun 2021

08:00

United Kingdom

PPI Output Prices MM NSA

May

0.4%

Percent

16 Jun 2021

08:00

United Kingdom

PPI Output Prices YY NSA

May

4.5%

Percent

16 Jun 2021

08:00

United Kingdom

PPI Core Output MM NSA

May

Percent

16 Jun 2021

08:00

United Kingdom

PPI Core Output YY NSA

May

Percent

16 Jun 2021

09:00

China (Mainland)

Urban Investment (YTD)YY

May

16.9%

Percent

16 Jun 2021

09:00

China (Mainland)

Industrial Output YY

May

9.0%

Percent

16 Jun 2021

09:00

China (Mainland)

Retail Sales YY

May

13.6%

Percent

16 Jun 2021

14:30

United States

Building Permits: Number

May

1.740M

Number of

16 Jun 2021

14:30

United States

Housing Starts Number

May

1.630M

Number of

16 Jun 2021

14:30

United States

Import Prices MM

May

0.7%

Percent

16 Jun 2021

14:30

Canada

CPI Inflation MM

May

0.4%

Percent

16 Jun 2021

14:30

Canada

CPI Inflation YY

May

3.5%

Percent

16 Jun 2021

14:30

Canada

CPI BoC Core YY

May

Percent

16 Jun 2021

14:30

Canada

CPI BoC Core MM

May

Percent

16 Jun 2021

14:30

Canada

Wholesale Trade MM

Apr

-0.9%

Percent

16 Jun 2021

20:00

United States

Fed Funds Tgt Rate

16 Jun

0-0.25

Percent

16 Jun 2021

20:00

United States

Fed Int On Excess Reserves

16 Jun

Percent

16 Jun 2021

23:00

Brazil

Selic Interest Rate

16 Jun

4.25%

Percent

17 Jun 2021

00:45

New Zealand

GDP Prod Based QQ, SA

Q1

0.5%

Percent

17 Jun 2021

00:45

New Zealand

GDP Prod Based YY, SA

Q1

0.9%

Percent

17 Jun 2021

00:45

New Zealand

GDP Prod Based, Ann Avg

Q1

-2.8%

Percent

17 Jun 2021

00:45

New Zealand

GDP Exp Based QQ, SA

Q1

0.5%

Percent

17 Jun 2021

03:30

Australia

Employment

May

30.0k

Person

17 Jun 2021

03:30

Australia

Participation Rate

May

66.1%

Percent

17 Jun 2021

03:30

Australia

Unemployment Rate

May

5.5%

Percent

17 Jun 2021

09:00

Austria

HICP MM

May

Percent

17 Jun 2021

09:00

Austria

HICP YY

May

Percent

17 Jun 2021

09:30

Switzerland

SNB Policy Rate

Q2

Percent

17 Jun 2021

10:00

Norway

Key Policy Rate

17 Jun

0.00%

Percent

17 Jun 2021

11:00

Euro Zone

HICP Final MM

May

0.3%

Percent

17 Jun 2021

11:00

Euro Zone

HICP Final YY

May

2.0%

Percent

17 Jun 2021

11:00

Euro Zone

HICP-X F, E, A, T Final MM

May

0.2%

Percent

17 Jun 2021

11:00

Euro Zone

HICP-X F,E,A&T Final YY

May

0.9%

Percent

17 Jun 2021

13:00

Turkey

CBT Weekly Repo Rate

Jun

19.00%

Percent

17 Jun 2021

13:00

Turkey

O/N Lending Rate

Jun

Percent

17 Jun 2021

13:00

Turkey

O/N Borrowing Rate

Jun

Percent

17 Jun 2021

13:00

Turkey

Late Liquidity Window Rate

Jun

Percent

17 Jun 2021

14:30

United States

Initial Jobless Clm

12 Jun, w/e

Person

17 Jun 2021

14:30

United States

Cont Jobless Clm

5 Jun, w/e

Person

17 Jun 2021

14:30

United States

Philly Fed Business Indx

Jun

31.0

Index

18 Jun 2021

01:30

Japan

CPI, Core Nationwide YY

May

0.1%

Percent

18 Jun 2021

01:30

Japan

CPI, Overall Nationwide

May

Percent

18 Jun 2021

08:00

Germany

Producer Prices MM

May

0.6%

Percent

18 Jun 2021

08:00

Germany

Producer Prices YY

May

6.3%

Percent

18 Jun 2021

08:00

United Kingdom

Retail Sales MM

May

1.8%

Percent

18 Jun 2021

08:00

United Kingdom

Retail Sales Ex-Fuel MM

May

2.0%

Percent

18 Jun 2021

08:00

United Kingdom

Retail Sales YY

May

29.2%

Percent

18 Jun 2021

08:00

United Kingdom

Retail Sales Ex-Fuel YY

May

27.3%

Percent

18 Jun 2021

Japan

JP BOJ Rate Decision

18 Jun

-0.10%

Percent

(Refinitiv)

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