Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew June 14 2024

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  A Quiet Day?

Good morning

S&P 500 and the Nasdaq can post the 4th daily record close while the traditional blue chips are not going anywhere. THE US Tech 100 Nas is now trading at 19600, the US 500 at 5433 – both up 3.2% and 1.7% for the week while the US 30 and the GER40 are down 0.5% and 1.3%.

Nvidia rose 3.5%, Apple added a further 0.55% and is now the most valuable company in the world at 3.29 trillion US Dollars, Tesla gained on the approval of the pay package for Elon Musk. Volumes were low at more than 20% below the 20-day average.

An interesting divergence happened in the FX market, where the USD Index rose while yields fell. This is in part due to a weak yen after the undecisive Bank of Japan pushed the Japanese currency to 157.95. 10 Year Yields retreated to 4.27 and the USD Index is at 105.30. EURUSD is back at 1.0735 and GBPUSD 1.2750

Bitcoin and Ethereum are trading at 66700 and 3505, down app 4% for the week, Gold and Silver are at 2309 and 29.09, above the recent lows.

The G7 Meeting continues with relations to China on the Agenda and the Pope will join for the first time to discuss AI.

It is hard to predict what will drive the day, we have little in terms of data and planned top news, it could either be a very quiet day or we could see sharp moves when larger orders hit a thin market. We have a good deal of expiries, check your positions if you trade expiring products!

Kim wrote on the technical for the Eurostoxx and the Dax and Ole commented on Oil:

DAX and EuroStoxx50 keep sliding lower. Can they turn around? For the Dax, daily close above 18,785 is required for DAX to establish a new uptrend with upside potential to 19,250–19,300. Key support is at 18,235

Oil prices steady amid divergent OPEC and IEA demand projections Prices have recently bounced from an early June price slump that was driven by aggressive hedge funds selling after the OPEC+ alliance announcing plans to gradually unwind last year’s extra voluntary output cuts, starting October


Sweden, and France CPI , EU Trade Balance, US Import and Export Prices, University of Michigan, Golsbee speaks (20:00 CET)

Monday: China Retail Sales, Italy CPI,


Physically Settled Futures

ADM4 will expire on 14 Jun 2024 at 15:00
BPM4 will expire on 14 Jun 2024 at 15:00

CUSM4 will expire on 14 Jun 2024 at 04:00

E7M4 will expire on 14 Jun 2024 at 15:00

ECM4 will expire on 14 Jun 2024 at 15:00

JYM4 will expire on 14 Jun 2024 at 15:00

M6AM4 will expire on 14 Jun 2024 at 15:00

M6BM4 will expire on 14 Jun 2024 at 15:00

M6EM4 will expire on 14 Jun 2024 at 15:00

NEM4 will expire on 14 Jun 2024 at 15:00

RFM4 will expire on 14 Jun 2024 at 15:00

RYM4 will expire on 14 Jun 2024 at 15:00

SFM4 will expire on 14 Jun 2024 at 15:00

CDM4 will expire on 17 Jun 2024 at 15:00

MCDM4 will expire on 17 Jun 2024 at 15:00

KCN4 will expire on 18 Jun 2024 at 15:00

Expiring CFDs

COCOANYJUL24 will expire on 20 Jun 2024 at 15:00

COFFEENYJUL24 will expire on 20 Jun 2024 at 15:00

COTTONJUL24 will expire on 20 Jun 2024 at 15:00

OILUSJUL24 will expire on 18 Jun 2024 at 15:00

PLATINUMJUL24 will expire on 19 Jun 2024 at 15:00


Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • 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.

    Read article
  • 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.

    Read article


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 (
Full disclaimer (
Full disclaimer (

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


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