Senior Relationship Manager
Summary: Tesla drives equities higher Infrastructure program stuck
Good Morning.
Equities hit new records driven by Tesla, the USD trades a little lower and yields are calm ahead of the FOMC meeting. The Fed is expected to scale back its $120 billion monthly asset purchaces and any comments on inflation expectations and the “dot plot” will be monitored closely. The Dow Jones rose 94 points to 35,913.84, the S&P 500 8 points 4,613 and the Nasdaq 53 points 15,596. Tesla shares jumped 8.5%. Harley-Davidson Inc rose 9% on the US/EU tariff agreement. Tesla closed at 1208 yesterday, since October 1st the share has gained more than 50%.
The pound hit lowest levels in two weeks against versus the dollar and euro, currently 1.3648, EURUSD can rise to 1.1605, Gold and Silver are trading at 1795 and 23.95. Bitcoin remains in the range at 61700.
President Joe Biden continues to struggle with Democratic Senator Joe Manchin who is blocking the passage if the infrastructure bill. A passage this week seems unlikely.
Nearly 90 countries have joined a US/ EU-program to lower s of the potent greenhouse gas methane emission by 30% by 2030 from 2020 levels.
Standard Chartered and BP can beat estimates this morning, BP is looking at a stock repurchase of 1.25 bio.
Key data today will be the Italian, French, German and EU PMI from 09:45 to 10:00.
Key Earnings this week:
Tuesday: T-Mobile US, Mondelez International, Amgen Inc ,Pfizer, Estee Lauder, ConocoPhillips, BP PLC, KKR
Wednesday: Novo Nordisk A/S, Booking Holdings, QUALCOMM Inc , CVS Health
Thursday: Siemens Healthiners , Toyota Motor,Deutsche Post AG ,Duke Energy Corp,Square Inc, Airbnb Inc, Enel SpA, Uber Technologies, MercadoLibre, Moderna Inc , Zoetis Inc Cigna Corp, Fidelity National
Friday: Alibaba Group Holding, Enbridge Inc
Saturday: Berkshire Hathaway
A new fragmented world order can render some of today's infrastructure obselete, but it also calls for massive new investments across the globe, which requires a new set of strategic and tactical investment strategies.
Steen Jakobsen,
Chief Investment Officer
As globalisation turns to fragmentation, China seems set on playing a role in the global economy, while simultaneously working towards proofing its own economic situation from external shocks and crises.
Redmond Wong,
Market Strategist
The recent bank runs and ensuing challenges are reminicent of something we've seen before. Will it end like the S&L crises of 1986 and 1995?
Chris Dembik,
Head of Macroeconomic Research
Equity markets need to recalibrate to another - fragmented - global world. What's your view on equities in this market - are they going up or down?
Peter Garnry,
Head of Equity Strategy
With every development comes new opportunites, some of which could be in India. Have you considered the country as a part of your diversification strategy?
Charu Chanana,
Market Strategist
A collar is an option strategy that allows some protection while maintaining some upside potential. What investment would you like to use a collar strategy for?
Hans Oudshoorn,
Trainer Academy
There are arguments to be made for many commodities to have upside. Which are you paying the most attention to this quarter?
Ole S. Hansen,
Head of Commodity Strategy
In a very challenging macro environment, which currencies do you think will come out on top?
John J. Hardy,
Head of FX Strategy