Erik Schafhauser Zürich

Morning Brew November 24 2023

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Enjoy Black Friday


Good Morning

Thanksgiving was fairly quiet, markets are not too much changed from Yesterday morning, most interestingly, the US Tech 100 NAS and the GER40 are exactly at the same level at 16000.

10 Year yields are trading at 4.46 and the USD Index 103.70, EURUSD 1.0904, GBPUSD 1.2525 and USDJPY 149.50. Gold and Silver remain at 1992. Silver just lost a full percentage point , possibly pulled lower by oil.

Nvidia may move lower today as itis delaying the launch of a new artificial intelligence chip it designed for China  until the first quarter of next year

The German IFO at 10, Canadian Retail Sales at 14:30 and the S&P PMI will be the key economic releases but expect low liquidity as outlined yesterday. During the night to Monday, the Japanese PPIU will be released,

Here some good reads for today by our Strats team:

Bonds: With Europe entering a recession and the ECB remaining on hold, euro-denominated corporate bonds remain at risk. The divergence between financial and corporate junk bond spreads following the SVB crisis suggests euro-denominated junk corporate bonds are trading too rich and within the last ten-year average. 

Oil: Crude oil prices remain under pressure with the latest weakness being triggered by OPEC’s decision to delay the meeting originally planned for this weekend until November 30

Options: This article explores options hedging strategies, specifically long puts on QQQ (Nasdaq 100 etf) and a debit put spread on NDX (Nasdaq 100 index option),

Investing with options: hedging the Nasdaq 100

Friday
- Data Japan CPI, German GDP, IFO, Canada Retail Sales, US PMI, Black Friday
- Earnings

Expiries

Physically Settled Futures

NGZ3 will expire 27 Nov 2023 at 08:30 GMT

MGCZ3 will expire 28 Nov 2023 at 16:00 GMT

FLGZ3 will expire 28 Nov 2023 at 16:00 GMT

GCZ3 will expire 29 Nov 2023 at 16:00 GMT

HGZ3 will expire 29 Nov 2023 at 16:00 GMT

KEZ3 will expire 29 Nov 2023 at 16:00 GMT

SILZ3 will expire 29 Nov 2023 at 16:00 GMT

SIZ3 will expire 29 Nov 2023 at 16:00 GMT

TNZ3 will expire 29 Nov 2023 at 16:00 GMT

TTFMZ3 will expire 28 Nov 2023 at 10:00 GMT

UBZ3 will expire 29 Nov 2023 at 16:00 GMT

XCZ3 will expire 29 Nov 2023 at 16:00 GMT

XWZ3 will expire 29 Nov 2023 at 16:00 GMT

Z3NZ3 will expire 29 Nov 2023 at 16:00 GMT

ZBZ3 will expire 29 Nov 2023 at 16:00 GMT

ZCZ3 will expire 29 Nov 2023 at 16:00 GMT

ZFZ3 will expire 29 Nov 2023 at 16:00 GMT

ZLZ3 will expire 29 Nov 2023 at 16:00 GMT

ZMZ3 will expire 29 Nov 2023 at 16:00 GMT

ZNZ3 will expire 29 Nov 2023 at 16:00 GMT

ZTZ3 will expire 29 Nov 2023 at 16:00 GMT

ZWZ3 will expire 29 Nov 2023 at 16:00 GMT

 

 

Expiring CFDs

NATGASUSDEC23 will expire 24 Nov 2023 at 16:00 GMT

10YUSTNOTEDEC23 will expire 28 Nov 2023 at 16:00 GMT

30YUSTBONDDEC23 will expire 28 Nov 2023 at 16:00 GMT

COPPERUSDEC23 will expire 28 Nov 2023 at 16:00 GMT

CORNDEC23 will expire 28 Nov 2023 at 16:00 GMT

GASOLINEUSDEC23 will expire 28 Nov 2023 at 16:00 GMT

GOLDDEC23 will expire 28 Nov 2023 at 16:00 GMT

HEATINGOILDEC23 will expire 28 Nov 2023 at 16:00 GMT

SILVERDEC23 will expire 28 Nov 2023 at 16:00 GMT

SOYBEANMEALDEC23 will expire 28 Nov 2023 at 16:00 GMT

WHEATDEC23 will expire 28 Nov 2023 at 16:00 GMT

 

Quarterly Outlook

01 /

  • Upending the global order at blinding speed

    Quarterly Outlook

    Upending the global order at blinding speed

    John J. Hardy

    Global Head of Macro Strategy

    We are witnessing a once-in-a-lifetime shredding of the global order. As the new order takes shape, ...
  • Equity outlook: The high cost of global fragmentation for US portfolios

    Quarterly Outlook

    Equity outlook: The high cost of global fragmentation for US portfolios

    Charu Chanana

    Chief Investment Strategist

  • Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Quarterly Outlook

    Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Jacob Falkencrone

    Global Head of Investment Strategy

  • Commodity Outlook: Commodities rally despite global uncertainty

    Quarterly Outlook

    Commodity Outlook: Commodities rally despite global uncertainty

    Ole Hansen

    Head of Commodity Strategy

  • Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    Quarterly Outlook

    Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    John J. Hardy

    Global Head of Macro Strategy

  • Equity Outlook: The ride just got rougher

    Quarterly Outlook

    Equity Outlook: The ride just got rougher

    Charu Chanana

    Chief Investment Strategist

  • China Outlook: The choice between retaliation or de-escalation

    Quarterly Outlook

    China Outlook: The choice between retaliation or de-escalation

    Charu Chanana

    Chief Investment Strategist

  • Commodity Outlook: A bumpy road ahead calls for diversification

    Quarterly Outlook

    Commodity Outlook: A bumpy road ahead calls for diversification

    Ole Hansen

    Head of Commodity Strategy

  • FX outlook: Tariffs drive USD strength, until...?

    Quarterly Outlook

    FX outlook: Tariffs drive USD strength, until...?

    John J. Hardy

    Global Head of Macro Strategy

  • Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Quarterly Outlook

    Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Althea Spinozzi

    Head of Fixed Income Strategy

The information on or via the website is provided to you by Saxo Bank (Switzerland) Ltd. (“Saxo Bank”) for educational and information purposes only. The information should not be construed as an offer or recommendation to enter into any transaction or any particular service, nor should the contents be construed as advice of any other kind, for example of a tax or legal nature.

All trading carries risk. Loses 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.

Saxo Bank does not guarantee the accuracy, completeness, or usefulness of any information provided and shall not be responsible for any errors or omissions or for any losses or damages resulting from the use of such information.

The content of this website represents marketing material and is not the result of financial analysis or research. It has therefore has not been prepared in accordance with directives designed to promote the independence of financial/investment research and is not subject to any prohibition on dealing ahead of the dissemination of financial/investment research.

Saxo Bank (Schweiz) AG
The Circle 38
CH-8058
Zürich-Flughafen
Switzerland

Contact Saxo

Select region

Switzerland
Switzerland

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.