Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew November 8 2023

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Oil weighs

Good Morning
Tomorrow, there will be no morning Brew due to an appointment – trade safely. 

Oil was the mover of the day it fell app 4% on higher inventories and demand worries. Yields rise to 4.6% (10y) and the USD Index gains to 105.66while precious metals followed oil and equities remained optimistic. 
The S&P500 gained 0.3%, the Dow 0.2% and the Nasdaq 0.9% in low volumes, only 10 bio shares were traded with a 20 day average of almost 11 billion.

Kim took a look at European Indexes yesterday: AEX25 / NETH25 cfd, BEL20 / BELG20 cfd, CAC40 / FRA40 cfd and SMI20 / SWISS20 cfd rebound running out of steam and seem likely to resume downtrend

Peter took a look at earnings season so far: The big winner in the Q3 earnings season has been technology companies with Nasdaq 100 companies such as Amazon, Airbnb, MercadoLibre, Meta, and Alphabet significantly increasing their earnings compared to a year ago. Yesterday's move higher in the US 10- year yield might suggest that falling yields are not a one-way street lower. Adyen is facing its most critical test since going public as the Dutch payments company is hosting its Investor Day updating the market on its mid-term financial targets since the catastrophic first-half results in August.

EURUSD is at 1.0685, GBPUSD 1.2275USDJPY 150.70 Gold is 1965 and Silver 22.40 even as Analysts polled by Reuters see the US Dollar losing ground for the rest of the year and next. They see EURUSD at 1.11, GBPUSD at 1.27 and USD at 136. 

UBS result was taken well by traders, the stock gained almost 2%

The 4.9% growth rate, was a "blowout" performance that calls for "a very close eye when we think about policy going forward, Fed Governor Christopher Waller said yesterday. 

The commercial real estate market is worth watching with WeWork filing for bankruptcy protection and looking to rid itself of certain leases and in Europe the Benko empire is at the brink as well. Chinese authorities ask Ping An to take controlling stake in Country Garden, sources say - Reuters News

Israel remains in focus but is seems that a broader escalation is unlikely without further incidents. 
The EIA is expecting that oil production is less than expected while demand is less so oil remains worth watching. At 16:30 the Agency releases data on Oil inventories, 

With little on the economic agenda, earnings, oil and, the treasury Auction and most likely Jerome Powell`s appearance at 15:15 CET will be closely watched, over night we are expecting Chinese inflation data and tomorrow the Usual US Employment data and another speech by Jerome Powell. 

Trade safely. 

Key Events

Earnings: Airbus, Munich Re, Softbank, Walt Disney, ARM, Siemens Healthliner
Jerome Powell, John Willian, Lisa Cook, Michael Barr, and Philip Jefferson speak

Data: Japan Trade Balance, China CPI & PPI, US Initial Jobless claims.
Earnings: National Bank of Australia, Sony, Merck, Honda, AstrasZeneca, Brookfield, Deutsche Telecom,
Jerome Powell  Raphael Bostic and Thomas Barkin speak

Data: UK GDP, Norway CPI,
Earnings: Allianz, Financiere Richement, Tokyo Electron
Lorie Loagan & Bostic speak

Physically Settled Futures

WZ3 will expire 08 Nov 2023 at 10:00 GMT
FPX3 will expire 09 Nov 2023 at 16:00 GMT

Expiring CFDs
GASOILUKNOV23 will expire 08 Nov 2023 at 16:00 GMT


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.