Erik Schafhauser Zürich

Morning Brew September 7 2022

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

 

 

Good Morning

Markets are overall looking for direction. After the long weekend, US Stocks gave up ground but all moved less than 1%.  The Dow closed down 0.55%, the S&P 500 lost 0.41%, and the Nasdaq down 0.74%. We are a bit directionless as it seems to be unclear what to focus on in the near term.

The USD Index is elevated at 110.50 EURUSD 0.9890 and GBPUSD 1.1480 and Gold and Silver 1695 and 17.96. USDJPY soared trough 144 to trade 144.14 now. One would expect comments out of the BoJ at any moment.

The Fed is overall seen as more hawkish than other central banks.

Liz Tuss took over as the new PM of the UK and said she would take immediate action on high energy costs and economic worries – so far the GBP is not impressed,

Chinese Imports as well as exports came out below expectations.

After the CFO of Bed Bath and Beyond fell to his death last Friday, shares lost 18%.

Today there will be 4 Fed speakers, and the Beige Book released, this evening Apple will present it`s newest product range and political comments on stimulus measures can come at any moment. 

Tomorrow the ECB will be the key event 

 

 

Economic Data

Today: De Industrial Orders, EU and US PMI,

Wednesday: AU GDP, China Exports, DE Industrial Output, EU GDP, CA Care Decision,

Thursday; CH Unemployment Rate, ECB Rate decision, US Jobs data

Friday: CN PPI, CA Unemployment rate

Expiries

        Physically Settled Futures:

White Sugar - Oct 2022 (WV2) will expire 7th Sep at 9:00 GMT

Euro-BONO - Sep 2022 (FBONU2) will expire 7th Sep at 12:00 GMT

Euro-BTP - Sep 2022 (FBTPU2), Short-Term-Euro-BTP - Sep 2022 (FBTSU2), Euro-Bund - Sep 2022 (FGBLU2), Euro-BOBL - Sep 2022 (FGBMU2), Euro-Schatz - Sep 2022 (FGBSU2), Euro-BUXL - Sep 2022 (FGBXU2), Euro-OAT - Sep 2022 (FOATU2),  will expire 7th Sep at 1500 GMT

Quarterly Outlook

01 /

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  • Equity Outlook: Will lower rates lift all boats in equities?

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    After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto...
  • FX Outlook: USD in limbo amid political and policy jitters

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    As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ...
  • Commodity Outlook: Gold and silver continue to shine bright

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  • FX: Risk-on currencies to surge against havens

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    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperfo...
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    Explore key trends and opportunities in European equities and electrification theme as market dynami...
  • Macro: Sandcastle economics

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    Explore the "two-lane economy," European equities, energy commodities, and the impact of US fiscal p...
  • Bonds: What to do until inflation stabilises

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    Bonds: What to do until inflation stabilises

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    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain ...
  • Commodities: Energy and grains in focus as metals pause

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    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities i...

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