Access both platforms from your single Saxo account.
Macro Dragon: RBA Mins, Asia Risk-on Tues, Snowflake
Kay Van-Petersen
Global Macro Strategist, Saxo Bank Group
Summary: Macro Dragon = Cross-Asset Daily Views that could cover anything from tactical positioning, to long-term thematic investments, key events & inflection points in the markets, all with the objective of consistent wealth creation overtime.
(These are solely the views & opinions of KVP, & do not constitute any trade or investment recommendations. By the time you synthesize this, things may have changed.)
Macro Dragon: RBA Mins, China Monthly Growth Data, Asia Risk-on Tues, Snowflake
Top of Mind…
- As we touched on the Dragon’s wk ahead piece yest, whilst econ data is light it is central banks galore with rate decisions out of Fed, BoJ, BoE, ECB, SARB, RNB, BCB, BKID to name a few (the last four respectively represent South Africa, Russian, Brazil & Indonesia).
- Shortly we will be getting RBA minutes from their Sep meeting – if memory serves correctly, the minutes have not really been a big mover of aussie lately.
- Perhaps more importantly this Asia Tuesday morning will be the monthly growth figures out of China. Later on in the day as Europe comes in we will get Avg. Earnings & jobs data out of the UK, and more importantly ZEW readings out of the bloc & in particular, Germany.
- North America will see manufacturing Sales out of Canada, with the US seeing a range of things: Empire State Manufacturing, Import Prices, Capacity Utilization & Industrial Production.
- Overnight session saw decent risk-on with SPX 3384 & Nas-100 11278 up +1.3% & +1.7% respectively.
- The likes of copper 306.65, silver 27.25 & gold 1958 also traded higher at +1.1%, +1.5% & 0.8% respectively.
- Brent pulled back by c. 20bp to 37.26, whilst the USD dropped by 30bp as the DXY closed down at 93.0460
- G10 FX wise looks likes biggest beneficiaries of the USD weakness were the kiwi, yen & euro.
- Would expect the o/n risk-on to flavor the price action in today's Asia Pacific session.
-
Worth Making Some Time For…
- Snowflake enters equity market with red hot valuation Peter weighs in on the first pure listed cloud player that is part of the c. $7bn in IPOs this wk out of the US – with interesting implications to the valuations & strategic business models of Alibaba & Amazon (i.e. spin-offs?).
- Chart of the Week : Dissecting the inflation puzzle A fav. of many of our clients, Dembik weekly weigh in, on what is standing out from an economics perspective. So far Dembik who is heavy on signals & light on noise, does not see inflation entering the risk-zone anytime soon.
- Fixed Income Markets: The Week Ahead Althea fully back in the duration seat, this should be part of the weekly staple. She also highlights the situation in Turkey potentially having ripple effects for other EMs which like most things creates its own set of opportunities & challenges. Turkey could prove a catalyst for a broader emerging-markets crash
- Our daily Saxo Market Call: Global equities start week on a strong note
-
Start-to-End = Gratitude + Integrity + Vision + Tenacity. Process > Outcome. Sizing > Idea.
This is the way
KVP
Disclaimer
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 (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)