Log in Open account
International
CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. 
Show more
CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money.
Show less
Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning BrewAugust 06 2021

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Summary:  Everything Bubble

Good Morning

Howard Marks stated in an interview yesterday that we were in “an everything Bubble” and that the Fed should not be concerned with market management. The same day, the Nasdaq and the S&P500 close at record levels on fairly low volume. Over the last 20 days the average traded volume of shares in the US was 9.3 Bio, yesterday only 8.8 exchanged hands. The Stoxx 600 Index also trades at an all time high and the Dax is approaching record levels as well.

Robinhood Markets fell 27.6% ViacomCBS Inc gained  7.1% Allianz posted a 46% rise increase in profits.

The USD Index rises to 92.33, EURUSD falls to 1.1825 GBPUSD trades at 1.3919 and gold and silver 1800 and 25.15. US 10 year yields rose to 1.2369% while the whole German Yield curve is negative. The 30 year is at -0.05%. Bitcoin trades above 40k and Ether rises 10%

Key event will be the US Non-Farm Payrolls expected at 870k along with the unemployment rate at 5.7%. For the Swissi, the Forex reserves of the SNB will be released at 9 CET, last month was 941 billion CHF.

Key driver of the stock market remains asset purchases by central banks, if the NFP Data shows further recovery, it will be difficult to maintain the justification for QE, unless the Delta variant could be constructed as a reason.

Trade safely.

Local Start Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

Unit

6 Aug 2021

05:00

New Zealand

Reserve Assets Total

Jul

NZD

6 Aug 2021

08:00

Germany

Industrial Output MM

Jun

0.5%

Percent

6 Aug 2021

08:00

United Kingdom

Halifax House Prices MM

Jul

Percent

6 Aug 2021

08:00

Norway

Reserve Assets Total

Jul

NOK

6 Aug 2021

08:45

France

Reserve Assets Total

Jul

EUR

6 Aug 2021

09:00

Switzerland

Forex Reserves CHF

Jul

CHF

6 Aug 2021

14:30

United States

Non-Farm Payrolls

Jul

870k

Person

6 Aug 2021

14:30

United States

Unemployment Rate

Jul

5.7%

Percent

6 Aug 2021

14:30

United States

Average Earnings YY

Jul

3.9%

Percent

6 Aug 2021

14:30

Canada

Employment Change

Jul

150.0k

Person

6 Aug 2021

14:30

Canada

Unemployment Rate

Jul

7.4%

Percent

7 Aug 2021

China (Mainland)

Exports YY

Jul

Percent

7 Aug 2021

China (Mainland)

Imports YY

Jul

Percent

7 Aug 2021

China (Mainland)

Trade Balance USD

Jul

USD

9 Aug 2021

03:30

China (Mainland)

PPI YY

Jul

Percent

9 Aug 2021

03:30

China (Mainland)

CPI YY

Jul

Percent

(Refinitiv)

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • 350x200 peter

    Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • 350x200 althea

    Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • 350x200 peter

    Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • 350x200 charu (1)

    FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • 350x200 ole

    Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article

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/legal/disclaimer/saxo-disclaimer)

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900
Hellerup
Denmark

Contact Saxo

Select region

International
International
Products & pricing
Platforms
Accounts & service
General
Other
Legal

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.