Morning Brew April 19 2023

Good Morning,

Markets remain a bit in limbo as stocks are looking for the next key topic, the Dow gave up 0.03%, the S&P gained 0.09% and the Nasdaq lost 0.04%. The GER40 tested the 15900 yesterday but did not manage to hold the level and retreated to 15850.

The USD Index meandered around 102 while the 2 year yield is at 4.2%. EURUSD is 1.0960m USDJPY 134.50 and Gold and Silver 2000 and 25.08. Ole Posted an update Gold and silver consolidate with focus on US rates

GBPUSD rose just now on a higher than feared CPI out of the UK, 10.1 vs 9.8% expected. This calls cor BoE action at the next meeting and confirms the horrible state of the UK economy.
The EU Inflation date will be key for the ECB`s rate path, we are at 66/33 in favor of 25/50 BPS at the next meeting. The peak rate is seen in October at 3.72%. 

Today there are now top releases out of the US, focus will be on earnings – Tesla likely Key, Morgan Stanley is the most important release before the opening bell.

Trade safely

This week’s key earnings releases:

Wednesday 19 April
Tesla, Morgan Stanley, US Bancorp, Zions,Citizens Financial, IBM, Alcoa, Abbott Lab, Lam Research, Las Vegas Sands, Metro, ASML, Heineken

Thursday 20 April
Blackstone, American Express, Comerica, Fifth Third, Huntington, KeyCorp, Sunovus, AT&T, Union Pacific, CSX, Philip Morris, DR Horton, CATL, Tryg, Nokia, Sartorius

Friday 21 April
Procter & Gamble, Regions Financial, Schlumberger, Freeport-McMoRan, Jinko Solar, SAP, Sandvik, Investor

This week’s economic key events

Wednesday 19 April

• US Beige Book
• Eurozone HICP (Mar, final)
• UK CPI (Mar)
• UK PPI (Mar)
• ECB’s Schnabel speaks

Thursday 20 April

• US Philly Fed survey (Apr)
• US Existing home sales (Mar)
• US Initial jobless claims (Apr 15)
• Germany PPI (Mar)
• France Business confidence (Apr)
• Eurozone Consumer confidence (Apr)
• Japan Trade balance (Mar)
• Fed’s Waller and Bowman speak
• ECB’s Visco speaks

Friday 21 April

• US S&P manufacturing PMI (Apr, preliminary)
• US S&P services PMI (Apr, preliminary)
• Eurozone PMI composite (Apr)
• UK Retail sales (Mar)
• UK PMI services (Apr)
• UK PMI composite (Apr)
• Fed’s Cook speaks
• Japan National CPI (Mar)
• Japan Manufacturing PMI (Apr)
• South Korea Exports – 20days (Apr)
• Hong Kong CPI (Mar)