Morning Brew April 22 2024

Good morning,

On Friday we saw a curious end to a curious week! While the Dow gained  0.56%, the  S&P closed down 0.88% and the  Nasdaq lost 2.05.

American Express gained more than 6% after earnings, Netflix lost 9%. Nvidia fell 10%  and Super microcomputer lost 23% and the Vix rose above 20. The loss by Nvidia on Friday was the second highest loss in history – only Meta lost more in Feb 2022 at 232 Bio. The fact that 4 out of the magnificent 7 report his week is amazing timing. This morning sentiment seems to be friendly with indexes recovering or rising.

This morning Gold and Silver are retreating, and the question is if this is perceived as an opportunity to buy the dip of a longer term move. Gold is down 1.2% and Silver as usual the more volatile at -3%. Gold is 2363 and Silver 27.85. The Weekend seems to be the time to watch precious metals, all the huge moves we saw in the last 7 months happened Friday or Sunday. Crude oil loses 1.08%. Bitcoin took the halving well and is currently up 3.6%.

Copper remains high at 449.

FX seems fairly quiet, but the week should bring some volatility with key US data and the Bank of Japan on Friday, fixed income will depend on data and record auctions.

The US House passed $95 billion Ukraine, Israel and Taiwan aid package and now the Senate needs to approve. This was a major policy achievement by opponents of MAGA. 

Tesla announced further price reductions in Germany and China.

We are looking at a week with key data and massive Earnings. Several of the Big Tech will report, key re likely Tesla on Tuesday, Meta and IBM on Wednesday as well as Microsoft, Alphabet and Snap on Thursday.

Key economic releases are the PMIs, the US GDP and the PCE on Friday.  We are in the Feds blackout period as the rate decision is on the 1^st of May.

Monday
- Data  EU Consumer Confidence,
- Earnings: Verizon, SAP,
Tuesday
- Data International PMI, Secretary Blinken visits China
- Earnings: GM, UPS, GE, PepsiCo, Lockheed Martin Spotify, Halliburton, Tesla, Visa, Texas Instruments, Chubb,
Wednesday
- Data AU PMI, DE IFO Index, US Durable Goods Orders, CA Retail Sales
- Earnings: Lloyds, Boeing, AT&T, General Dynamics, Biogen, Meta, Ford, IBM,

Thursday
- Data Turkey Rate Decision, US Initial Jobless Claims, GDP Advance
- Earnings: BNP Deutsche Bank, Barclays American Airlines, Caterpillar, AstraZeneca, Microsoft, Alphabet, Intel, Snap, Roku, T-Mobile, Gilead

Friday
- Data Japan Interest Rate US PCE
- Earnings: Exxon Mobil, Chevron, Colgate Palmolive,

Expiries

Physically Settled Futures
ZOK4 will expire on 22 Apr 2024 at 15:00
CCK4 will expire on 23 Apr 2024 at 15:00
CLK4 will expire on 22 Apr 2024 at 15:00
CTK4 will expire on 23 Apr 2024 at 15:00
OJK4 will expire on 23 Apr 2024 at 15:00
ECOK4 will expire on 24 Apr 2024 at 15:00
RCK4 will expire on 24 Apr 2024 at 15:00

Expiring CFDs
COCOANYMAY24 will expire on 22 Apr 2024 at 15:00
COTTONMAY24 will expire on 22 Apr 2024 at 15:00
NATGASUSMAY24 will expire on 24 Apr 2024 at 15:00