Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
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Morning Brew November 21 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Nvidia calmer than expoected
Good morning,
Nvidia Earnings a bit of a mixed bag. Results were stellar and way beyond expectations but the outlook was weaker than hoped and int eh end of the aftermarket, the shares moved much less than the expected 8%, the last trade after hours was 145. Please find Charu`s comment here
There was little movement in bond markets yesterday as traders were focused on Nvidia and there were no significant news out of Ukraine – the 10 year remains at 4.4%. The USD Index is a little higher at 106.50, EURUSD is 1.0544, GBPUSD 1.2645 and USDJPY 154.80. Gold and Silver stable/strong at 2660 and 31.20 while Bitcoin is at all time highs at 97k.
US Indexes traded rather boringly in slow trading, the Dow Jones Industrial Average rose 0.32%, to 43,410, the S&P 500 gained 0.13 points to 5,917 and the Nasdaq Composite 21 points, or 0.1% with 13, 2 Billion shares traded against an average of 14.3.
Indian billionaire Gautam Adani has been indicted for his alleged role in a $ bribery scheme acc. to Reuters, as Bill Hwang – a major contributor to Credit Suisse`s demise – was sentenced to 18 years in prison.
In Europe, Ford announced massive job-cuts of 14% of Staff while the negotiations at VW are continuing.
Google may be forced to divest Chrome acc t the US DoJ-
Today, the agenda is void of key events, the most interesting likely the Turkish and South African Rate decision, US Initial Jobless Claims Philly Fed and the EU Consumer Confidence.
An interesting item to watch as a test of the incoming US Administration is the nomination of Matt Gaetz against accusations of sexual misconduct and drug use.
In Germany, the SPD is considering if Scholz will remain the top candidate or if a switch to Pistorius is more promissing.
We have the potential for a calm day unless there are new spikes of volatility – remain careful
Thursday
- Data Turkey Rate decision, US Initial Jobless Claims, Philly Fed, EU Consumer Confidence
- Earnings: Baidu, JohnDeere,
- Hammack & Barr speak
Friday
- Data UK Retail Sales, Global PMI
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