Erik Schafhauser Zürich

Morning Brew September 3 2024

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Summary:  Germany ahead of Paradigm shift


Good morning,

With the US holiday yesterday made markets fairly dull, focus today will be on the US PMI`s in focus on the one hand, Germany will be in focus on the other. Volkswagen is under severe pressure to implement cost savings measures and is considering cost savings measures goin gas far as cost savings and plant closures. This would be a paradigm shift in Germany and after the blowoff victory of far right countries may serve as wakeup call for the German economy.

Yields and USD Index are little changed at 101.74 and the 10 Year US Yield at 3.90, EURUSD is 1.1056, GBPUSD 1.3120 and USDJPY 146.35. Gold and Silver remain under pressure at 2492 and 28.35, Bitcoin 58950.

Oil is higher as OPEC oil output fell in August to its lowest since January.

Equities are currently slightly lower but the moves are small, the US500 is 5638, the US30 41477 and the GER40 18922.

There was a significant number of September VIX Callspreads traded Friday, reporst see 350.000 22/30 spreads.


Key Data: 
Tuesday

- Data Global   PMI
- Earnings: Partners Group, Swiss Life
- Speakers:
Wednesday
- Data AU GDP, US International Trade, Bank of Canada, US Factory Orders
- Earnings: Hewlett Packard , Dick’s Sporting, Dollar Tree DocuSign

Speakers: Fed`s Beige book

Thursday
- Data AU Trade, DE Industrial Orders, US Initial Jobless Claims, ISM Manufacutring PMI
- Earnings CVC BNP Paribas Broadcom,

Friday
- Data EU GDP US Nonfarm Payrolls

 

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