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Morning Brew April 28 2023
Erik Schafhauser
Senior Relationship Manager
Good Morning,
Driven by Meta and Regional Banks, risk sentiment soared yesterday in equities- the US500 had the best day since January 6th. The Dow gained 1.57%, the S&P 1.96%, Nasdaq 2.43%. The GER40 seems on track to retest he 15900 again at currently 15875. Meta ended the day up 14%. Volumes were higher than average at 10.7 bio.
Amazon traded in large swings in the aftermarket but ended down 2% on clients exercising tight cost control in the cloud business. In the regular session it had added 4.6% so it was still a good day.
Yesterdays economic data was mixed and shows a difficult picture for the Fed, US GDP rose less than expected at 1.1% vs 2.0% expected. PCE Advance came at 4.9% vs 4.7%. So higher inflation at lower growth.
US 2 year rates rose to above 4% again boosting the USD Index to 101.60 again, EURUSD remains above the 1.10, GBPUSD 1.2480, USDJPY trades at 135 USDCHO 0.89.
Gold and Silver were extremely nervous yesterday and tested the 1975 and 24.50 before rising again. At the moment we are trading 1985 and 24.90. Oil rose off the lows to now 75.13 USD from 74.04
The BoJ kept interest rates unchanged as expected but announced a broad review of its monetary policy.
Today`s US PCE Price Index as well as the income data are the last really key data points ahead of the FOMC rate decision next week so that will be closely watched at 14:30 CET.
For the ECB next Thursday, we will have the German Import Prices at 8:00, Unemployment at 9:55, GDP at 10:00 , as well as the CPI and HICP at 14:00 today as well as the EU GDP at 11:00.
The Swiss retail sales and KOF at 8:30 and 9:00 will be of interest to all CHF traders.
ExxonMobile, Colgate,Cameco are the most important earnings today.
Month Ultimo will cause adjustments and likely large swings so it will be a great day for trading.