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Morning Brew August 16 2022
Erik Schafhauser
Senior Relationship Manager
Good Morning,
Due to an appointment there will be no Morning Brew tomorrow.
Equities had a decent day overall yesterday while in FX and Commodities we saw a significant risk off more in the wake of the disappointing Chinese data. The Dow gained 0.5%, the S&P 500 0.4%, and the Nasdaq 0.6%.
US Yields fell, nevertheless he USD Index gained to 106.50, EURUSD 1.0155, GBPUSD 1.2037 and USDJPY 133.40. Gold an Silver sold off heavily but could recover slightly off the lows. We are currently at 1780 and 20.15. The Crude Oil contract fell from a high of 94.90 on Friday to a low of 86.85 yesterday on fears of a recession and increasing Saudi production, at the moment we are at 88.70.
A very noteworthy situation is that financial conditions in the US as well as in Europe are actually seen to loosen rather than tighten, meaning that neither the rate hikes by the Fed nor the ECB are currently achieving the goal.
China is supporting private property developers including Longfor Group and CIFI Holdings with loan guarantees
Tencent Holdings plans to sell all or most of its $24 billion stake in food delivery firm Meituan
Walmart and Home Depot earnings will closely watched today and tomorrow Cisco and Tencent are likely to be the most important.
If the bullish sentiment continues in equities, the US500 can test the 200d MA soon and a break above would call for more room to the upside but keep your risk in control.
Economic Data:
- Tuesday: UK Employment, EU Trade Balance, German ZEW, US Housing starts and Industrial Production, Canada CPI
- Wednesday: Japan Trade, UK CPI, EU GDP, US Retail Sales, FOMC MInutes
- Thursday: EU HICP, Turkey rate decision, US Jobless claims, Philly Fed
- Friday: UK Retail Sales, Canada Retail Sales.
Earnings:
- Tuesday: China Telecom, Walmart, Agilent Technologies, Home Depot, Sea Ltd
- Wednesday: Tencent, Hong Kong Exchanges & Clearing, Analog Devices, Cisco Systems, Synopsys, Lowe’s, CSL, Target, TJX, Coloplast, Carlsberg, Wolfspeed
- Thursday: Applied Materials, Estee Lauder, NetEase, Adyen, Nibe, Geberit
- Friday: China Merchants Bank, CNOOC, Shenzhen Mindray, Xiaomi, Deere
Expiries
Physically Settled Futures:
Cocoa (CCU2) will expire 17th Aug at 15:00 GMT.
Expiring CFDs:
COCOANYSEP22 will expire 16th Aug at 15:00 GMT.
OILUSSEP22 will expire 18th Aug at 15:00 GMT.