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Morning Brew February 19 2024
Erik Schafhauser
Senior Relationship Manager
Good Morning to a semi -busy week after an interesting one behind us.
Bare in mind that today is a US Market holiday
Friday, equities had closed a little lower and driven by the higher PPI. The S&P 500 lost 0.48%, the Dow 0.4%, and the Nasdaq 0.8%. Compared to a week ago, the US500 and the US30 are up 1%, the US tech 100 NAS 0.5, the GER40 0.4%, the Switzerland 20 +0.4%. The Japan 225 is neat the 1989 highs and looking to either form a double top or break higher.
Most interesting Stocks on Friday were Super Micro Computer at -20%, down Roku down 24% and Coinbase up almost 9%.
EUSUSD is currently trading at 1.0785, GBPUSD 1.2625 and USDJPY 150.00. Gold ans silver gained significantly on Friday but are giving up some ground this morning to trade at 2022 and 23.14 after lows of 1984 and 21.93 last week.
China is back from the Lunar holiday and reports high spending at levels higher than 2019, the PBOC left rates unchanged this morning,
Focus this seek seems to be fully on Nvidia earnings as can be seen in the nervous moves in AI related stocks. Cathie Woods stated that while she believed the AI Boom is real, she was still selling Nvidia, on Saturday the earnings by Berkeshire Hathaway will be closely watched.
The Earnings are being releases on Wednesday after the close, making the evening the most important time of this week – the FOMC will also be releases.
Today has the potential to be a quiet day with the US on holiday, but geopolitical risk remain high and an article on Bloomberg on a possible looming credit event could cause nervousness.
Monday
- Data Sweden CPI, US Holiday
- Earnings:
Tuesday
- Data, China Rates, Canada CPI,
- Earnings: BHP, Air Liquide, Medtronic, Wallmart. Palo Alto, Home Depot
Wednesday
- Data, EU Consumer confidence, Fed Minutes
- Earnings: HSBC, Rio Tinto, Glencore, Analog Devices, NVIDIA; Synopsis, BAE Systems
Thursday
- Data International PMI, Turkey Rate decision, US Initial jobless claims,
- Earnings: Zurich Insurance, Nestle, AXA, Booking.com, Intuit, Mercedes, Iberdrola,
Friday
- Data DE GDP, IFO,
- Earnings: Deutsche Telekom, Allianz
Saturday: Berkshire Hathaway Inc
Expiries
Physically Settled Futures
CLH4 will expire 20 Feb 2024 at 16:00 GMT
KCH4 will expire 20 Feb 2024 at 16:00 GMT
PAH4 will expire 21 Feb 2024 at 16:00 GMT
Expiring CFDs
COFFEENYMAR24 will expire 19 Feb 2024 at 16:00 GMT
OILUSMAR24 will expire 16 Feb 2024 at 16:00 GMT
PALLADIUMMAR24 will expire 20 Feb 2024 at 16:00 GMT
COTTONMAR24 will expire 21 Feb 2024 at 16:00 GMT