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Morning Brew January 11 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Finalies: Bitcooin ETF approved and CPI coming out today
Good Morning
I am tempted to say finalies!
The SEC approved a 11 Bitcoin ETF, among them Swiss powered Ark-21 shares. Interestingly there was no substantial move in the Bitcoin price right after – the inflows will drive the price moves. The SEC issued a warning alongside the approval that the risks are substantial. Bitcoin is as of now 45900
The widely awaited US CPI will be released today at 14:30 CET as the most widely expected release of the week. Expected is a headline of 3.2% YoY (0.2% MoM) from 3.1% (0.1%) in November and the core: 3.8% YoY (0.3% MoM) from 4.0% (0.3%) in November
Traders seem to be expecting a low number given that the USD is weak and stocks are rising – the big question is if it is a buy the rumor sell the fact situation or if we will get a confirmation price pressure is diminishing.
Yesterday the the Nasdaq 100 Index gained 0.7% to 16,793, and the S&P 500 Index 0.6% to 4,783, The Magnificent 7 showed little signs of fatigue. The Nikkei breached the 35000 fot he first time since the 1990ies
US 10 year Yields are currently at 4.01%, the USD Index at 102.18. EURUSD is nearing the 1.10 again at currently 1.0987, GBPUSD is at 1.2780 and USDJPY 145.40.
Gold and Silver continue to meander the 2030 and the 23.00 at now 2034 and 23.07.
There seems to be a strong focus on the CPI, trade it carefully. The first glance will be the headline numbers, then the individual components and last but not least, central bankers will base statements and outlooks on the number coning today.
Thursday
- Data US CPI, Initial Jobless Claims,
Friday
- Data China CPI, PPI, UK GDP,
Earnings: Citi, Bank of America, Blackrock, BNY Mellon, JPMorgan Chase, Delta, Wells Fargo,.
Trade Carefully.