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Morning Brew January 22 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Key week ahead: ECB, PCE and Earnigns
Good Morning
We are heading into a key week for markets with Earnings, the ECB Rate decision and press conference and last but not least the US Inflation with the PCE on Friday.
On Friday, solid earnings and a good outlook by TSMC boosted sentiment in semiconductors spreading to the broader market. Nasdaq 100 and S&P500 Index closing at record levels , the PHLX Semiconductor Index surged 4%, Nvidia closed at another record at 594
The US 500 is trading at 4850 the US tech 100 NAS at 17430. The GER40 16680. The Nikkei is at a new high for the past 34 years and is not far away from the levels not seen since the burst of the infamous bubble economy and 1989.
FX is relatively calm bit Silver is under pressure this morning. The USD Index is trading at 103.15 with EURUSD at 1.0905, GBPUSD at 1.2715 and USDJPY at 148. Gold is 0.3% lower and Silver 2% at 22.15. Oil 73.15 or -0.7% on the US line. US 10 Year Yields are 4.12.
Over night the PBOC left the short term rates in place and Ron Desantis dropped out of the race for the US Presidency and endorses Donald Trump.
This week contains huge event risk by earnings and data, there Fed is in Blackout so we cannot expect and comments from Fed speakers until the FOMC meeting next week is done.
Trade Safely!
Monday
- Data China Rates,
- Earnings: Logitec,
Tuesday
- Data Australia CPI, Japan Rate decision,
- Earnings: Verizon, 3m, GE, P&G, Haliburton. Netflix, Texas Instruments
Wednesday
- Data Japan Trade, International PMI,
- Earnings: AT&T SAP, Tesla, IBM, Servicenow,
Thursday
- Data DE IFO, Norway, Turkey and EU Rate decision, US Durable Goods, GDP ,
- Earnings: American Airlines, Blackstone, Intel, Visa, T-Mobile
Friday
- Data Japan CPI, PPI, US PCE
- Earnings: American Express,